Taxation

  • Guest Blog Post: Individual Tax Extenders Included in the Bipartisan Budget Act of 2018

    By:
    Mark H. Levin, CPA, M.S. (Taxation)
    |
    Mar 9, 2018
    On Feb. 9, 2018, President Trump signed the Bipartisan Budget Act of 2018 as P.L. 115-123 (the Budget Act). Division D, Title 1, of the Budget Act enacts many of the long-awaited extenders of provisions that expired at the end of 2016. Some of these provisions are extended only for the tax year 2017, while others are extended for multiple years.

    This article discusses those extenders that, in the author’s opinion, will have the greatest impact for CPAs.

  • To curb fraud, IRS will request more info on biz clients in 2018

    By:
    Chris Gaetano
    |
    Sep 26, 2017

    The IRS has announced that, in 2018, it will be asking tax preparers for more information about their business clients as part of an effort to curb identity theft and fraud. In a news release dated July 25, the agency was not specific about exactly what the new information would be, listing, instead, examples of the kind of information tax professionals “may be asked to provide when filing their business, trust or estate client returns.”

  • State Tax Department Simplifies Power of Attorney Form, Process Issues

    By:
    New York State Department of Taxation and Finance
    |
    Aug 8, 2017
    Based on feedback from tax professionals and taxpayers, the New York State Department of Taxation and Finance recently revised Form POA-1, Power of Attorney, and implemented a power of attorney (POA) web application to make it easy to file. The changes are part of the department’s ongoing effort to make its forms more user-friendly and to enhance its operational efficiency.
  • Preparing for tax reform under President Trump

    By:
    Chris Gaetano
    |
    Jan 26, 2017

    With President Donald Trump now in office, what’s probable, according to tax planners in New York, is that there will be reform in taxes—from income and capital gains to estate and corporate—and taxpayers should prepare for several changes. 

  • Avoiding e-file penalties this tax season

    By:
    |
    Feb 11, 2016
    Prior to tax season, several NYSSCPA members expressed frustration and confusion on the Society’s Exchange Open Forum after the New York State Department of Taxation and Finance (NYSDTF) penalized them for filing paper returns on behalf of their clients—sometimes, they said, for situations that were beyond their control.
  • IRS turns to private debt collectors in selected cases

    By:
    Chris Gaetano | Trusted Professional Staff
    |
    Feb 11, 2016
    Owe the IRS money? Recent legislation shows that back taxes might be pursued not by the government but by a private debt collection agency, marking the third time since 1996 the government has launched such a program. 
  • NYSSCPA Kicks Off Get Money Smart Campaign at NY Public Library

    By:
    Maya Lindsay
    |
    Oct 27, 2015

    NYSSCPA member volunteers shared their expertise with more than 150 area residents on Friday at the New York Public Library’s (NYPL’s) annual Financial Planning Day, an eight-hour event open to the general public featuring financial planning seminars and access to regulators, nonprofits, state and local governments and other groups who can aid New Yorkers looking to increase their financial acuity. The event took place at NYPL’s Science, Industry and Business Library on 34th Street in New York City.


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