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Latest Articles

  • Harris Proposes Ending Taxes on Tips

    By:
    NYSSCPA Staff
    |
    Aug 12, 2024
    Vice President Kamala Harris has echoed former President Donald Trump’s proposal to end taxes on tipped income for service industry workers in a bid to court young people and working-class voters.
  • Regulatory Roundup: August 6-12

    By:
    Ruth Singleton
    |
    Aug 12, 2024
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA's regular series that collects relevant regulatory announcements from the past week and puts them in one place to help you stay on top of the issues.
  • IRS Processing More Employee Retention Credit Claims, Has Moved Moratorium End Date to Jan. 1, 2024

    By:
    Ruth Singleton
    |
    Aug 9, 2024
    The IRS announced that it is accelerating Employee Retention Credit (ERC) payments as well as continuing to work on denials of improper ERC claims. In addition, it announced that it is shifting the end date of its moratorium on processing new claims from Sept. 14, 2023, to Jan. 31, 2024.
  • Failure of Tax Bill Could Hurt Small Business R&D

    By:
    NYSSCPA Staff
    |
    Aug 8, 2024
    The Senate’s failure to pass a $78 billion bill that included tax breaks for businesses and low-income families could have dire effects for small business research and development.
  • IRS and Treasury: Taxpayers Claimed More Than $8B in Clean Energy Tax Credits in 2023

    By:
    NYSSCPA Staff
    |
    Aug 8, 2024
    Americans availed themselves of clean energy tax credits afforded by the Inflation Reduction Act to the tune of $8 billion. Taxpayers have claimed more than $6 billion in credits for residential clean energy investments—which include solar electricity generation, solar water heating and battery storage—and more than $2 billion for energy efficient home improvements—which include heat pumps, efficient air conditioners, insulation, windows and doors—on their 2023 tax returns filed and processed through May 23, 2024.
  • Stakeholders: Not Enough FinCEN Outreach on Beneficial Ownership Information Requirements

    By:
    NYSSCPA Staff
    |
    Aug 7, 2024
    The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has increased its efforts to update businesses on the requirements for beneficial ownership information (BOI), but it still faces complaints from some quarters that those efforts are not sufficient.
  • IRS Reminder to Tax Pros: Multifactor Authentication Now Required

    By:
    MYSSCPA Staff
    |
    Aug 7, 2024
    The IRS and its Security Summit partners have reminded tax professionals that using multifactor authentication to protect their businesses and their clients is now a federal requirement.
  • TIGTA Finds Fault with Responsiveness of Taxpayer Advocate Services Phone Lines

    By:
    Ruth Singleton
    |
    Aug 6, 2024
    The Treasury Inspector General for Tax Administration (TIGTA) has issued a report finding that the local telephone lines of the Taxpayer Advocate Services (TAS) were not consistent in providing taxpayers the ability to speak with a TAS representative.
  • Report: Undocumented Immigrants Contributed Nearly $100 Billion in Taxes in 2022

    By:
    NYSSCPA Staff
    |
    Aug 5, 2024
    Undocumented immigrants paid taxes amounting to $96.7 billion in 2022, including funding for government programs that they cannot access, according to a report by the Institute on Taxation and Economic Policy (ITEP), a left-leaning think tank. Roughly one-third of their tax payments included $ 25.7 billion to fund Social Security and  $6.4  billion to fund Medicare.
  • Federal Appeals Court Rules Cell Phone Tax Unconstitutional

    By:
    NYSSCPA Staff
    |
    Aug 5, 2024
    In what one expert called "the biggest news in the communications tax world in 20 years,"the Fifth U.S. Circuit Court of Appeals ruled recently that the Universal Service Fund (USF), a fee that appears on cell phone bills, is unconstitutional.