By a narrow margin in August 2022, Congress passed, and the President signed into law, the Inflation Reduction Act of 2022. The bill has been the subject of much debate and many experts claim that in the long run, the bill may actually worsen inflation by constraining the productive capacity of the … [Read more...] about Inflation Reduction Act of 2022: Key Tax Provisions
New York State Pass-Through Entity Tax (PTET) Update
New York State’s fiscal year 2022-2023 State Budget Bill and recent legislative amendments contain significant changes to the NYS Pass-through entity tax (PTET). Key changes include an extension of time to make the annual PTET election for the 2022 tax year, two classifications of S‑corporations for … [Read more...] about New York State Pass-Through Entity Tax (PTET) Update
What is Form W-9 and Why Do I Need It?
IRS Form W-9 is used to request a taxpayer identification number, as well as the individual or business name and complete address. The information provided on this form is used by a business (the payor) to determine if an annual information return (Form 1099-NEC and 1099-MISC) is required to be … [Read more...] about What is Form W-9 and Why Do I Need It?
Inflation-Fighting Tips: A Small Business Combat Plan
For small business owners, the last few years have not been easy to say the least. The ongoing pandemic has created a myriad of supply chain shortages that are coupled with economic struggles and challenges. To add more fuel the fire, inflation reared its ugly head in 2021 and has continued to surge … [Read more...] about Inflation-Fighting Tips: A Small Business Combat Plan
What Is An “IP PIN,” and Do I Need One?
In times where identity theft is rampant, it may be a good idea to apply for an Identity Protection Personal Identification Number (IP PIN) as an added layer of protection when filing your federal income tax return. The IRS IP PIN is a 6‑digit number assigned to eligible taxpayers to help prevent … [Read more...] about What Is An “IP PIN,” and Do I Need One?
Retirement Plan Options
As we have reached the midway point of the year, it is a great time to consider your retirement plan options. What accounts or plans do you currently contribute to, and are there opportunities to contribute to more than one type of plan? We always encourage our clients to reconsider their options in … [Read more...] about Retirement Plan Options