On November 10, 2022, the United States Department of Labor announced that California, Connecticut, Illinois and New York will be credit reduction states for purposes of 2022 FUTA payments. A state is a credit reduction state if it has taken loans from the federal government to meet its state … [Read more...] about Federal Unemployment Tax Increasing in New York State and Others
Tax
New SALT Webinar: Update on Evolving State & Local Tax Nexus Issues
If you missed this live Lunch & Learn Webinar, you can listen to the recorded webinar presented by Tronconi Segarra & Associates State & Local Tax (SALT) professional Tom Mazurek, CPA, who discusses what businesses need to understand about evolving nexus issues. Nexus is the existence of … [Read more...] about New SALT Webinar: Update on Evolving State & Local Tax Nexus Issues
Restaurant Meals Fully Deductible Again in 2022
The Consolidated Appropriations Act of 2021 made a temporary, but significant change to the deductibility of business meals provided by a restaurant. The Act increased the deduction from 50 percent to 100 percent for restaurant food and beverage expenses incurred in direct relation to business … [Read more...] about Restaurant Meals Fully Deductible Again in 2022
Taxpayer Advocate Service – the “Taxpayer’s Voice” at the Internal Revenue Service (IRS)
It would be safe to say that no one wants to deal with the Internal Revenue Service regarding an unresolved tax issue. It can be quite daunting and, in some instances, lead to no results despite your best efforts. When such a situation exists, there may be another option available to resolve your … [Read more...] about Taxpayer Advocate Service – the “Taxpayer’s Voice” at the Internal Revenue Service (IRS)
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?