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New NY state legislation modifies Personal Income Tax and Metropolitan Commuter Mobility Tax rates and adds new tax credits. These changes are detailed below: INDIVIDUAL INCOME TAX CHANGES Under the legislation, for joint filers in taxable years beginning after 2011 and before 2015, taxpayers with New York taxable income of $40,000 to $150,000 will be […]
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Recently enacted New York State legislation revises the 20-year statute of limitations to collect tax liabilities that have been assessed and for which a notice and demand has been issued. The legislation also provides for additional limitations on the Tax Department’s collection powers. This statute of limitations is applicable to all taxes, and any special […]
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The Internal Revenue Service earlier this year announced that approximately 275,000 non-profit organizations had automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years. The IRS also announced special steps to help any existing organizations to apply for reinstatement of their tax-exempt status. As part of its […]
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The Internal Revenue Service today launched a new program that will enable many employers to resolve past worker classification issues and achieve certainty under the tax law by voluntarily reclassifying their workers. This new program will allow employers the opportunity to get into compliance by making a payment covering past payroll tax obligations rather than […]
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21 Jun '16
President Obama has signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”). The Act, preserves the Bush tax cuts through 2012, cuts the estate tax to 35 percent and allows a $5 million individual exemption, cuts Social Security payroll taxes, and renews the alternative minimum tax patch for two […]
