January 2022 - Robert P. Russo CPA

NYS Tax: Election Period for Pass-Through Entity Tax (PTET) is Open

January 11, 2022

New York State Department of Taxation and Finance sent this bulletin on 01/11/2022 09:01 AM EST If you wish to participate in the optional PTET for 2022, the deadline to opt in is March 15, 2022. To opt in:Log in …

Your Canceled Debt Could Be Taxable

January 11, 2022January 9, 2022

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form 1099-C, Cancellation of Debt, from your financial institution or credit union. Form 1099-C shows the amount of canceled or forgiven debt that was reported to the IRS. Creditors who forgive $600 or more of debt are required to issue this form.

RUSSO CPA Tax Tips, how filing status affects your tax return 2022

Why Using the Correct Filing Status Matters

January 5, 2022January 4, 2022

As taxpayers get ready for the upcoming filing season, one needs to know their correct filing status. A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file a tax return at all.

The Tax Consequences of Losing your Job

August 13, 2023January 2, 2022

If you’ve lost your job, you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers:

Reminder: Identity Protection PIN Available To Taxpayers

January 5, 2022January 2, 2022

Starting in January 2021, the IRS Identity Protection PIN Opt-In Program expanded to include all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.

Credit Reports: What You Should Know

January 5, 2022January 1, 2022

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud – and you from identity theft.

Month: January 2022