Qualifying commercial and rental property owners who are interested in renewable energy projects—take note! You may qualify for significant tax credits or deductions through the new Inflation Reduction Act. Although the rules and details are quite complex, the benefits may be very worthwhile. Be sure to call our office for all of the qualifying information and details, but in the meantime, check out the opportunities below to see if any could be a fit for you.
Pass-Through Entity Tax (PTET): Due Dates & Important Info
The New York State pass-through entity tax (PTET) and New York City pass-through entity tax (NYC PTET) have many upcoming due dates and deadlines. We’ve put the most important PTET information in one place below to help you meet any PTET responsibilities.
Reporting Foreign Income for U.S. Taxpayers
If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship.
In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may be required to file Form FinCen114, known as the “FBAR,” as well as Form 8938, also referred to as “FATCA.”
Q&A: No Business Income, No Home-Office Deduction: Wrong
Question
My CPA told me that if I didn’t have any income in 2022, I couldn’t have a home-office deduction. True or false?
Answer
First, this is bad advice, as you will see.
7 Questions to Ask Before Hiring an NYC Accountant
Congratulations! If you’re an entrepreneur or business owner on the hunt for an NYC accountant, it’s a sign of growth. It’s also a smart move. In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business.
From potential tax savings to improved cash flow, an accountant is worth the investment – if you hire the right one. Before hiring an NYC accountant, ask these 7 questions:
Standard Mileage Rates for 2023
Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be as follows. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.
Individual Taxpayers: Tax Changes for 2023
Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.
Businesses: Important Tax Changes in 2023
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead.
Watch Out for Holiday Gift Card Scams
There’s never an off-season when it comes to scammers and thieves who want to trick people into scamming them out of money, stealing their personal information, or talking them into engaging in questionable behavior with their taxes. While scam attempts typically peak during tax season, taxpayers need to remain vigilant all year long. As such, it is once again time to remind taxpayers that while gift cards make great presents for loved ones, they cannot be used to pay taxes.
Nonetheless, that doesn’t stop scammers from targeting taxpayers by asking them to pay a fake tax bill with holiday gift cards. Scammers may also use a compromised email account to send emails requesting gift card purchases for friends, family, or co-workers.
Tax Credit for Hiring Long-term Unemployed Workers
With many businesses facing a tight job market, employers should know about a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. If your business is hiring right now, the Work Opportunity Tax Credit (WOTC) may help.