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Stay informed with the latest tax strategies, accounting best practices, and financial insights from our team of experienced CPAs.
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A CP2000 notice informs you of discrepancies between the income reported on your tax return and the information submitted to the IRS by third parties, such as employers or financial institutions. It proposes changes to your tax return and suggests that additional taxes may be owed. However, the notice is not a bill but a proposal requiring your response—either to agree or disagree with the IRS’s findings.
An IRS letter is an official notice sent by the Internal Revenue Service to inform taxpayers about issues related to their tax accounts. These letters can address a variety of matters, such as changes to your tax return, requests for additional information, or notifications of unpaid taxes. Receiving an IRS letter doesn’t necessarily mean you’re in trouble; it’s a way for the IRS to communicate important information that may require your attention.
Estate and gift taxes are vital considerations for individuals, especially those with substantial assets. These taxes, which differ at federal and state levels, can significantly impact how much of an estate is passed to heirs or how gifts are taxed during one’s lifetime. This guide explores estate and gift taxes, with a focus on New York State regulations and the latest 2024 changes.
Navigating tax laws in New York State (NYS) and New York City (NYC) requires staying updated on the latest legislative changes. The year 2024 brings significant updates in tax regulations that impact both businesses and individuals. This article overviews these changes, their implications, and how they align with broader federal tax policies. Additionally, it discusses the effects of these updates on remote workers in the post-pandemic era.
New York State (NYS) imposes income tax on residents, part-year residents, and non-residents earning income within the state. Governed by Article 22 of the New York Tax Law, this system outlines requirements and obligations for taxpayers. Understanding NYS income tax nuances is crucial for compliance and optimizing tax liabilities.
New York’s corporate and business taxes are complex due to the state’s intricate structure and additional municipal layers, particularly in New York City. Businesses operating in New York must understand their tax obligations to stay compliant and optimize their tax positions. This article examines corporate and business taxes in New York, covering the state’s Corporate Franchise Tax, NYC General Corporation Tax, Sales Tax compliance, and S-Corporation taxation.
Running a restaurant in New York comes with its own set of challenges, and managing your finances is no exception. From staying compliant with local and federal tax laws to keeping track of payroll and inventory, the financial aspects of running a restaurant can quickly become overwhelming.
In 2025, victims of Hurricane Milton in Florida and North Carolina have until May 1, 2025, to file federal and state tax returns and make payments, including 2024 individual returns and quarterly estimates. Under the One Big Beautiful Bill Act (OBBBA), residents can deduct unreimbursed casualty losses without the usual 10% AGI floor, while Florida offers a catastrophic event property tax refund for homes uninhabitable for over 30 days.
In 2025, victims of Hurricane Milton in Florida and North Carolina have until May 1, 2025, to file federal and state tax returns and pay any taxes due, including 2024 individual and business returns. Under the Hurricane Helene and Milton Tax Relief Act of 2025, you can deduct unreimbursed casualty losses on Form 4684 without the usual 10% AGI floor and may even claim this loss in addition to the standard deduction ($15,750 Single / $31,500 Joint).
In 2025, insurance payouts directly reduce your disaster loss deduction; you can only deduct the unreimbursed portion of your loss on Form 4684. Under the One Big Beautiful Bill Act (OBBBA), victims of Hurricane Milton can bypass the usual 10% AGI floor, allowing you to deduct the full remaining balance (minus a $500 per-event floor) even if you take the newly increased $15,750 standard deduction ($31,500 for joint filers).
In October 2024, Hurricane Milton devastated the southeastern United States, hitting North Carolina (NC) and Florida (FL) hard. Many individuals and businesses experienced severe property damage and loss. As a result, they are seeking financial relief to help rebuild. One key way to mitigate these financial losses is through the casualty loss deduction. This can provide crucial tax relief for those affected.
New York State Workers Compensation is a mandatory insurance program designed to provide medical care, wage replacement, and rehabilitation services for employees injured or ill due to work-related activities. Consequently, employers must carry this insurance, ensuring protection for both businesses and workers. Most employees, including full-time, part-time, and seasonal workers, are covered under this program.
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