(212) 736-0055

Schedule Your Small Business Success Consultation

IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients

aaguanno

IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients

IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients The IRS announced on March 30 that distribution of economic impact payments in response to the coronavirus (COVID-19) pandemic would begin in the next three weeks. On April 1, the Treasury Department clarified that Social Security and Railroad Retirement […]

Read more
srusso

Mnuchin, Kautter Testify Before Senate Committee on Outdated IRS Technology

Mnuchin, Kautter Testify Before Senate Committee on Outdated IRS Technology The IRS’s “Achilles’ heel” is using outdated software originating from the 1960s, Acting IRS Commissioner David Kautter told Senate lawmakers. Kautter and Treasury Secretary Steven Mnuchin testified in a May 22 Senate Appropriations Financial Services and General Government Subcommittee hearing. System Shut Down 2.3 million cyber attacks […]

Read more
apresti

July 2015 tax compliance calendar

July 2015 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of July 2015. July 1 Employers. Semi-weekly depositors must deposit employment taxes […]

Read more
srusso

FAQ…Can I deduct the cost of sending my child to summer camp?

FAQ…Can I deduct the cost of sending my child to summer camp? Now that summer 2015 is officially here and the main filing season is out of the way, tax planning may be far from your mind. However, typical summer traditions can yield tax benefits. For example, when school lets out for the summer, some […]

Read more
wnaegele

Supreme Court upholds ACA Code Sec. 36B premium tax credit regs

Supreme Court upholds ACA Code Sec. 36B premium tax credit regs After months of waiting, the U.S. Supreme Court announced its decision on the fate of the Code Sec. 36B premium assistance tax credit on June 25 in King v. Burwell, 2015-1 ustc ¶50,356. In a 6 to 3 decision, the Court held that enrollees […]

Read more
apresti

June 2015 tax compliance calendar

June 2015 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2015. June 2 Retirement plans. Deadline for sponsors and […]

Read more
apresti

FAQ: What is the saver’s credit?

FAQ: What is the saver’s credit? Under Code Sec. 25B, a low-income taxpayer can claim a tax credit for a portion of the amounts contributed to an individual retirement account, 401(k) plan, or other retirement plan. A credit is allowed for up to $2,000 of contributions to qualified retirement savings plans. The maximum credit is […]

Read more
apresti

Liability for the “nanny” tax

Liability for the “nanny” tax Employers of course have to pay employment taxes on the wages they pay to their employees. A nanny who takes care of a child is considered a household employee, and the parent or other responsible person is her household employer. Housekeepers, maids, babysitters, and others who work in or around […]

Read more
apresti

Lawmakers add tax measures to trade package, approve other tax bills

Lawmakers add tax measures to trade package, approve other tax bills Tax provisions are often included as revenue raisers in non-tax bills and this year is no exception. A massive trade package making its way through Congress contains a number of tax measures, impacting both individuals and businesses. At the same time, some stand-alone tax […]

Read more
apresti

How do I? File an amended return

How do I? File an amended return A taxpayer who discovers an error after filing his or her income tax return may need to file an amended return. A change in filing status, income, deductions, or credits would require an amended return. This could happen, for example, if an investment broker sends a corrected Form […]

Read more