June 24, 2014
Salvatore Russo
Articles, Blog Posts, Uncategorized
0 CommentsOn March 31, 2014, Governor Andrew Cuomo signed legislation which made significant changes to the NY estate and gift tax laws. While on the whole these changes will provide significant relief to NY taxpayers, they also come with some interesting changes that may lead taxpayers to take another look at current estate plans. What’s New? […]
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March 26, 2014Steve GrgasUncategorized0 CommentsIn his January 2014 State of the Union address, President Obama instructed the Treasury Department to develop a new savings vehicle called “myRA.” The new savings arrangements share many similarities with Roth IRAs but also have some unique features. At press time, the Treasury Department is expected to roll out myRAs before year-end 2014. Certain […]
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March 26, 2014Andrew PrestiUncategorized0 CommentsYes. Identity theft is a growing problem and the start of the return filing season is one of the peak times for identity thieves filing fraudulent returns. Criminals file false returns early to get refunds and unsuspecting taxpayers are unaware their identities have been stolen until they file their returns. Individuals who believe they have […]
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March 26, 2014Wayne NaegeleUncategorized0 CommentsAs 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 March 2014. March 5 Employers. Semi-weekly depositors must deposit employment taxes for payroll date February 26–28. March […]
Read moreFebruary 24, 2014Wayne NaegeleUncategorized0 CommentsMajor partnership regulations take aim at built-in losses and other duplicated loss transactions The IRS has issued comprehensive proposed regulations that would limit duplicated losses and inappropriate transfers of built-in losses between partners. The regulations seek to implement and fine-tune tax code provisions enacted in the American Jobs Act of 2004. They will have a […]
Read moreFebruary 24, 2014Andrew PrestiBlog Posts, Uncategorized0 CommentsOn Feb. 10, 2014, the Treasury released new rules further delaying the employer mandate for businesses with 50 to 99 fulltime equivalent employees ( FTEs). This announcement effectively created a new class of “mid-sized” businesses that will be exempt from the employer mandate until 2016. The recently released rules also stipulate that companies with greater […]
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December 10, 2013Sunny PakUncategorized0 CommentsShortly after resuming operations post-government shutdown, the IRS told taxpayers that the start of the 2014 filing season will be delayed by one to two weeks. The delay will largely impact taxpayers who want to file their 2013 returns early in the filing season. At the same time, the White House clarified on social media […]
Read moreJune 03, 2010Andrew PrestiUncategorized0 CommentsThe small business health insurance tax credit, created by the health care reform package, rewards employers that offer health insurance to their employees with a tax break. The credit is targeted to small employers; generally employers with 25 or fewer employees. In May 2010, the IRS issued Notice 2010-44, which describes the steps employers take […]
Read moreJune 03, 2010Andrew PrestiUncategorized0 Comments401(k) plans represent the most preferred vehicle for retirement savings today – making up more than 60 percent of retirement plans, according to the IRS. However, 401(k) plans are also the most non-compliant type of retirement plan as well, according to a study by IRS Employee Plans Examinations. In light of the popularity and non-compliance […]
Read moreJune 03, 2010Andrew PrestiUncategorized0 CommentsThe health care reform package makes two important changes to insurance coverage for young adults. First, the new law allows young adults to remain on their parents’ health insurance plan until age 26. Second, the new law extends certain favorable tax treatment to coverage for young adults. Extended coverage Traditionally, many plans and insurers would […]
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