It’s that time of year again – tax season is here and scammers are on the prowl. The Better Business Bureau (BBB) is warning consumers to be on the lookout for various tax scams, including identity theft and fraudulent phone … Continue reading
News & Articles
New Tax Brackets to Take Effect in 2023
In October, the IRS announced the higher limits for the federal income tax bracket and standard deductions. For the year 2023, we will be seeing those higher federal income taxes and standard deductions take effect. This gives many Americans … Continue reading
Connecticut Truckers Unhappy with New Highway Tax
Connecticut truckers are going to have to pay a new tax on highway use that was implemented at the beginning of this year. The tax, which is levied on commercial vehicles are going to be required to pay a certain … Continue reading
Gas Prices Expected to Rise to Start 2023
Gas prices in New York State have recently dropped as a result of the temporary gas tax break enacted in June of 2022. The tax break, which had been in place for several months, was implemented to provide relief to … Continue reading
New York Recreational Marijuana Sales Begin
The state of New York made history on Wednesday as the first dispensary opened for business in the state. The move has been met with widespread support and celebration, with many hailing it as a long-overdue step toward ending the … Continue reading
NY Sports Gambling Tax Likely Staying Put At 51%
New York State Assemblyman Gary Pretlow, the chairman of the Racing and Wagering Committee, has indicated that the proposed 51% tax rate on sports betting revenues in the state is likely to remain unchanged. The high tax rate has drawn … Continue reading
Governor Hochul Vetoes Condominium Tax Loophole
On December 27, 2022, Governor Kathy Hochul vetoed a bill that aimed to close a tax loophole for condominium owners in New York. The bill, which was passed by the state legislature earlier this year, would have required condominium owners … Continue reading
NYS To Offer Tax Credits to Volunteer Firefighters and EMS Workers
New York state has announced that it will offer a tax break to volunteer firefighters and emergency medical service (EMS) workers. The program, which was signed into law by Governor Kathy Hochul, will provide a credit of up to $200 … Continue reading
IRS Announces Delayed Implementation of Third-Party Threshold
The Internal Revenue Service (IRS) has announced a delay in the implementation of the $600 reporting threshold for third-party payment platforms. This threshold pertains to Form 1099-K, which is used to report certain types of payment transactions to the … Continue reading
IRS Backlog Will Continue into the 2023 Tax Season
According to a new report, the IRS is expected to fail to reach its goal of catching up on the millions of unprocessed returns, a number that is expected to rise exponentially next year.… Continue reading