Tag Archives: advisory
Top 5 Biggest Individual Refund States
Despite popular belief, the amount received on an individual tax return isn’t determined by the economic condition of the state. Furthermore, the size and population of a state also do not help determine an individual tax returns refund amount.
This … Continue reading
3 Keys to Know Before Filing Your Taxes
We are almost 6 weeks away from tax filing season, and IRS improvements are well underway which include things like staffing and tech upgrades as the agency continues to deploy its $80 million in funding from the Inflation Reduction Act… Continue reading
NY Cigarette Tax Increase Could Decrease States Tax Revenue
New York State is considering implementing a new cigarette tax that could have serious economic consequences. The proposed tax would increase the state’s cigarette tax from $4.35 to $5.35 per pack. While the goal of the tax is to discourage … Continue reading
Tax Deadline Extended For Taxpayers in Certain Disaster Areas
Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Previously, the deadline … Continue reading
Small Tax Cap Reduction Can Result in Major Benefits
According to a report that was released last week, a small reduction in the nation’s tax gap could result in large fiscal benefits for the federal government. This new report was released with the purpose to give suggestions to both … Continue reading
IRS To Lengthen The Lookback Period For Taxpayer’s Refund Claims
In Notice 2023-21, the Agency announced on Monday that it’s going to lengthen the lookback period for refund claims for returns with due dates that were postponed by two earlier notices in 2020 and 2021. This is a positive … Continue reading
Olympic Sprinter Usain Bolt Lost $12M in Tax Scam
According to the legal team of Usain Bolt, the former gold medalist was stunned when he found $12 million missing from one of his bank accounts. The account Bolt was with was a Kingston-based investment firm known as Stock and … Continue reading
IRS Commissioner Nominee Appears Before Congress
Last week, a confirmation hearing was held for Daniel Werfel, who is the next nominee for commissioner of the Internal Revenue Service. Although both sides of the aisle had a plethora of questions for Werfel, it does appear that both … Continue reading
Tax Break Could Be Coming for NY’s Volunteer Firefighters
Volunteer firefighters and ambulance workers across the state of New York could be in for some new tax savings this year. A much-deserved break for some of the state’s most important volunteers.… Continue reading
NY Senators Seeking to Protect Suburban Employers from Higher MTA Tax
A group of Senators is looking to protect Hudson Valley and Long Island Employers from a new proposal to increase the payroll tax to support the MTA. To generate an additional $800 million for the MTA, Gov. Kathy Hochul has … Continue reading