Tag Archives: tax
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
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
The SEC’s Crypto Crackdown Is Just Getting Started After FTX Blowup
The U.S. Securities and Exchange Commission (SEC) has recently ramped up its efforts to crack down on the burgeoning cryptocurrency market. This increased scrutiny follows the blowup of cryptocurrency exchange FTX, which was accused of violating federal securities laws. The … Continue reading
Early Filers Should Wait on Submitting Tax Returns in 2023, IRS Says
If you are eager to file your tax return for the 2022 tax year in January or February, the IRS has a warning for you. There are some “key documents” you must wait for before you file in 2023.… Continue reading
IRS Reminder – Americans Earning Over $600 on PayPal, Venmo, or Cash App Must Report Earnings
As a result of the American Rescue Plan Act of 2021, people who use third party platforms such as Venmo, Cash App, or PayPal to collect payments for a business or hobby, must report payments of $600 or more to … Continue reading