NYSDTF UPDATE: S Corporation Small Business Modification S-201

The small business modification for a non-farm business is not computed at the entity level. Based on Tax Law § 612(c)(39)(C), the individual member, partner, or shareholder must aggregate its net business income from all ownership entities for a non-farm business. If a limited liability company, partnership, or New York S corporation meets the gross […]

Extension of certain October 15 deadlines for Taxpayers

Extension of certain October 15 deadlines for Taxpayers affected by Post-Tropical Depression Ida  (October 12, 2021) Read more by clicking here

NYSDTF Extends Tax Due Date to May 17, 2021

The Tax Commissioner has extended the due date for New York State personal income tax returns, and related tax payments, for the 2020 tax year from April 15, 2021, to May 17, 2021. Accordingly, 2020 personal income tax returns originally due on April 15, 2021, and related payments of tax, will not be subject to […]

IRS begins delivering 3rd Economic Impact Payment to Americans

IR-2021-54, March 12, 2021 WASHINGTON — The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this […]

New Exclusion of up to $10,200 of Unemployment Compensation

If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200. If you are married, each spouse receiving unemployment […]

2021 tax filing season begins Feb. 12

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic IR-2021-16, January 15, 2021 WASHINGTON ― The Internal Revenue Service announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start […]

NYSDTF Tax Update and Messages 2020

October 2020 Francine Schoonmaker of the New York State Department of Taxation and Finance talks about updates to New York State tax law for the 2020 tax filing year. Click here to view presentation via YouTube

NYS Tax Department Issues E-file Signature Guidance – October 6, 2020

The New York State Tax Department has issued guidance regarding the use of electronic signatures on e-file authorizations (TR-579 forms) collected by tax preparers. To view the entire document, visit TSB-M-20(1)C, (2)I, E-File Authorizations (TR-579 forms) for Taxpayers Using a Paid Preparer for Electronically Filed Tax Returns.

IRS Expands IP PIN Opt-In Program beginning January 2021

The following is a message from the IRS Wage & Investment Division:  We wanted to give you a heads up on some important information for your clients and for you involving the Identity Protection PIN. Starting in January 2021, the IRS will expand the IP PIN voluntary opt-in program nationwide. The six-digit IP PIN provides […]

New York State Tax Notice N-20-8 INCORRECT (June 30, 2020)

NYSSEA learned late yesterday (June 29, 2020) that the NYS Department of Taxation & Finance’s Notice N-20-8 is incorrect. The notice says that the 1st quarter estimated tax payment is due 6/15 and the 2nd quarter 7/15, but in fact, it’s the opposite.  The 1st quarter payment is due 7/15, and the 2nd quarter is (was) due […]