In BST's tax newsletter: RSM Tax Insights, Lockdown on Federal Tax Proposals for Individuals and Businesses, Tax Consequences of Offering Innovative Benefits, How are Traditional IRA Withdrawals Taxed, What's and IP PIN and Should You Have One for Protection, Learn the Tax Score for Fantasy Sports.
Posted on October 27, 2021
Tax Newsletter: October 2021
Posted on October 19, 2021
Child Support Modifications and Spousal Maintenance Tax Analysis in New York
This article discusses the unique circumstances when parents have equal time with the children and the effect the Tax Cuts and Jobs Act of 2017 had on alimony.
Posted on October 12, 2021
Exclusion & Deduction: Taxpayer Knocks Out Commissioner
In its interesting October 4, 2021 decision in Charles H. Leyh v. Commissioner of the Internal Revenue Service, the tax court decided in favor of the taxpayer and concluded the paying spouse could both exclude from income health insurance premiums deducted from payroll under a cafeteria plan and deduct as alimony the portion of those premiums covering the recipient spouse pursuant to a pre-2019 pendente lite agreement.
Posted on October 5, 2021
Court Affirms Discounts Allowed For Gifts Of Fractional Interests
On September 24, 2021, Judge Alvin W. Thompson of the United States District Court of Connecticut denied a motion made by the IRS asking the Court to conclude that no discount should be available for a gift of a fractional interest unless the taxpayer held such interest in fractional form before the gift.
Posted on September 28, 2021
Tax Newsletter: September 2021
BST's tax newsletter. In this issue: IRS Clarifies Rules on Excess Compensation Tax, Tax Implications of Taking 529 College Savings Plan Withdrawals, Refresher on the Home-Sale Gain Exclusion Tax Break, Following Up on Coronavirus-Related Distributions from IRAs, and 20 FAQs About RMDs.
Posted on September 14, 2021
My Accountant Left. Now What?
In today’s tight employment market, it can take months to replace an accountant. Meantime, look for ways to delegate, upgrade technologies, and outsource.
Posted on August 25, 2021
What’s an IRS Identity Protection PIN and Should You Have One?
Launched nearly a decade ago, the Identity Protection (“IP”) PIN program purpose was to allow confirmed identity theft victims to obtain a PIN from the IRS, which is then necessary to electronically file a federal tax return. Beginning in 2021, the IRS expanded the program to make it available to all taxpayers in an effort to prevent identity thieves from filing fraudulent tax returns using a taxpayer’s personally identifiable information.
Posted on August 17, 2021
Deadline Coming: Follow Up on Your PPP Loans
Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000.
Posted on August 5, 2021
Tax Newsletter: August 2021
BST's tax newsletter. In this issue: Finally...Some Good News, IRS Update, Reap Tax Rewards from Securities Harvest This Fall, Material Participation Standard is the Key to Unlocking LLC Tax Losses, Vacation Home Usage Has Tax Implications, 4 Tax-Saving Credits for Families.
Posted on August 2, 2021
Finally…Some Good News!
On April 19, 2021, through the enactment of the 2021-2022 Budget Bill, New York State created new Article 24-A of N.Y. Tax Law, which establishes a new elective Pass-Through Entity Tax (PTET) that applies to partnerships, LLCs (taxed as partnerships), and S corporations.
Posted on July 7, 2021
Three Tips for a Successful Business Transition
Transitioning out of a business requires as much planning as forming and growing a business. These three tips will help you prepare to make a timely and successful business transition.
Posted on June 28, 2021
What to Know Before Adding a New Business Location
If you’re considering expanding to a new business location, make sure you first have a plan in place that includes appropriate accounting support and insights into staffing, costs, ROI, and other metrics.
Posted on June 7, 2021
5 Reasons to Choose BST’s Virtual Accounting Solutions
BST Virtual Accounting Solutions stands out because of the relationships we build, the advanced services we provide and the unique dashboards we create.
Posted on May 24, 2021
Eligible Parents Will Begin Receiving Advance Child Tax Credits July 15
The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also stated that "roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required."
Posted on May 19, 2021
Big Changes to the Child Tax Credit for 2021
The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here's the story.
Posted on May 17, 2021
Renting vs. Buying an Accountant
Businesses of all kinds can benefit from “renting” an accountant, or outsourcing to a trusted provider. Compared to the costs and hassles of employing an accountant, outsourcing is so easy and efficient that businesses can’t afford the alternative.