Tag: Tax

The One Big Beautiful Bill Act overhauls the tax code, locking in many 2017 cuts and unveiling new relief for workers, families, and businesses.

On July 3rd, Congress passed Republicans’ taxation-and-spending bill, including a broad package of tax benefits and revenue raisers that will affect virtually every business and individual in the country. The bill commonly known as the One Big Beautiful Bill Act (OBBBA) is one of the most significant pieces of federal tax legislation since the Tax Cuts and Jobs Act of 2017 (TCJA).

If you’re someone who pays quarterly estimated taxes, there’s a critical deadline approaching: January 15th. By this date, you’ll need to have paid at least 90% of your total tax liability for the year to avoid underpayment penalties. These penalties have risen sharply due to higher interest rates. For most of 2024, underpayment interest fees were around 8%, compared to just 3% a few years ago. That difference can quickly add up, making it more important than ever to stay on top of your payments.

Here are the 2024 1099 basic filing requirements.

A new filing requirement took effect January 1, 2024, which may affect you if you own a company now or in the future.

Here are the 2023 1099 basic filing requirements.

'Pop-up' businesses claiming to get big, fast refunds can be bogus. Capital Region firms aren't immune. By: Rick Karlin, Times Union

ALBANY, NY, September 27, 2022 – BST & Co. CPAs, LLP, one of the Capital Region’s leading accounting and management consulting firms, today welcomed back Dawn Doherty as a partner within the firm’s tax department.

The new lease accounting standard is effective for fiscal years beginning after December 15, 2021 for nonpublic organizations; so it’s essential that businesses start planning now if you haven’t already.

Enacted as part of New York’s 2022-2023 fiscal budget, a COVID-19 Capital Costs Tax Credit Program (Program) offers $250 million financial assistance to New York State “small businesses”, available on a first-come, first-served basis, which were burdened with a wide range of operational costs incurred due to the COVID-19 pandemic.