Tag: Tax

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.

The IRS recently issued guidance about topics related to filing individual tax returns in 2022. Here are some key items for you to know.

With year-end approaching, it is time to start thinking about moves that may help lower your business’s taxes for this year and next. This year’s planning is more challenging than usual due to the uncertainty surrounding pending legislation that could increase corporate tax rates plus the top rates on both business owners’ ordinary income and capital gain starting next year.