Income Tax

Now new legislation enacted at the end of last year, called SECURE 2.0, provides a tax benefit to qualified small businesses aiding military families.

Make sure the company is paying you a reasonable rent for the space. It should be the same rate that would be charged to a third party.

Originally included in Public Law 97-455 passed in October 1976, Section 280(A)(g) was added to allow personal residences to be rented for 14 days or less with the rental income not includible in gross income.

The American Institute of CPAs recently submitted a letter to the Department of the Treasury and the Internal Revenue Service (IRS) prioritizing certain provisions of SECURE 2.0

Check to see if the IRS will be conducting a correspondence audit or a field audit. It makes a big difference in how you should handle things.

Sen. Kirsten Gillibrand says nearly a million businesses are owed an ERC for keeping their staff on payroll during the pandemic.

Absent unusual circumstances, a credit on your return is more valuable than a deduction, by far. It’s a no-brainer. Nevertheless, there are certain times when a deduction would be preferable.

The minimum wage will increase to $16 an hour in New York City and Westchester, Nassau and Suffolk counties and to $15 an hour in all other areas of the state on Jan. 1, 2024.