New York SBDC Research Network

From All Area Codes The US Federal Trade Commission (FTC) publishes both daily and monthly data on the number of complaints consumers submit about telemarketers allegedly violating Do Not Call rules. In each of the past three years, complaints increase during the March and April tax season. During the peak of the third week in April, the average daily complaints are 10% higher than the last week of March and more than 5 times the January daily average. Because April 15th sometimes falls on a weekend, tax day isn't always on the 15th. It was on the 18th in 2016 and 2017. In 2018, it was on the 17th. In 2019, April 15th falls on a Monday so it will be the tax deadline for most consumers. For this tax season, consumers should be alert when answering calls related to their tax returns because they are likely scams. The IRS has stated repeatedly that they will not call consumers to demand immediate payment for taxes. Further, they will not call without first sending a bill in th...

From the Internal Revenue Service : The Internal Revenue Service, state tax agencies and the tax industry will hold a National Tax Security Awareness Week December 3-7, 2018 to encourage individual and business taxpayers to take steps to protect their tax data and identities in advance of the 2019 filing season. The IRS announced steep declines in tax-related identity theft in 2017 following the success of the Security Summit effort. Key indicators of identity theft dropped for the second year in a row in 2017. This includes a 40 percent decline in taxpayers reporting they are victims of identity theft in 2016. Since 2015, the number of tax-related identity theft victims has fallen by almost two-thirds and billions of dollars of taxpayer refunds have been protected. The Don't Take the Bait awareness series is focused on the need for tax professionals to increase their computer security and be cautious of spear phishing scams. Tax professionals must remember that they have a l...

Article from Pennsylvania Department of Revenue Any entity making taxable sales or performing taxable services in Pennsylvania must be licensed to collect and remit sales tax. Pennsylvania’s sales and use tax rate is 6 percent. An additional 1 percent local sales and use tax applies to sales in Allegheny County; an additional 2 percent local sales and use tax applies to sales in Philadelphia.  No tax is due on out-of-state deliveries made by a vendor or common carrier. However, deliveries made within Pennsylvania are subject to sales tax.  Any business that does not have a permanent physical location in Pennsylvania, but makes taxable sales in Pennsylvania on an irregular basis, is required to register for a transient vendor’s license. Transient vendor licenses are renewable on a yearly basis so long as the taxpayer timely files and remits all sales tax.  All other out-of-state vendors, making taxable sales in Pennsylvania, are issued sales tax licenses, valid...

Obtained from:   Pix11 With all the talk about the new federal tax law that went into effect in January, it’s easy to forget about the old one. But it’s the old tax code that governs the deductions, credits and other measures you can use to save money on your 2017 tax return due in April. In fact, it may be your last chance to use some of them since the new law eliminated many. [In the linked article] are 11 deductions and other tax-trimming measures you shouldn’t overlook:

From PC Magazine : Have you started thinking about doing your taxes? Neither have I. But PCMag's Kathy Yakal has been testing tax preparation software for weeks. Tax law changes every year and tax prep software has to change with it. This year, Intuit TurboTax once again earns the Editors' Choice award for the best overall package. That said, TaxAct and FreeTax USA (which actually costs $6.99, despite its name) also had strong showings. Just don't expect to collect on the Trump tax cuts. Those won't show up until you file next year.

From the Internal Revenue Service: Employers face a January 31, 2018, due date for filing 2017 Forms W-2 and W-3 with the Social Security Administration. This date applies to both electronic and paper filers. Form 1099-MISC is due to the IRS and individuals by January 31 when reporting non-employee compensation payments in box 7. Penalties for failure to file correct information returns or furnish correct payee statements have increased and are now subject to inflationary adjustments. These increased penalties are effective for information returns required to be filed after December 31, 2015.

From the Small Business Administration at SBA.gov By  BarbaraWeltman , Guest Blogger For many small business owners, thinking about taxes occurs only twice a year … when returns are being prepared and perhaps at the end of the year. This is a mistake. With half of 2017 over, now is a great time to assess where you stand and to take action that will be helpful to your 2017 tax bill. 1. Meet with your tax advisor The vast majority of small business owners use CPAs or other tax advisors to prepare and file their returns. These tax pros can also serve as business advisors throughout the year, providing guidance on what the business can to do to optimize profitability while minimizing taxes. If your tax preparer doesn’t provide this service, consider finding one who will. Schedule a meeting with your advisor to review your profits or losses, and to craft a tax plan that you can implement going forward. 2. Assess your profitability If 2017 is shaping up to be a good year for you, co...

From the IRS : In an unprecedented partnership, the IRS, the states and the tax industry are working together to protect your federal and state tax accounts from identity thieves. We are asking you - taxpayers, tax preparers and businesses - to join with us to create an even stronger partnership in the face of this constantly evolving enemy. Our "Taxes. Security. Together" awareness campaign is an effort to better inform you about the need to protect your personal, tax and financial data online and at home. People continue to fall prey to clever cybercriminals who trick them into giving up Social Security numbers, account numbers or password information. In turn, criminals use this information a variety of ways, including filing fraudulent tax returns. As part of the "Taxes. Security. Together" effort, we launched a Protect your Clients; Protect Yourself campaign to raise awareness among tax professionals that they increasingly are targets of cybercriminals an...

If you have not yet filed your federal tax return, here are three last-minute filing tips related to the health care law. Remember that the tax filing deadline this year is  Monday, April 18 . Check the box to report health care coverage If you are concerned that the health care law might require additional time to complete your tax return, remember that most taxpayers will simply check a box related to health care on their return. If everyone listed on your return had qualifying health care coverage for the entire year, you will simply check the box on your return to indicate you had coverage. This is the first year you may receive new forms providing information about your health care coverage. The new forms are  Form 1095-B , Health Coverage  and  Form 1095-C , Employer-Provided Health Insurance Offer and Coverage. Even if you do not receive a Form 1095-B or Form 1095-C by the time you are ready to file your 2015 tax return, you do not necessarily need to ...

Getting information about not-for-profit organizations may be easier than you realize. From   GRANTSPACE , a service of Foundation Center "According to  IRS disclosure regulations , exempt organizations must make its three most recently filed annual 990 or 990-PF returns and all related supporting documents available for public inspection. This public disclosure rule also applies to Form 1023, which is filed to obtain exempt status." Check out the list of websites from which one can get an organization's Form 990 or Form 990-PF.

Blood pressures are rising at many small businesses now that tax season is underway. Owners can make the process easier by being organized and watching out for tax pitfalls, accountants say. Here are four tax issues small business owners should be thinking about now and year-round: Here are the major keys Star Tribune has to give: Keeping records matters Tax time, a teachable moment Employees and freelancers Your home office and car To learn more visit: Startribune

TSB-M-15(2)C, Transitional Filing Provisions for Taxpayers Affected By Corporate Tax Reform Legislation This memorandum explains transitional filing provisions for the 2014 and 2015 tax years for Article 32 and Article 9-A taxpayers affected by the corporate tax reform legislation that was signed into law as part of the 2014-2015 New York State budget. To view the entire document click on the link below: http://www.tax.ny.gov/pdf/memos/corporation/m15_2c.pdf TSB-M-15(3)C, (3)I, Real Property Tax Credit and Reduction of Tax Rates for Qualified New York Manufacturers This memorandum summarizes the corporate income tax benefits for qualified New York manufacturers contained in legislation that was signed into law as part of the 2014-2015 New York State budget (Part R) which created the manufacturer’s real property tax credit and reduced the corporate tax rates for qualified New York manufacturers. To view the entire document click on the link below: http://www.tax.ny.gov/p...

Successful business growth is dependent on two main factors. Organizations must scale to meet market demands and differentiate their products to remain competitive. But while these activities are beneficial to growing your revenue, you may be surprised to learn that they could also put you at jeopardy for violating tax compliance rules and regulations. How can businesses learn to support smart growth while avoiding audits and fines? Explore this exclusive white paper to uncover the 5 ways your success could be your downfall when it comes to transactional tax compliance, including: • Moving into new states and jurisdictions • Using contract workers • And 3 more DOWNLOAD at AVALARA .

The PayCheckManager site : Paycheck Manager provides a FREE Payroll Calculator with a no hassle policy. Any user can simply access PaycheckManager.com and start using the calculator. No registration required. No private information is saved. It’s a full-featured paycheck calculator that allows for hourly or salaried, bonus, 401k and other earnings and deductions. Users can also download and print paychecks, all for FREE! As our friend Walter said, "Still waiting to see what the catch is but haven't found it yet." Paycheck Manager also provides a complete self-service payroll management tool for any user who wants to prepare, view and print paychecks, payment vouchers and payroll reports. All information will be saved in our secure environment for easy payroll management. This portion is FREE to try for up to 3 months upon registration.

From Form990.org : The Urban Institute’s National Center for Charitable Statistics (NCCS) recently discovered that an unauthorized party or parties have gained access to the Form 990 Online and e-Postcard filing systems for nonprofit organizations. This unauthorized access affected nonprofits that used IRS Forms 990, 990-EZ, and 990-N (e-Postcard). It also affected users of Form 8868 extensions and filings for charitable organizations in Hawaii, Michigan, and New York . Once we discovered the attack, we contacted IRS and made every effort to secure the systems and user accounts. We are working with law enforcement agencies as they conduct an investigation. In addition, we have retained a leading cybersecurity firm to help us analyze the situation and strengthen security. Our investigation is ongoing. Based on current information, we believe no information from the filings themselves was compromised. These forms do not contain Social Security numbers or individual tax filer i...

Small Business Taxes: The Virtual Workshop was designed to help the new business owner, understand and meet federal tax obligations. This workshop is constructed so that the first three lessons... What You Need to Know about Federal Taxes and Your New Business, What You Need to Know about Schedule C and Other Small Business Taxes and Tax Forms; And How to File and Pay Your Taxes Electronically are for everyone, no matter what kind of business you have or whether you have employees. Then, in What You Need to Know When You Run Your Business Out of Your Home and How to Set Up a Retirement Plan for You and Your Employees, there will be discussed some information that may be relevant to you now-- or that may become relevant once your business has become established. The final four lessons... What You Need to Know about Federal Taxes when Hiring Employees or Independent Contractors, How to Manage Payroll so You Withhold the Correct Amount from Employees, How to Make Tax Deposits and F...

As of January 1, 2015  The links below lists the standard state level sales and use tax rates. Many states allow non-standard rates on many items including meals, lodging, telecommunications and specific items and services. These rates are not represented in the chart. The range of local taxes is also included as a quick reference. This can be used to determine the combined state and local tax rate maximums and minimums.  Sales and use tax rates change on a monthly basis. The chart is for informational purposes only. Specific questions should be addressed to your tax  adviser . Rate information is gathered from various State Department of Revenue materials and various rate providers including Thomson,  Sabrix  and Vertex, Inc. click here If you are seeking information on individual income tax, corporate income tax, sales tax, and/ or property tax collections this link will bring you to a site that will assist you. click here This link...

Revenue Procedure 2014-64 provides an updated list of jurisdictions with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of information for purposes of the bank deposit interest reporting requirements under §§1.6049-4(b)(5) and 1.6049-8(a), as well as jurisdictions with which the IRS and Treasury have determined the automatic exchange of such information is appropriate. Revenue Procedure 2014-64 will be inIRB 2014-53, dated December 29, 2014

If your business can afford it and you want to reward employees, year-end cash bonuses may be the way to go. In providing this additional compensation, understand what it means from a tax perspective. Bonuses are treated like other pay They are subject to income tax withholding, FICA, and FUTA taxes in the same manner as regular pay. In figuring the cost of a bonus to you, factor in employment taxes. For example, if an employee earning $65,000 is given a $5,000 year-end bonus, the cost of that bonus to you is $5,382.50 ($5,000 + $382.50 employer share of FICA tax). When withholding income taxes on the bonus (called “supplemental pay” by the IRS), there are several options. More from the Small Business Administration

From HERE: These FAQs are meant to provide general guidance on topics of interest to taxpayers. However, taxpayers should be aware that subsequent changes in the Tax Law or its interpretation may affect the accuracy of an FAQ. The information provided in these FAQs does not cover every situation and is not intended to replace the law or change its meaning. Business Capital Q. Does business capital include the capital that generates other exempt income? A. Yes, because this capital may also generate taxable business income, such as capital gains from the sale of stock in a unitary corporation that is not included in a combined report with the taxpayer. Q. Are Internal Revenue Code Section 78 gross-up dividends included in the business income base? A. Our current policy of excluding these dividends is being continued. See NYS Tax Law section 208.9(a)(6). Q. Will New York State consider a corporation instantly unitary with a taxpayer when acquired? A. It is a facts and circu...