On Sunday, August 7, after nearly 16 hours of deliberation that started on the Saturday night prior, the Senate passed a new bill known as the Inflation Reduction Act. This past Friday, the House voted and passed the bill sending it to President Biden’s desk for signature. Now after months

Starting this month, don’t be surprised if you receive a bill for an Interest Assessment Surcharge (IAS) from the government. It’s for interest New York State owes the federal government on loans it took out to maintain unemployment and pandemic benefits between March 2020 and September 2021 for COVID-related programs.

Good news! New York State is giving residents who are homeowners a little respite from all of the talk about inflation, stock market drops, interest rates, and recessions. Homeowner tax rebate checks are in the mail and should arrive in mailboxes across the state this month! Residents who earn less

Important Deadline Approaching The 2022 PTET election period is open. To opt in, submit the Annual Election Application before or on March 15. Click here for instructions. While RBT CPAs is always ready to do whatever it takes to support clients, by law we can’t make your PTET election. However,

The U.S. Department of Treasury has extended the reporting deadline for the Project & Expenditures Report for all recipients of the Coronavirus State and Local Fiscal Recovery Fund (SLFRF). According to NYGFOA and several other local government legislative advocacy groups across the country, the U.S. Department of Treasury sent an

New York State individual owners of partnerships and S corporations have an opportunity to benefit from valuable tax deductions. NYS has finally issued long awaited guidance with regards to the newly created Pass-Through Entity Tax (PTET). The PTET was enacted as part of the 2021-2022 fiscal year budget in April

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could

Do you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here’s what you should know if you earn income from “irregular” sources. Reality Check: Random Income Isn’t Tax-Free