Author: Zhoudi Tang, CPA
-
Hold Your Horses (Taxes)
You might want to hold off on rushing to file your taxes for now. Congressional leaders are close to a $70 billion bipartisan deal. Included in this deal is a focus on expanding the child tax credit and providing tax breaks for businesses until 2025. The target completion date for the deal is Jan. 29,…
-
New York ALJ Denies Refund Request for Remote Work Performed Before and During COVID-19 Pandemic – Follow Up on Zelinsky
Many taxpayers that live outside of New York but work for an employer in New York have faced similar frustration in how New York determines how payroll tax is withheld at the state level. Due to the “convenience of the employer” rule in New York, if a taxpayer works for their own “convenience” out of…
-
Business Expenses
Travel Expense Purpose Travel Expense Expense Related to Business Primarily for Business Activities Yes Yes Primarily for Personal Activities No Yes Determining Primarily for Business or Personal The amount of time the taxpayer spends on personal activities compared to the time spent on business activities is an important factor to determine if a trip is…
-
Corporate Transparency Act
What is the Corporate Transparency Act (“CTA”)? Starting January 1, 2024 each reporting company shall submit to FinCEN a report that identifies each beneficial owner of the applicable reporting company and each applicant with respect to that company. Existing companies have until January 1, 2025 to file its initial beneficial ownership information (“BOI”) report or…