In the IRS Newswire (Issue No. IR-2009-98), dated October 29, 2009, the IRS reminded taxpayers that the American Recovery and Reinvestment Act (ARRA) expands the Non-Business Energy Property Credit and Residential Energy Efficient Property Credit.

The Internal Revenue Code Section 30B provides the “Alternative Fuel Motor Vehicle Credit” (AFMVC) that is included under the Energy Policy Act of 2005 and defines tax credits for four distinct vehicle categories:

Qualified Hybrid Vehicles

Qualified Fuel Cell Vehicles

Qualified Alternative Fuel Motor Vehicles (QAFMV) and Heavy Hybrids

Advanced Lean-Burn Technology Vehicles

The Energy Policy Act of 2005 changed [...]

As announced by the IRS in “e-News for Tax Professionals” (Issue 2009-43), Revenue Procedure 2009-51 outlines the process for employers now eligible to file the “Employer’s Annual Federal Tax Return” (Form 944), instead of the “Employer’s Quarterly Federal Tax Return” (Form 941). These changes take effect for January 1, 2010.

What is a SIMPLE Plan?
Savings Incentive Match Plan for Employees (SIMPLE) plans are special retirement programs for small firms (less than 100 employees) and self-employed individuals that allow eligible employees to deduct some of their pre-tax salary, then place the funds in either a SIMPLE IRA or a SIMPLE 401(k) plan. While similar to standard [...]

If you’re thinking home upgrades, this may be a good time to do them since you can take advantage of energy-efficient tax credits. For existing homes, federal tax credits are available for 30% of the cost, up to $1,500, for a range of renovations this year and 2010. Eligible work includes windows, doors, insulation, metal [...]

When a business reaches certain revenue, employee or tax liability thresholds its obligations in regards to filing and paying various taxes changes. Business owners must be aware of these changes to their tax reporting and payment requirements to remain in compliance with the tax code. CPAs, professional tax preparers and business advisors should be consulted [...]

There are many issues to consider when starting or buying a business: permits, licenses and registration issues; employee withholding taxes; unemployment insurance; purchasing the assets and liabilities of an existing business; and annual tax returns, to name a few. Anyone contemplating starting a new business or buying an existing one should discuss the situation in [...]

Protesting Actions by the Tax Department Taxpayers disagreeing with a final action taken by the Tax Department have certain rights under New York state tax codes to challenge the department’s decisions, including issuance of a tax deficiency or determination, denial of a refund claim, and denial or revocation of a license, registration, or exemption certificate. The challenge requires the taxpayer to file a “Request for Conciliation Conference” (Form CMS-1) with the Bureau of Conciliation and Mediation Services or by filing a petition (Form TA-10) with the Division of Tax Appeals for a hearing.

There is a three-year Statute of Limitations in New York state Tax Law for additional tax assessments to be made by the Tax Department, unless the taxpayer provides a written consent to extend the limitation period. However, the Statute of Limitations does not apply if the taxpayer failed to: file a return, report changes made by the Internal Revenue Service (IRS) to a federal tax return or intentionally filed a return containing false information. A taxpayer is required to report federal changes to income, estate and corporate taxes to the state tax Department within 90 days from the final determination of the change, stating whether the change is correct or not.

“School Tax Relief” (STAR) Program
New York state, wherein property taxes are only applied to real property, grants local governments and public school districts the ability to reduce the property taxes paid by qualifying senior citizens. Senior citizens 65 years old or older and who are within the income limitation can have the assessed value of [...]