New York passed its 2021-2022 budget bill, a $212 billion dollar spending package that primarily increases taxes on high earning individuals and businesses. Below are the five areas affected taxpayers need to consider.1. Three New Tax Brackets for IndividualsNew York will increase tax rates on...
Read MoreThe governor of Illinois has signaled his support for the state’s 2021 Budget Bill, a $42 billion dollar spending package. While the bill does not increase personal income tax rates, it does effectively increase taxes on businesses and their owners by closing several “tax loopholes...
Read MoreWith the recent signing of the Senate Bill 18 (SB 18), or the Ohio Conformity Bill, the state has made some noteworthy changes for taxpayers.1. State Individual Extension ConformityOhio has postponed the filing deadline for state tax returns to May 17, 2021, following the federal government&rsquo...
Read MoreThe first two parts of this series on advanced 529 plan strategies focused on shorter term strategies to maximize the tax efficiency of these accounts. The third strategy is focused on long-term tax efficiency by passing down 529 plan assets to your heirs.The beauty of 529 plans is that they grow...
Read MoreIn Part 1 of this series on advanced 529 plan strategies, we discussed creating a state tax deduction for private elementary and secondary school tuition under the new tax law for 2018. This change in the tax code is also the driving force behind strategy number two.To recap, in 2017 and prior...
Read MorePosted by Jessica Bender
Read MoreNow that the holiday season is behind us, it’s time to make some progress on those New Year’s resolutions to improve your control over your personal finances. This article is the first in a three part series focused on saving for college through 529 plans. Most are familiar with these...
Read MoreAs the COVID-19 pandemic continues, many businesses have seen their open receivables accounts swell. As you make tough decisions around writing off receivables, it is important to also consider the state sales tax and gross receipts tax implications.Many state taxing authorities allow for a bad...
Read MoreOver the past several weeks, there has been a significant shift from working in the office to working from home as businesses and employees comply with "stay at home" orders across the country. However, businesses that have employees teleworking outside the office could be creating a...
Read MoreAs always, there is a lot going on in the tax world that impacts businesses and their owners, this year in particular due to the Tax Cuts and Jobs Act. It was my privilege to again serve as editor of the AICPA’s Tax Adviser August Tax Clinic, a special section in the professional journal...
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