張明朝會計事務所 Ming Chao Zhang CPA PLLC

10/21/2021

Among the many provisions in the multi-trillion-dollar legislative package being debated in Congress is a provision that would eliminate a strategy that allows high-income investors to pursue tax-free retirement income: the so-called back-door Roth IRA. The next few months may present the last chance to take advantage of this opportunity. Roth IRA Background Since its introduction in 1997, the Roth IRA has become an attractive investment vehicle due to the potential to build a sizable, tax-free nest egg....

Among the many provisions in the multi-trillion-dollar legislative package being debated in Congress is a provision that would eliminate a strategy that allows high-income investors to pursue tax-f…

10/01/2021

On September 30, 2021, Congress averted a potential federal government shutdown by passing a continuing resolution to provide funding for government operations through December 3, 2021.1 This was only a temporary measure, and lawmakers will continue to wrestle with the budget for fiscal year 2022, as well as the debt ceiling, which requires action by mid-October. Both of these issues have become increasingly contentious over the past decade, and they are made especially difficult this year due to simultaneous negotiations on two large spending initiatives, the roughly $1 trillion infrastructure bill, which has bipartisan support, and the $3.5 trillion budget package funding education, climate initiatives, and health care, which is split along party lines....

On September 30, 2021, Congress averted a potential federal government shutdown by passing a continuing resolution to provide funding for government operations through December 3, 2021.1 This …

09/28/2021

On Saturday, September 25, 2021, the House Budget Committee voted to advance a $3.5 trillion spending package to the House floor for debate. The House Ways and Means Committee and the Joint Committee on Taxation had previously released summaries of proposed tax changes intended to help fund the spending package. Many of these provisions focus specifically on businesses and high-income households....

On Saturday, September 25, 2021, the House Budget Committee voted to advance a $3.5 trillion spending package to the House floor for debate. The House Ways and Means Committee and the Joint Committ…

04/23/2021

If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents who are not qualifying children.) The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit for 2021, which may increase the amount you might receive....

If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents who are not qualifying…

03/27/2021

New York Tax Update:

In regards to the exclusion of the first $10,200 unemployment compensation at the federal level for Year 2020, NY Department of Taxation and Finance created a new From IT-558 which states that any amendments made to the IRC after March 1, 2020, will NOT apply to New York State or New York City personal income tax. In other words, the $10,200 excluded from taxpayer's federal taxable income will be ADDED BACK to New York income.