Charles E Marchese CPA

06/26/2023

At this time, business owners with payroll may be receiving IAS surcharge letters in the mail regarding their NYS unemployment interest assessment surcharge.

New York State borrowed funds from the federal government to maintain UI (unemployment) and pandemic benefits while the pandemic programs were in effect. NYS law requires contributing employers to pay an annual Interest Assessment Surcharge, or IAS.

The rate is 0.18% on subject wages from Q4 2021 to Q3 2022.

Your required amount can be paid by check, or you can forward the letter to your payroll company to include on your NYS-45 filing for the second quarter.

If you are in need of payroll services don't hesitate to give us a call!

02/13/2023

As we start to navigate through tax season, we are trying to eliminate the foot traffic in our office. To prepare your return quicker and more efficiently, we are encouraging everyone to please consider dropping your tax documents off or uploading them through our secure portals. The deadline is April 18th and we look forward to assisting everyone with their tax needs! 🧑‍💻💲👩🏼‍💻

01/04/2023

Planning a dry January or more time in the gym as a new year dawns? Save time and money by adding these tax resolutions to your list.

09/07/2022

IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic 💸

IR-2022-155, August 24, 2022 — To help struggling taxpayers affected by the COVID-19 pandemic, the IRS today issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late.

09/02/2022

North Carolina says it will tax Biden's student loan forgiveness and more states are likely to follow suit. According to the Tax Foundation, 13 states could treat Biden’s student loan forgiveness initiative as taxable income to borrowers. The states are Arkansas, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Mississippi, New York, Pennsylvania, South Carolina, Virginia, West Virginia, and Wisconsin.

The Biden administration has confirmed that student loan forgiveness won’t be a taxable event at the federal level. But at the state level, things get a bit more complicated. Here’s what you need to know.

06/21/2022

Income tax withholding

Tax Tip 2022-94, June 21, 2022 — For many new grads and other people entering the workforce for the first time, filling out new hire paperwork can be confusing — what’s a W-4, anyway? New employees should ensure they understand their tax situation and do some planning now, so they’re in good...

07/13/2021

🆕 In order to opt-out of the advance child tax credit, you will need to sign in or create an account with the IRS. If you don’t have an existing IRS username or ID.me account, have your photo identification ready.

Unenroll if you don’t want to get advance Child Tax Credit payments or check if you’re enrolled.

06/16/2021

⭐️ Important changes to the Child Tax Credit will be starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning in July & you will claim the other half when you file your 2021 income tax return. At some point in the near future you will have the option to opt-out of this credit. Taxpayers, please keep in mind that receiving this credit in advance will reduce your federal refund by the same amount since you will have already received it during the year ⭐️

05/20/2021

The IRS will begin issuing refunds this week to taxpayers who paid taxes on 2020 unemployment compensation & filed their tax return before the American Rescue Plan was recently enacted! 💸

IR-2021-111, May 14, 2021 — The Internal Revenue Service will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income.

03/24/2021

A group of 250 CEOs and business leaders sent a letter to New York’s governor and legislators expressing “alarm” at what they say could become the largest spending and tax increase in the state’s history.

They urged politicians to postpone any tax increases until after the state and New York City have more fully recovered from the pandemic and workers return.

03/19/2021

💸 Taxpayers who received unemployment benefits in 2020 with adjusted gross income less than $150,000, don’t have to pay tax on the first $10,200 in unemployment compensation.

💲 For those who received unemployment benefits last year and
have already filed their tax return, the IRS emphasizes they should NOT file an amended return at this time, until the IRS issues additional guidance.

The Internal Revenue Service posted information about how to correctly compute the new exclusion on a portion of unemployment income as Congress pushes the IRS for further tax-filing relief.

02/14/2021

10 Tax Tips For Filing Your 2020 Tax Return 📑

The Internal Revenue Service says taxpayers should expect limited face-to-face operations, heavy call volume and paper-processing delays.