by Russell Green | Jul 19, 2023 | IRS Resources
Your New York corporation may be organized as a nonprofit, but you will need to obtain tax exempt status from the IRS, usually classified under Section 501(c)(3) of the Internal Revenue Code to be treated as such by the IRS. Otherwise, your organization will be...
by Russell Green | Jul 4, 2023 | IRS Resources
The New York State (NYS) sales tax is a consumption tax imposed on the sale of most tangible personal property and certain services within the state. Here’s an overview of some of the key points to consider: The sales tax rate varies depending on the location....
by Russell Green | Jul 4, 2023 | IRS Resources
When considering forming an S Corporation for a startup, there are several factors to keep in mind: To be eligible for S Corporation status, the startup must meet certain requirements, such as having no more than 100 shareholders, only one class of stock, and only...
by RGcpa | Jan 24, 2019 | IRS Resources
One of the more impactful elements of the Tax Cuts and Jobs Act is the new Section 199A deduction on qualified business income (QBI). One of the open issues for taxpayers has been to determine whether a rental activity is a qualified trade or business. The IRS has...
by RGcpa | Jan 23, 2019 | IRS Resources
Many of federal changes associated with the Tax Cuts and Jobs Act (TCJA) will flow-through to state tax returns. However, although federal adjusted gross income is used as a starting point, a state can decide not follow (or “decouple” from) the federal law. New York...
by RGcpa | Oct 29, 2018 | IRS Resources
December 14th, 2023 By law, all U.S. citizens and residents must report their worldwide income. This includes income from foreign trusts and foreign bank and securities accounts. There are two reporting areas to be considered: Report of Foreign Bank and Financial...
