The case involving the Indiana Pacers, the sister-in-law of the team’s owner and a $21 million IRS tax bill isn’t over yet. In 2009, a few months prior to his death, Mel Simon gave his half of the Indiana Pacers to his brother, Herb Simon. As this transaction is scrutinized by many, the IRS has subpoenaed the Indiana Pacers for documents that assist in providing details of this alleged gift. The team, former general manager Donnie Walsh and Herb Simon have requested a federal court to issue a protective order against the IRS.
Tax Law Changes In The New York State Budget Act, Part 3
In early spring of 2016, Governor Cuomo of New York signed into law the 2016-2017 Budget Act (S6409C/A9009C) (“Budget Act” or “Act”). This legislation includes amendments to the New York tax reform legislation contained in the 2014-2015 New York State Budget and the New York City tax reform legislation contained in the 2015-2016 New York State Budget. It also contains provisions which affect certain state credits and incentives, and state sales tax provisions. This is the third part of a three-part series summarizing some of the more significant provisions of the Budget Act.
Interest or bad debt deductions
Tax Law Changes In The New York State Budget Act, Part 2
In early spring of 2016, Governor Cuomo of New York signed into law the 2016-2017 Budget Act (S6409C/A9009C) (“Budget Act” or “Act”). This legislation includes amendments to the New York tax reform legislation contained in the 2014-2015 New York State Budget and the New York City tax reform legislation contained in the 2015-2016 New York State Budget. It also contains provisions which affect certain state credits and incentives, and state sales tax provisions. This is the second part of a three-part series summarizing some of the more significant provisions of the Budget Act.
Change in due dates for filing
Tax Law Changes In The New York State Budget Act, Part 1
In early spring of 2016, Governor Cuomo of New York signed into law the 2016-2017 Budget Act (S6409C/A9009C) (“Budget Act” or”Act”). This legislation includes amendments to the New York tax reform legislation contained in the 2014-2015 New York State Budget and the New York City tax reform legislation contained in the 2015-2016 New York State Budget. It also contains provisions which affect certain state credits and incentives, and state sales tax provisions. This is the first part of a three-part series summarizing some of the more significant provisions of the Budget Act.
Tax credits and incentives
New York State Property Tax Cap Will Be Under 1 percent In 2017
In July of 2016, New York Comptroller Tom DiNapoli announced that local governments in New York State may only raise their property-tax levies by no more than 0.67 percent unless they vote to override the state’s cap. This is a slight decrease from 2016. Currently, the cap for local government in the state of New York is 0.73 percent this year, and thus will remain below 1 percent again in 2017.
France Promises 1 Billion Euro Tax Cut In 2017
In September 2015, French President Francois Hollande promised households a 1 billion-euro ($1.1 billion) tax cut next year. Why such benevolence? Hollande’s government was attempting to make up for the glut of gross domestic product (GDP) that was taken by his government in taxes in 2014.
Finance Minister Michel Sapin said “we’re doing it because it’s both fair and necessary.” Both France and Belgium collected the equivalent of 47.9 percent of gross domestic product in 2014. France’s finance ministry estimated that taxation and social charges have fallen from 44.9 percent of GDP in 2014 to 44.5 percent this year.
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What To Do If You Haven’t Received Your Refund
Of course, none of us “prefer” to pay taxes. Once we do pay our taxes, if we expect a refund, we hardly exhibit any patience awaiting it in the mail. But the IRS is a mega-bureaucracy, which means that things get lost, overlooked, mishandled, and, well I shudder to think. Thus, delays are not altogether uncommon, and failures to process and mail returns actually occur, albeit infrequently. So what do you do if you haven’t received your tax refund?
Federal Tax Refunds May Be Delayed In 2017
Earlier this year, the Internal Revenue Service announced it is beginning protocols for processing tax returns using the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC). The IRS is sharing this information to help taxpayers, tax preparers, and other tax professionals prepare for the opening weeks of the 2017 filing season. The IRS is attempting to ensure taxpayers receive a correct and accurate refund.
The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) was enacted in December of 2015, which made several changes to the tax law affecting taxpayers with families. This change begins Jan. 1, 2017, and therefore may affect some returns filed early in 2017.
Answers to FAQs for Individuals of the Same Sex Who Are Married Under State Law
Here are some answers to frequently asked questions relating to the tax consequences for individuals participating in a same-sex marriage.
*When are individuals of the same sex lawfully married for federal tax purposes?
For federal tax purposes, state or foreign law determines whether individuals are married.
*Can same-sex spouses file federal tax returns using a married filing jointly or married filing separately status? Yes.
- For tax year 2013 and going forward, same-sex spouses generally must file using a married filing separately or jointly filing status.
Seven Things You Can STILL Do, Before Year-End, To Reduce Your 2016 Taxes.
2017 is almost here. It’s never too early to plan ahead when it comes to reducing your taxes. An experienced and knowledgeable tax professional can help any individual or business make the right year-end savings moves with important advice and assistance. Since tax planning is mostly about timing, here are a few, last minute things you can do before the end of the year to reduce your 2016 tax bill.
*Defer income to 2017