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I was happy to be out walking on the beach this weekend even with those ominous clouds\u2026<\/p>\n
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Hoping you are getting out more and enjoying friends and family again.<\/p>\n
WEEKLY TAKE-AWAY<\/h3>\n
I have been getting better at taking cues from body language, tone of voice and facial expressions \u2013 if it\u2019s already done then no need to offer suggestions or advice, keep the peace by saying “congratulations I hope you will be very happy with \u2026 “.\u00a0 This works well for new relationships, jobs, almost everything.<\/p>\n
TAX ISSUES\/TAX PLANNING<\/h3>\nIs it Time to Reposition Your Investments<\/h4>\n
It\u2019s on everyone\u2019s lips; the stock market, which just this Monday\u00a0showed hints of improvement<\/a>. Emerging after last week\u2019s freefall, investors questioned if last week\u2019s selloff had gone far enough to price in concerns about rising rates and slowing growth.<\/p>\n I am looking at this time as an opportunity:<\/p>\n We are thrilled to see the amended payroll tax return notices and copies of the checks for the ERC\u2019s coming through our client portals, emails and faxes.\u00a0 A reminder to snap a photo of the check and then deposit it as a separate deposit and notify us immediately.\u00a0 This refund has already been accounted for and the taxes paid.<\/p>\n We know that tax legislation is used to influence behavior, so what better way to keep our NYS residents here, help with those high tax rates\u2026<\/p>\n Under new legislation S8948,<\/a>\u00a0effective for tax years beginning on or after January 1,2022 an \u201celecting S corporation\u201d is amended to include either an electing resident S corporation of an electing standard S corporation.\u00a0 In plain English under the new law even non-NYS sourced income is eligible for the PTET.<\/p>\n We already know that the deadline for the extension has been extended, now those NYS residents with pass through entity income generated outside of NYS but includable on their NYS personal tax returns have access to the State and Local Tax (SALT) workaround.<\/p>\n For 2023 this will be expanded to NYC corporations as well!<\/a><\/p>\n Every year the IRS warns of phishing attacks and other fraudulent tax schemes\u2026<\/a><\/p>\n On June 22, National Taxpayer Advocate Erin M. Collins released her statutorily mandated\u00a0midyear report to Congress<\/a>. The report expresses concern about continuing delays in the processing of paper-filed tax returns and the consequent impact on taxpayer refunds. At the end of May, the agency had a backlog of 21.3 million unprocessed paper tax returns, an increase of 1.3 million over the same time last year.<\/p>\n The report pointed out that the significant majority of individual taxpayers receive refunds. \u201cAt the end of the day, a typical taxpayer cares most about receiving his or her refund timely. Thus, these processing delays are creating unprecedented financial difficulties for millions of taxpayers and outright hardships for many.\u201d<\/p>\n A Senate Finance Committee hearing on June 14, 2022<\/a>, may lead to legislation affecting states\u2019 treatment of sales tax.\u00a0 \u00a0The Supreme Court decision in Wayfair, which removed the physical presence test as a requirement for states to impose sales tax nexus, has altered the sales tax landscape of virtually every state since it was decided four years ago.<\/p>\n Four years ago, on June 21, 2018, the court overturned the Quill decision, a 1992 case that imposed the physical presence test on states seeking to collect sales tax from remote retailers shipping to residents in the state.\u00a0\u00a0As this article highlights this change has caused unintended consequences for many small businesses.\u00a0<\/a>\u00a0\u00a0In the eyes of state departments of revenue, there is no difference between a business that collects sales tax from consumers and keeps it for itself (a crime) and a business that never collects the sales tax from consumers in the first place as it is unaware it needed to. This means that owners of businesses out of compliance with state economic nexus rules are at risk of losing not only their businesses, but also their personal assets as well as rapacious state revenue officials seek the sales tax revenues they believe they are owed.<\/p>\n Whether you are starting your first job, your dream career or yet another part time of seasonal job please remember:<\/p>\n Best of luck and enjoy your summer and your job\u00a0 According to AAA the national average price for a gallon was $4.981 on Monday, after weeks of steady increases.\u00a0 We are now learning about a potential fix via a \u201cgas tax holiday\u201d .\u00a0 The gas tax adds 18.4 cents total per gallon of gasoline \u2013 18.3 cents in excise tax plus 0.1 cent in a storage fee. For diesel, it is 24.3 cents plus the 0.1 cent fee.\u00a0 \u00a0President Biden said that he hopes to have a decision by the end of this week as to\u00a0whether there will be a gas tax holiday this year<\/a>.<\/p>\n Investment bank Nomura predicts that the Fed\u2019s interest-rate hikes will\u00a0push the US into a mild but lengthy recession<\/a>\u00a0this year that will cause the economy to shrink in 2023.\u00a0 It is time or beyond time to put a few safety measures in place:<\/p>\n Airlines\u00a0canceled 2,237 flights and delayed over 10,000<\/a>, according to tracking service FlightAware, over the Father\u2019s Day and Juneteenth double holiday weekend. The airlines say that widespread staff shortages are to blame.<\/p>\n Bitcoin hovered just above the $20,000 threshold on Monday.\u00a0The cryptocurrency industry was on edge<\/a>\u00a0as investors feared that problems at major crypto players could unleash a wider market shakeout.<\/p>\n Oil prices dipped on Monday<\/a>, reversing earlier gains. Investors worried about slowing global economic growth, fuel demand, and tightening supply.<\/p>\n The new legislation requires that all high school students\u00a0take a course in personal finance<\/a>\u00a0before they graduate. It will go into effect for students starting eighth grade in the 2023-24 school year.<\/p>\n Higher mortgage rates and still-rising home prices\u00a0continue to keep the housing market hot<\/a>, though it has eased a bit from the intensity we saw at the peak of the pandemic.<\/p>\n We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don\u2019t hesitate to reach out to us. We are all in this together!<\/p>\n If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan,\u00a0contact us<\/a>\u00a0for a complimentary discovery session\u00a0or an appointment to just get started.<\/a><\/p>\n Contact us if you have any questions or want to discuss the next steps for your business.<\/p>\n","protected":false},"excerpt":{"rendered":"\n
Employee Retention Tax Credit (ERC)<\/h4>\n
It Bears Repeating:<\/strong>\u00a0NYS Resident Owners of Pass Through Entities with Non-New York State Sourced Income Have a New Opportunity to Elect Meaningful PTET<\/h4>\n
Next Batch of IRS Dirty Dozen of Tax Scams for 2022<\/h4>\n
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IRS Still Has Backlog of 21.3 Million Tax Returns<\/h4>\n
Wayfair Hearing May Lead to Remedial Sales Tax Legislation<\/h4>\n
FOR OUR GRADUATES\u00a0\u00a0
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<\/p>\nECONOMY<\/h3>\n
Gas Prices Ease a Little Over the Weekend and Maybe Congress Will Help With a \u201cGas Tax Holiday\u201d<\/h4>\n
Hacks to Get Through the Predicted Mild But Lengthy Recession<\/h4>\n
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Air Travel Woes Continue Nationwide<\/h4>\n
Bitcoin and Other Crypto Currency Continue to Wobble<\/h4>\n
Oil Slides After Earlier Gains<\/h4>\n
Michigan Becomes the 14th State to Mandate Personal Finance Education Before High School Graduation<\/h4>\n
Housing Market Cools, But Still Hot<\/h4>\n
GENERAL RESOURCES<\/h3>\n
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Get in touch<\/h3>\n