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What New York CPAs Are Talking About

  • Posted in: NYSSCPA Open Forum

    Yes, a corrected W-2 would have to be filed by whichever of the employers (either or both) had any of the excess deferral allocated to their plan. As far as they knew, there would not have been an excess - until they were notified by the employee (which should have been by Jan 31). And, assuming that ...

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    RE: 1099-INT

    Posted in: NYSSCPA Open Forum

    Louis - What is your point? Interest is taxed when actually or constructively received. And that's exactly what it says. Unless the interest is deferred for more than a year, in which case it's not taxed as interest - it's taxed as original issue discount. Is your issue with the word "generally"? ...

  • Posted in: NYSSCPA Open Forum

    In this case, the employee had two jobs and didn't exceed the limit in either plan separately, but combined, exceeded the statutory limit. So, you think a corrected W-2 should be issued? If so, probably a corrected 941 and state report correcting taxable wages only, right? Otherwise there will ...

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    RE: 1099-INT

    Posted in: NYSSCPA Open Forum

    Dear David, What you posted doesn't exactly say that interest is taxed when received, given this statement: You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. Regards, Louis ------------------------------ ...

  • Posted in: NYSSCPA Open Forum

    Most of the time, no, because the original W-2 will not be wrong - the excess deferral will not have been excluded from box 1 in the first place. But, there can be a reason to file a W-2c if it was in fact incorrect, for example: (i) if the payroll system didn't have a "failsafe" to prevent ...

NYSSCPA News

  • Posted in: NYSSCPA News

    The Legislative Update is a monthly email designed to provide our members with insight into how the NYSSCPA is advocating on their behalf. In the Legislative Update , you will find sections that dive deep into the work the NYSSCPA does with government agencies, information on legislative victories, ...

  • Posted in: NYSSCPA News
  • Posted in: NYSSCPA News

    FAE is seeking candidates for consideration to serve as Trustees on the FAE Board. More information here: https://www.nysscpa.org/news/publications/the-trusted-professional/article/fae-board-of-trustees-nominations-due-by-feb.-2-121823 ------------------------------ Timothy Twofoot Boulette General ...

  • Posted in: NYSSCPA News

    The Legislative Update is a monthly email designed to provide our members with insight into how the NYSSCPA is advocating on their behalf. In the Legislative Update , you will find sections that dive deep into the work the NYSSCPA does with government agencies, information on legislative victories, ...

  • Posted in: NYSSCPA News

    Members, Late in the evening of December 8, Governor Kathy Hochul signed the Non-CPA Firm Ownership bill into law. This is a priority that the Society through its Legislative Task Force and Political Action Committee has been working on for more than 11 years. We are proud to say that all the ...

New Community Open to All Members: Introduce Yourself

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    New Member

    Posted in: Introduce Yourself

    I recently joined the NYSSCPA and am looking forward to becoming a resource for my fellow members within the areas of my professional expertise. I am a Senior Vice-President and equity shareholder at ...

  • Posted in: Introduce Yourself

    Hi Everyone, I recently joined the NYSSCPA organization and am looking forward to participating in these threads. My focus day to day is assisting tax & finance departments with introducing technology ...

IRS Discussion & FAQ

  • Please see below a list of contacts for the taxpayer advocate personal who handled international matters: INDIVIDUAL Philadelphia Local Taxpayer Advocate: Latifah Wilson-(267) 466-2318 Puerto Rico Local Taxpayer Advocate: David Linares-(787) 522-1992 ...

  • The Internal Revenue Service announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The IRS will be providing about $1 billion in penalty relief. Most of those receiving ...

  • Hello Everyone, My name ids Patrick Lee-Fatt and this is my first discussion inviting all members for their comments. Could COBRA premiums be applied to IRS Notice 2008-1 Health benefits purchased in the name of a 2% plus shareholder (Single member LLC elected to report as S" corporation) ? The ...

  • To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims, concerns from tax pros and aggressive marketing to ineligible applicants, posing unacceptable risk to businesses and the tax system. Please see the attached memos. ...

  • See below an email received from Joe McCarthy regarding the current IRS processing times: Partners, I have received a number of complaints this filing season about the processing times of amended returns so I wanted to give an update on the issue. To address the situation IRS Account Management ...

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