By now you’ve sent in your 2021 taxes or filed for an extension. It’s time to bring our focus to 2022. There are important changes with New York State’s taxes that give New Yorkers the unfortunate distinction of paying the highest combined state and local tax rate in...

Photo by Pavol Svantner on UnsplashNew York has a variety of local taxes. One of these local taxes is the metropolitan commuter transportation mobility tax (MCTMT). The New York State Department of Taxation defines the MCTMT as a “tax imposed on employers and...

Most states charge a sales tax on retail goods and services. The state tax is relatively low but add on local and regional taxes and it starts to add up. In addition to sales tax, residents must pay use tax. We’re used to paying tax, but how much is it exactly and how...

One of the decisions that business owners must make is whether to hire employees or contractors. Tax implications and penalties may be incurred if an individual working for your company is misclassified. Here’s everything you need to know to make the right decision...

So, you’ve decided to start a business. Congrats! Which business model will you choose? Our business entity series explains each of the business structures, helping to identify the advantages and disadvantages of each legal entity. Many people have heard of LLC’s and...

What a year!  Even though 2021 has been unusual, to say the least, one thing doesn’t change.  With the end of the calendar year, our thoughts (at least here in the accounting world) turn to taxes. We have held off on posting this while we await a sense of where tax...

On July 16, 2021, California Governor Gavin Newsom signed “Assembly Bill 150” into law to join a number of states that have an optional passthrough entity tax (“PTE Tax”) regime. The bill allows a qualified entity to make an annual PTE tax election for the taxable...