Every week, until the end of the year, we will be celebrating one of our top writers on TaxConnections.
This week we are honoring Peter Scalise.
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Introduction
On September 27th, President Trump and Republican leaders in Congress announced a new conceptual framework for tax reform which they optimistically hope to get enacted into law on or before December 31st of 2017. The proposed conceptual framework broadly describes significant tax law changes affecting both individuals and businesses alike ranging from lower tax rates for individuals and businesses to the repeal of many tax incentives – both deductions and credits. President Trump stated “it is now time for all members of Congress – Democrat, Republican, and Independent – to support pro-American tax reform. It’s time for Congress to provide a level playing field for our workers, to bring American companies back home, to attract new companies and businesses to our country, and to put more money into the pockets of everyday hardworking people.”
New York State’s highest individual earners and largest corporations may soon see an increase in their tax rates, while managed care organizations may have to pay a new tax under budget resolutions approved on Thursday, March 14th by the New York State Senate and Assembly.
The budget resolutions outline the legislature’s spending and policy priorities ahead of the upcoming April 1st budget deadline, but also set the New York State legislature’s Democratic supermajorities at odds with Governor Hochul (D), who has called raising tax rates a “nonstarter.” It should be duly noted that New York already has one of the highest state and local tax rates in the country and elected officials are deeply concerned about increasing taxes that could cause even more New York residents to move to lower-tax states and / or no-tax states. New York State Comptroller DiNapoli warned about the significant number of taxpayers leaving New York State year-over-year since the COVID-19 pandemic started unfolding back in January of 2020. DiNapoli said New York has become increasingly reliant on nonresident tax filers, the majority of whom earn more than $ 1 million, and that those who move eventually take their incomes with them. However, the mass exodus out of New York State has not been confined to the ultra-wealthy as the highest level of taxpayer migration out of New York State occurred amongst individual taxpayers within the middle-class to the upper middle-class earning between $100,000 and $500,000 respectively. This is especially troubling as New York’s personal income tax collections are its largest revenue source and are heavily reliant on high-income earners that have been leaving New York at unprecedented levels starting in 2020 through the present.
Lawmakers in both chambers also backed a new tax on managed care organizations, which would allow New York State to get matching Federal-Level funds from the Centers for Medicare and Medicaid Services. The Assembly indicated “revenue generated by the state would be used to repay the tax obligation for each plan, but that it expects to get $4 billion in increased Federal Medicaid revenue”.
Have a question? Contact Peter Scalise, SAX LLP
NOTE: TaxConnections will provide a complimentary one year membership( $299.95 Value) for any tax professional who supports the food bank and the IRS VITA Volunteer team by contacting Peter Scalise immediately to join this program. He needs help for the team within the next 24 hours. Peter Scalise will recommend your name for these complimentary memberships.
The Food Bank For New York City, a registered I.R.C. 501(c)(3) non-profit and member of Feeding America, has been working to end food poverty in the five boroughs for over 40 years, and now it’s getting assistance from a group of volunteer accountants.
As the city’s largest hunger-relief organization, the Food Bank takes a multifaceted approach to helping low-income New Yorkers overcome their circumstances and achieve greater independence. The Food Bank powers an extensive member network of over 800 food pantries, community kitchens, senior centers, shelters, campus partners and other community-based organizations across the five boroughs of Manhattan, Brooklyn, Queens, the Bronx, and Staten Island.
As a philanthropist committed to giving back to my local community, I founded in January of 2023 the Accountants United to End Insecurity Council to bring the accounting profession together throughout the five boroughs of New York City to provide greater awareness of the noble mission of the Food Bank and raise much-needed funding. The Food Bank supports communities on myriad levels including:
- Free meals and services through a community soup kitchen and food pantry in West Harlem that serves more than 100,000 meals each month. The Food Bank’s team includes professional chefs, community nutritionists, program administrators and caring volunteers ensuring families and individuals receive healthy and nutritious meal choices;
- The senior program, which launched in 2012, provides a place for elders to get together, enjoy a meal and gather for special events. In addition to meals and pantry services, seniors can enjoy activities and are provided with resources such as health management workshops and nutritional guidance; and
- As one of the nation’s largest Internal Revenue Service Volunteer Income Tax Assistance providers, the Food Bank provides eligible New Yorkers with free tax compliance filing services and has put more than $1.3 billion back into the pockets of hardworking New Yorkers. The VITA program, an IRS-sponsored program, relies on hundreds of dedicated accounting volunteers to ensure filers receive the crucial and necessary tax refunds they depend upon and ultimately help people fight poverty and food insecurity.
On September 7, 2023, www.taxconnections.com member Peter Scalise reached over 98,000 Views of his professional profile. Learn how Pete Scalise accomplished this reading our blog post about how he attracted so many people through his TaxConnections online professional profile. You can view his professional profile at this link: https://www.taxconnections.com/Peter-Scalise/12259077/profilepage
NOW READ THIS POST TO LEARN HOW HE GAINED PROFESSIONAL ATTENTION:
What we have built is a technology stack that does the heavy lifting of marketing a firms’ tax services to an audience interested in finding tax expertise. Look at our site metrics for proof visitors stay longer and look at more pages than other major media sites: https://www.taxconnections.com/site-metrics
The reason we perform better is our visitors have a genuine interest in finding a tax professional and reading tax content. It is that simple! We are the site to find tax experts on one platform; and we are growing because our tax professionals are getting attention.
Our marketing technology focuses on getting tax professionals in front of the clients who need them.
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On Friday, September 15th the Internal Revenue Service (the “Service”) released a preview of proposed changes to several sections of IRS Form 6765, titled “Credit for Increasing Research Activities” and is requesting feedback from stakeholders by October 31st. As a background, the Federal-Level R&D Tax Credit program was originally introduced into the Internal Revenue Code through President Ronald Reagan’s Economic Recovery Tax Act of 1981 and the program has continued to evolve both from a quantitative and qualitative perspective over the past four decades.
The Service has provided a preview of their proposed changes to Form 6765 in an effort to solicit feedback from stakeholders in advance of the formal draft release expected later this year. Just some of the proposed changes address previous feedback received from taxpayers and tax professionals alike in recent years during IRS examinations. It should be duly noted that each year, the Service receives thousands of tax returns from taxpayers claiming the Federal-Level R&D Tax Credit. R&D Tax Credit issues are currently examined in a substantial number of cases year-over-year and consume significant resources from both taxpayers and the Service alike. To provide more effective tax administration of the Federal-Level R&D Tax Credit program, the Service must ensure taxpayers truly comprehend the complete scope and application of the program’s requirements to support claiming the R&D Tax Credit with a sustainable tax return filing position per Circular 230. To that end, the proposed changes to Form 6765 will require taxpayers to identify, gather, and document additional data on this enhanced form before filing their tax returns. The primary proposed changes to Form 6765 include:
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It is important you are aware of the value of TaxConnections Membership. One of our members, Peter Scalise has been with us for awhile and has utilized our technology marketing system perfectly. Peter Scalise submits blog posts and answers tax questions regularly. Both of these activities increase his visibility online and are proof Peter’s number of views utilizing our technology works to get him noticed with more than 98,000 VIEWS!
When you write blog post we distribute it to our white-listed audience interested in tax matters. Membership ensures you have a wide distribution channel for the services you are selling. Having your blog posts, conferences, seminars and continuing professional education distribute to our tax network is so valuable and affordable! It cost sales than one dollar a day to promote and position yourself on our platform.
If you do not write, you can quickly answer a tax question which is a great way to connect with a steady stream of prospective clients. Everyone submitting a tax question remains anonymous; everyone answering a tax question receives credit. We encourage our members who are asked the same question over and over again to submit the question and answer it; the next time a client asks them a question they have been asked hundreds of times, simply send them the link with the question and answer. In addition, when taxpayers type the same question into the internet browsers our members are appearing with their answers.
These marketing strategies are very effective at drawing a steady stream of prospects towards you. Use our Q&A feature as it is there to promote your specialty tax expertise and make it easier for clients to find you online. It takes 5-7 minutes to answer a tax question.
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On Friday, September 30th the Internal Revenue Service (the “Service”) set forth administrative guidance indicating that it is extending the transition period during which taxpayers are required to adhere to the much more arduous and onerous R&D Tax Credit reporting requirements in connection to amending tax returns within open statute years for R&D Tax Credit claims for refund. This new transition period has now been extended through January 10th of 2024 in which taxpayers are afforded a full 45 days to perfect a R&D Tax Credit claim for refund with reporting deficiencies prior to the Service’s final determination on the claim.
It should be duly recalled under previous administrative authority issued by the Service in 2021 that went into effect earlier this year on January 10th of 2022 taxpayers filing a valid R&D Tax Credit claim for refund under I.R.C. § 41 must provide, at a minimum, five essential pieces of contemporaneous documentation including:
On June 9th, the Internal Revenue Service (hereinafter the “Service”) issued a revised Audit Technique Guide to assist examining agents in evaluating the validity of cost segregation studies submitted by taxpayers to substantiate accelerated depreciation deductions. These far reaching updates were needed due to the vast changes in the tax laws over recent years in connection to the Protecting Americans from Tax Hikes Act of 2015; the Tax Cuts and Jobs Act of 2017; the Coronavirus Aid, Relief, and Economic Security Act of 2020; the Consolidated Appropriations Act of 2020; and of course revised guidance based upon examining agents observations from recent cost segregation examinations on what is deemed acceptable qualitative and quantitative procedures in order to get to a tax return filing position per Circular 230. Just some of the many sweeping updates are in connection to I.R.C. § 263A, Change of Accounting Method, I.R.C. § 179 Deduction, I.R.C. § 179D Deduction, Bonus Depreciation, and Qualified Improvement Property.
Although this is the first year we have ever done this, I want to personally thank the tax professionals who have been giving, giving, and giving through their research and writing of their blogs all year long. We know tax bloggers put considerable time and effort into their blog posts as we have distributed blogs millions of time to our readers over the years. Our loyal site visitors arrive from all over the world; they follow our bloggers and this is how trust is built between our tax professional bloggers and the taxpayers who retain them for their expertise.
Here is a list of our members who have submitted great information in their blogs this year! Top Tax Bloggers are valuable because they take extra time to educate taxpayers around the world. There is a link to their tax blogs you can find by scrolling to the bottom of the right side column on the tax blog page where you can type in the bloggers name in the Blogger List Text Box. In the meantime, we encourage you to reach out, introduce yourself and thank the tax professional bloggers for giving, giving and giving throughout 2021.
We encourage all our readers to read their blogs posted this year!
TaxConnections Thanks Tax Professionals And Bloggers
(If you would like to post your blogs on www.taxconnections.com, please contact kat@taxconnections.com)
Join As A Tax Professional Member To Receive Blog Distribution
On Thursday, November 2nd the House of Representatives released a draft of their tax reform legislation entitled ‘The Tax Cuts and Jobs Act’ as presented by the Ways and Means Chairman Kevin Brady (R-TX). This legislation represents the largest proposed transformation of the U.S. tax code in more than thirty years. While both changes are expected in the committee markup phase and the Senate will certainly bring its own priorities to the process, this release is the first bill text we’ve seen from a tax-writing committee. The goal of President Trump and the Republicans in Congress is to have a final tax bill enacted ideally before the Thanksgiving break, but certainly before the calendar year end of 2017. The subsequent synopsis will serve to highlight just some of the more significant provisions of this bill in its current form and its impact on both individuals and businesses.
Introduction
The Internal Revenue Service (hereinafter the “Service”) issued on March 24 of 2016 their Announcement 2016-14 addressing the transition period implementation dates in connection with the recently revised Form 3115 entitled “Application for Change in Accounting Method” which was most recently revised and released to the public in December of 2015. This presents a paradigm shift as while most tax forms and publications are updated annually, this was the first update to Form 3115 since December of 2009. Read More
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