Every New York tax practitioner knows about the $20,000 annual tax exclusion that offsets taxable dis tributions from an annuity or retirement plan. A retirement plan includes individual retirement accounts, sel...
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Suffolk County (according to the 2020 census) has a population of 1.5 million (578,940 households), with a 2024 Operating Budget Revenue of $5.172 billion and 2024 Operating Budget Expenditures of $4.133 billion. The taxable full valuation of property in the county is $405.5 billion. Revenue ...
New York, where I live, and Florida, where I often visit, provide an interesting contrast. …They have comparable populations — New York with about 20 million people, Florida with 23 million. But New York state’s budget is more than double that of Florida ($239 billion vs. roughly $11...
A New York school bureaucrat simultaneously getting a $225,000 salary and $300,000 pension. California taxpayers being forced to pay a fired bureaucrat $550,000 for unused vacation time. When you read these stories, it’s easy to understand why so many states are in fiscal trouble. And it...
Interest and dividend income is generally taxable by the state where you are considered a permanent resident. So if you move from Arizona to California and it's a permanent move, California will tax you on the interest income from your Arizona bank accounts during the time you're a resident...
The IRS offered a draft of the 1099-DA form that would be meant to figure out the taxable gains or losses when brokered digital assets change hands. The form reveals the agency will likely have an array of individual token codes that can be filled in, and it includes spaces for wallet ...
When going through a divorce, things can get very stressful and confusing. The New York Divorce Guide was created by the Albany Divorce Lawyers at Jean Mahserjian Esq. PC. to help people know their rights and duties.
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Cash basisis now the default method for calculating taxable profits. It was previously the accrual method, but after the changes came into effect in April 2024, businesses need to opt out to continue using accrual accounting. Capital gains tax cut ...