There has been much talk about changes to the tax code under the Trump administration. Here are some of the possible tax changes that the new administration is proposing for 2017. The top ordinary income tax rates of 35% and 39.6% would be removed lowering the highest rate to 33%. A repeal of the Affordable Care Act would lead to an immediate tax cut of 0.9% for high-income earners (wages exceeding $250,000 for couples; $200,000 for singles) as well as elimination of the 3.8% investment surtax. The proposed plan would also eliminate the Alternative Minimum Tax (AMT) and reduce corporate tax rates, just to name a few possibilities. The final laws will probably not be known for some time in 2017 but rest assured our Firm continues to monitor the tax landscape and are prepared to react accordingly to minimize taxes for our clients and their businesses.
New York State has now mandated that all personal income tax returns electronically filed for 2016 capture the taxpayers’ driver license or state-issued ID information. The new verification is being used to combat fraudulent returns.
Attached please find the Frequently Asked Questions provided by New York State regarding this new requirement. Included in the FAQ is the type of acceptable documents and what to do if you don’t have a license.
Many states have instituted the same requirement, therefore even if your home state is not New York, many states now require it.
We are proud to announce Thomas Lowenberg, CPA has been elected president of the board of directors to the Long Island Chapter of Community Associations Institute.
The Long Island Chapter of Community Associations Institute serves the educational, business, and networking needs of the community association industry in Nassau and Suffolk. Members include professional managers and community volunteers from condominium, cooperative, and homeowner associations as well as those who provide services and products to associations.
Community Associations Institute is the largest organization supporting community associations in the United States.