Tax Updates

New York State Implements Sales Tax Parity Law for Short-Term Rentals – Requiring Registration

New York State Implements Sales Tax Parity Law for Short-Term Rentals – Requiring Registration 400 400 SAX LLP - Advisory, Audit and Accounting

New York State has imposed a sales tax on hotel occupancy charges.  Effective April 2025, the definition of “hotel” for purposes of sales on occupancy charges includes short-term rental units…

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PAYROLL TAX RATE UPDATES FOR 2025

PAYROLL TAX RATE UPDATES FOR 2025 400 400 SAX LLP - Advisory, Audit and Accounting

In order to calculate payroll taxes accurately and effectively for your company and employees next year, it is important to understand the new and existing compliance requirements in effect for…

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2024 PAYROLL TAX REMINDERS

2024 PAYROLL TAX REMINDERS 400 400 SAX LLP - Advisory, Audit and Accounting

Year-end payroll reporting for 2024 is right around the corner.  To assist you in preparing the items your payroll provider will need to complete your payroll tax returns, we have…

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TAX ALERT: Preliminary Injunction Against the Corporate Transparency Act

TAX ALERT: Preliminary Injunction Against the Corporate Transparency Act 400 400 SAX LLP - Advisory, Audit and Accounting

On December 3, 2024, the United States District Court for the Eastern District of Texas issued a preliminary injunction against the Corporate Transparency Act (CTA) and its implementing regulations. The…

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IRS Ends Automatic Penalties for Late-Filed Foreign Gift Forms

IRS Ends Automatic Penalties for Late-Filed Foreign Gift Forms 400 400 SAX LLP - Advisory, Audit and Accounting

As of October 2024, the IRS is ending automatic penalties for late-filed Form 3520’s in relation to foreign gifts and bequests.  This is not an all-encompassing relief for the form,…

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Massachusetts Department of Revenue Amnesty Requests Update

Massachusetts Department of Revenue Amnesty Requests Update SAX LLP - Advisory, Audit and Accounting

The Massachusetts Department of Revenue (“MA DOR”) will waive most penalties for taxpayers who participate in the amnesty program. Amnesty Requests can be processed through the MA DOR Amnesty information…

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Tax Alert: The Corporate Transparency Act

Tax Alert: The Corporate Transparency Act SAX LLP - Advisory, Audit and Accounting

With Q4 fast approaching, we want to remind you that the Corporate Transparency Act expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the…

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Online Sellers: Beware of the State Net Income Tax Trap

Online Sellers: Beware of the State Net Income Tax Trap 400 400 SAX LLP - Advisory, Audit and Accounting

For decades, retailers and wholesalers of tangible personal property (i.e., merchandise) have been protected from paying net income taxes to states.  The protection is afforded under federal Public Law 86-272…

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New Jersey’s Corporate Transit Fee

New Jersey’s Corporate Transit Fee 400 400 SAX LLP - Advisory, Audit and Accounting

New Jersey Governor Phil Murphy has recently signed various tax bills as part of the annual budget process, including the imposition of a 2.5% corporate transit fee. 2.5% Corporate Transit…

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Q2 Tax with SAX

Q2 Tax with SAX 400 400 SAX LLP - Advisory, Audit and Accounting

Recent changes to multistate tax rules introduce new state income tax filing requirements for online wholesalers and retailers and updated international business income tax filing rules for U.S. retailers whose…

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