According to the U.S. Census Bureau, New York lost more than 319,000 residents between July 2020 and July 2021 - the highest of any state in the nation. A significant portion of this is likely related to the pandemic with large numbers of New Yorkers deciding to move elsewhere to escape the high infection rate
As the restaurant industry continues to struggle with the impact of COVID-19, tax bills are presenting yet another problem. Shut-downs, continuing restrictions on capacity, and added costs to protect workers and patrons have left restaurants and owners with little cash to pay income and sales taxes. Fortunately, there are payment options that can help
COVID-19 has made it more difficult for many individuals and businesses to pay their taxes. While many tax relief measures passed earlier this year have expired, there are still remedies that may help minimize liability and/or delay payment. IRS: Payment Options. If you cannot pay your taxes when due, several payment options are available
If you have more than one home and COVID-19 altered certain of your activities, you could have a tax problem. Due to COVID-19, many taxpayers left one home for another home or were unable to change locations because of travel limitations. If that describes you, it could have affected your residency for state tax
As a result of the COVID-19 crisis, many federal and New York State tax deadlines were extended. In addition, those who had pending audits or tax collection matters or were paying off back taxes got a temporary break. However, many of these tax relief measures are set to end on July 15, 2020. What
A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The IRS People First Initiative has suspended many IRS collection actions including liens; however, taxpayers still need to be concerned. Federal tax liens are subject to different rules than other types of
Many individuals and businesses are facing significant financial problems arising from the coronavirus. The Federal and New York State governments have responded with several changes to provide tax relief. Here are the key provisions taxpayers need to know: Federal Taxes 1. Filing and Paying Taxes. Taxpayers may defer filing and paying their federal taxes
As the coronavirus spreads, individuals and businesses are increasingly facing financial problems on top of the potential health concerns. In response to this, both the federal and New York State government have provided some tax relief. Here are a few developments: Federal Taxes The Treasury Department and the Internal Revenue Service have announced that
