How To Dissolve a NYC S-Corporation in 2015

Question: I need to dissolve a NYC S corporation during 2015. I think there are additional steps that need to be taken into consideration. Please advise. Answer: New York lawmakers recently implemented the most significant tax reform since the 1940s. What’s more, many of these changes go into effect starting in the 2015 tax year. […]

Understanding Your W-2 Form

The W-2 form is a document that employers must furnish to their employee(s) by the February 2nd, 2015 for the 2014 tax year. The deadline is generally January 31st, but this year it fell on a Saturday. The IRS and the State will also receive a copy of the form. Furthermore, the taxing authorities will […]

How State Taxes Impact Federal Tax Returns

Let us review the concept of how state taxes impact federal tax returns. On New York State tax forms IT-201-I, or IT-150, or NYC-202(4), the taxpayer is subject to either individual or business income tax. However, on Schedule A or Schedule C of federal form 1040, the taxpayer may deduct state and local income taxes. […]