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☆ New York and other states are using AI to hunt down wealthy remote workers and demand more tax
▼ + stars: | 2024-04-16 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewNew York is the millionaire capital of the world, but some of those who want to stay rich are fleeing to low-tax states like Florida and Texas. The state tax department has a solution: AI letters. It is sending hundreds of thousands of AI-generated letters, mostly to wealthy remote workers or those who require a change in tax residency, according to CNBC. There were 771,000 audits in New York in 2022, according to a recent report by the state Department of Taxation and Finance cited by CNBC.

Persons: —, That's, Alexander Spatari, Mark Klein, Hodgson Russ LLP, it's, It's, Klein, Shakira Organizations: Service, CNBC, Business, of Taxation, New, Henley, Partners, €, York's Department of Taxation, Finance Locations: Florida, Texas, New York, New York City, York, Bahamas, Spain

☆ State tax officials are using AI to go after wealthy payers
▼ + stars: | 2024-04-15 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Even as the IRS makes headlines for cracking down on the wealthy, state tax collectors have become even more aggressive with audits of high earners, according to tax attorneys and accountants. During Covid many of the wealthy moved from high-tax states like California, New York, New Jersey and Connecticut to low-tax states like Florida or Texas. Klein said state tax auditors and AI programs are examining cellphone records to see where the taxpayers spent most of their time and lived most of their lives. Many of the wealthy in New York City who moved kept their apartments with most of their belongings. State tax authorities are claiming that since they didn't move with all of their household items, for tax purposes they didn't actually move.

Persons: Mark Klein, Hodgson Russ LLP, it's, It's, Klein Organizations: IRS, of Taxation, Finance, Artificial, New Locations: New York, California , New York , New Jersey, Connecticut, Florida, Texas, York, Colorado, New York City

See Personal Finance Insider's roundup of the best tax software >>How does New York tax income? Nonresidents and part-year residents may have a New York income tax liability depending on their living situation and how much they earn. New York income tax ratesIf your New York adjusted gross income was less than $107,650, the tables below would be used to calculate your state tax liability for 2022. New York state tax rates FAQsWhat is the New York state income tax rate for 2023? What are the New York state tax brackets for 2023?

Persons: —, Zaher Dehni, Eric Bronnenkant, Dehni Organizations: Service, Finance, state's Department of Taxation, New, Department of Taxation, Tax Foundation, New York, Excelsior Jobs, Tax Locations: New York, California, New, York, , New York, New York City, Yonkers, Nonresidents, Chevron

WASHINGTON (AP) — The IRS plans to invite select taxpayers across 13 states to try out the agency's pilot electronic free file tax return system beginning in January. The agency estimates that hundreds of thousands of taxpayers will participate in the limited rollout of the program for the 2024 filing season. The IRS faces intense blowback from private tax preparation companies that have made billions from charging people to use their software. The introduction of a government-run option could upend the industry and fundamentally change the way taxpayers interact with IRS. The states are “really blazing the trail for this exciting project and finding a way for state filing to work within the context of this, ” Zucker said.

Persons: Daniel Werfel, ” Werfel, Werfel, ” Derrick Plummer, Joe Biden, Gabriel Zucker, ” Zucker, that’s, ” Organizations: WASHINGTON, IRS, Intuit, America, Arizona’s Department of Revenue, New York’s Department of Taxation, Finance, Taxpayers, “ Locations: Arizona , California , Massachusetts, New York, Alaska, Florida , New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington, Wyoming

☆ Sen. Sherrod Brown received an extra property tax credit and racked up penalties for late payments
▼ + stars: | 2023-05-03 | by ( Henry J. Gomez | ) www.cnbc.com time to read: +6 min

Sen. Sherrod Brown, D-Ohio, for years claimed an owner-occupancy tax credit at two properties, public records show — a potential violation of the state's rules governing such incentives. Responding to questions from NBC News, Brown and Schultz this week paid a $390 penalty stemming from their most recent late payment. Brown will no longer accept the owner-occupancy credit on the Columbus property, according to his campaign. Franklin County tax records available online show no late payments or penalties for Brown's Columbus condo — purchased in 2014 — over the last four years. Ohio schools are heavily reliant on property tax revenue, and late payments affect their accounting.

☆ Behold the stuffed crust bagel
▼ + stars: | 2023-04-13 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

Now, Philadelphia cream cheese and H&H Bagels, a New York City-based bagel shop, are trying to please the carbohydrate- and dairy-loving communities with a new and dubious spin on the stuffed crust: The bagel stuffed with cream cheese. But unlike stuffed-crust pizzas, the bagel is filled with cheese after it is baked, making it more of a cream cheese bagel donut, if not in spirit then at least in form. What’s so wrong with slicing a bagel and slathering on a healthy amount of cream cheese? New York doesn’t have a specific bagel tax, explained Ryan Cleveland, a representative of the New York State Department of Taxation and Finance. Philadelphia cream cheese, which struggled with shortages in the past, turned that issue into a marketing opportunity as well.

☆ New York’s student loan forgiveness program covers 24 monthly payments. Here's what borrowers need to know
▼ + stars: | 2023-01-24 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Not all student loans qualify for the state relief. Private student loans are ineligible. Unsure of what kind of student loans you hold? Up to 24 months of student loan payments availableUnder the Get On Your Feet Loan Forgiveness Program, New York state may cover your full student loan bill for up to 24 months under a qualifying income-driven repayment plan. The state makes the payments directly to your student loan servicer.

Here's everything you need to know about paying your taxes with a credit card and the best cards to use. How to pay taxes with a credit cardYou'll have to pay your taxes through a third-party payment processor if you want to use a credit card, and they all charge credit card processing fees. If you want to pay state taxes or local taxes (like property taxes) with a credit card, you can try seeing if your tax agency accepts credit cards and charges reasonable fees. You should only pay your taxes with a credit card if you can afford to pay off your credit card bill immediately. Pay taxes with a credit card frequently asked questions (FAQ)Is there a cash advance fee if I pay taxes with a credit card?

The company, which has pleaded not guilty, could face up to $1.6 million in fines for the three tax fraud counts and six other counts it faces, if convicted. The first witness called by the defense was Donald Bender, an accountant with the firm Mazars who handled the Trump Organization's taxes. Bender was granted immunity from prosecution for testifying before the grand jury that indicted the company and Weisselberg. Bender said he prepared tax returns for Weisselberg and his family members free of charge as an "accommodation." Mazars in February dropped the company as a client and said it could no longer stand behind a decade of Trump's financial statements.

☆ Prosecutors rest case in Trump Organization's criminal tax fraud trial
▼ + stars: | 2022-11-21 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

The Trump Organization, which operates hotels, golf courses and other real estate around the world, could face up to $1.6 million in fines for the three tax fraud counts and six other counts it faces, if convicted. Trump, a Republican who last week launched another bid for the presidency in 2024, has called the charges politically motivated. The district attorney's office charged the Trump Organization and Weisselberg, who pleaded guilty to charges including grand larceny and tax fraud in an August deal with prosecutors calling for a jail sentence of five months if he testified truthfully in the trial. Weisselberg, who has worked for the company for nearly half a century, is on paid leave from the Trump Organization. U.S. Attorney General Merrick Garland on Friday named a special counsel to oversee the Justice Department's investigations related to Trump including his handling of sensitive government documents after leaving office and efforts to overturn the 2020 election.

☆ If you file taxes in these 17 states, you could be getting an inflation-relief check from the government—here's who qualifies
▼ + stars: | 2022-09-21 | by ( Mike Winters | ) www.cnbc.com time to read: +12 min

Single tax filers qualify for funds up to $250, heads of household up to $375 and couples filing jointly up to $500. While most of the rebate checks from earlier this year have been mailed out already, the newer bonus checks are currently being processed. To receive the rebates, residents must file their 2020 and 2021 tax returns by Dec. 31, 2022. Charlie Baker announced that tax rebate checks will be sent to full-year residents who file a 2021 tax return on or before Oct. 17, 2022. No action is needed, as residents receive these payments automatically by direct deposit or check.

☆ U.S. picks team to oversee $52.7 bln in semiconductor funding
▼ + stars: | 2022-09-20 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Kevin LamarqueWASHINGTON, Sept 20 (Reuters) - The Biden administration on Tuesday named a team of senior advisers to oversee $52.7 billion in government funding to boost semiconductor manufacturing and research. In August, Congress approved $52.7 billion for semiconductor manufacturing and research and a 25% investment tax credit for chip plants that is estimated to be worth $24 billion. At Commerce, Treasury official Michael Schmidt will serve as CHIPS Program Office director. Former Palm Computing CEO Donna Dubinsky is Raimondo's senior counselor for CHIPS implementation and Commerce official J.D. Commerce hopes by February to begin seeking applications for $39 billion in semiconductor chips subsidies to build new facilities and expand existing U.S. production.

How to pay taxes with a credit cardYou'll have to pay your taxes through a third-party payment processor if you want to use a credit card, and they all charge credit card processing fees. You should only pay your taxes with a credit card if you can afford to pay off your credit card bill immediately. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE.

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