Reing & Reing, PLLC

We stand with our many, many IATSE member clients.

From UBS Washington Weekly Estate Taxes. Potential changes to stepped-up basis and estate taxes continue to be flying under the radar as part of the big spending and tax bill expected in the fall. The Biden administration remains interested in eliminating stepped-up basis in the tax part of that bill, on which Democrats in Congress are working behind the scenes. While we can’t rule out changes to stepped-up basis, we believe Democrats will eventually pivot and pursue other ch...anges to estate taxes. Most Democrats support lowering the estate tax exemption back to $3.5 million ($7 million for married couples) from today’s level of $11.7 million ($23 million for married couples). Democrats also are interested in raising the estate tax rate even though a few Democrats, including Senator Joe Manchin (D-WV) and Senator Sinema, have actually voted to eliminate the tax. Finally, even if Congress does not act this year, the estate tax exemption is scheduled to reset back to lower levels at the end of 2025. This summer is a good time to think about estate planning. See more

WE’RE HAVING A FUNDRAISER! Come over on Thursday August 5th for an outdoor fundraiser. There will be lawn games. There will be food. There will be trivia! Ther...e will be little country flags next to food and drinks from those countries. Please RSVP by July 29. Cant make it? Don’t want to compete against me in a 100M hurdle? You can donate to the cause at www.scottforputnam.com I hope to see you there!

WE’RE HAVING A FUNDRAISER! Come over on Thursday August 5th for an outdoor fundraiser. There will be lawn games. There will be food. There will be trivia! Ther...e will be little country flags next to food and drinks from those countries. Please RSVP by July 29. Cant make it? Don’t want to compete against me in a 100M hurdle? You can donate to the cause at www.scottforputnam.com I hope to see you there!

Extended Filing Deadlines New York State has joined the IRS in extending deadlines to May 17 for individual income tax filing. NOTE: They and the IRS have both NOT extended time for Estimated Tax Payments to be made. Those remain due April 15th

UNEMPLOYMENT NEWS The IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free, Commissioner Chuck Rettig said. The automatic refund will mean that many recipients of unemployment benefits who have already filed their returns for 2020 won’t have to take extra steps to reclaim the taxes they paid but no longer owe on as much as $10,200 of jobless benefits. Taxpayers who ha...ve yet to submit their returns also have an additional month, until May 17, to file this year. Do not file an amended return at this time, Rettig told a congressional panel on Thursday. We believe that we will be able to handle this on our own. We believe that we will be able to automatically issue refunds associated with the $10,200. This means if you've already filed, we will not need to file amended returns for you!!!

Gotta love this email from some clients. Vote!

Gotta love this email from some clients. Vote!

If you are not expecting to receive a Dropbox link from us do not open. Always confirm suspicious activity in a separate email chain.

"But as new guidance from the IRS makes clear, the windfall is merely a temporary loan. Unless Congress decides to forgive the taxes, employees will have to repay the money early next year." If you are fortunate enough to be earning a wage right now and your payroll taxes are not being taken out please be cognizant of the fact that there is currently zero indication that this will be forgiven long term and that you will have to repay these payroll taxes early next year. Please also note that payroll taxes are the main source of how social security and medicare are funded. While medicare has other great sources of funding, If the payroll tax is permanently cut, the contributions to social security and medicare will likely be permanently cut as well. https://www.npr.org//the-payroll-tax-delay-is-here-but-so-

As per NYS DOL: Under current federal guidelines, this is the last benefit week for $600 FPUC payments in New York. When you submit your weekly certification between Sunday 7/26 & Saturday 8/1, you will be certifying for your final week of FPUC.... This may change if Congress takes action to extend Americans' unemployment benefits.

This just in from IRS: The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessa...ry steps at this time. The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance. We will post additional guidance and what we can do for you regarding the above issues as soon as received. Gary & Scott

STOP THE PRESSES!!!! Senate Bill if passed provides: If you made less than $150,000 and collected unemployment, the first $10,200 of unemployment benefits for 2020 will be tax free at federal level!! If we already e filed you, we will amend to get you that benefit. If you are in process, we will not e file until bill is passed in House and signed by the President

The Stimulus Package-What You Need to Know Individual Payments-$600 per adult with incomes less than $75,000 in income if Single, $112,500 for heads of household and $150,000 for married filing joint. An additional $600 per dependent child under the age of 17. These phase out completely at $87,000 for single persons, $124,500 for Heads of Household (you may still get partial stimulus check for dependent children) and $174,000 for married persons filing jointly. Unemployme...nt Benefits-Extended to March 14 at up to $300 a week in addition to current state benefits. Those receiving Pandemic Unemployment Assistance (freelancers etc.) will get up to an additional $100 a week. Paycheck Protection Program-The latest version includes stricter terms. It caps loans at $2 million and makes them available only to borrowers with fewer than 300 employees that experienced at least a 25 percent drop in sales from a year earlier in at least one quarter. The agreement also sets aside $12 billion specifically for minority-owned businesses. Eviction & Foreclosure Relief- Eviction moratorium for renters extends to January 31st. For persons with FHA backed mortgages, foreclosure moratorium extended to February 28th (this extension is from HUD separate and apart from stimulus bill). Food Stamps-Monthly allowance increased by 15% for next six months. There are several calculators on the web to determine your stimulus check amounts. Please check them out.

From all of the Reings to all of our friends and clients: May you have a Merry Christmas and Happy New Year. We wish all of you health, happiness and prosperity.

This just out from New York State Remind your clients to register for the federal Economic Impact Payment About 538,000 New Yorkers haven’t received the federal Economic Impact Payment, according to the IRS. If your client is eligible for the payment, but hasn’t claimed it yet, there’s still time. The registration deadline to get an Economic Impact Payment this year is Saturday, November 21, 2020.... Eligible individuals must use the Non-Filers: Enter Payment Info Here tool by November 21, 2020, to submit the necessary information to the IRS.