Sidney Kess

December 07, 2022 | New York Law Journal

The bad news is that increases in 2023 Medicare and Social Security taxes will hit some employees and self-employed individuals. But the good news is that beneficiaries will be seeing their benefits increase by the greatest amount in 40 years.

By Sidney Kess

6 minute read

October 28, 2022 | New York Law Journal

Relying on per diem rates simplifies tax records. The paperwork for business travel are not submitted with tax returns; they are retained with tax records. Retention of the paperwork is essential in case the IRS challenges deductions for business travel.

By Sidney Kess

6 minute read

September 08, 2022 | New York Law Journal

In his Tax Tips column, Sidney Kess takes a comprehensive look at the Inflation Reduction Act of 2022—a "massive measure" intended to reduce inflation and lower the deficit.

By Sidney Kess

7 minute read

July 25, 2022 | New York Law Journal

In his Tax Tips column, Sidney Kess discusses three noteworthy Tax Court decisions on innocent spouse relief handed down in May and June.

By Sidney Kess

5 minute read

May 04, 2022 | New York Law Journal

Despite the prevalence of digital assets as investments as well as their use in commerce, the IRS has only issued limited guidance. Nonetheless, taxpayers must determine whether their virtual currency transactions are taxable and reportable.

By Sidney Kess

7 minute read

March 18, 2022 | New York Law Journal

In his Tax Tips column, Sidney Kess offers a primer for those have become disabled on receiving financial assistance through sources such as government programs, insurance, or employer plans. He discusses how the source of the income will dictate the tax results.

By Sidney Kess

8 minute read

January 24, 2022 | New York Law Journal

The American Rescue Plan Act of 2021 created tax-free treatment for certain items and extended existing tax-free treatment for others. In addition, there are a number of rules—both old and new—that provide tax-free treatment for individuals.

By Sidney Kess

5 minute read

January 04, 2022 | New York Law Journal

In this edition of his Tax Tips column, Sidney Kess provides a rundown of some changes for 2021 income tax returns that result from COVID-19-related laws.

By Sidney Kess

7 minute read

December 09, 2021 | New York Law Journal

In this edition of his Tax Tips column, Sidney Kess describes some of the Social Security Administration's recently announced cost-of-living changes for 2022 affecting individuals who are working, businesses, and retirees.

By Sidney Kess

7 minute read

October 27, 2021 | New York Law Journal

In this edition of his Tax Tips column, Sidney Kess discusses some pending law changes that will have a significant impact on individuals and businesses, and discusses what to do taxwise before the new year.

By Sidney Kess

11 minute read