Skip links

Tag: Sidney Kess

Tax Refunds For Individuals: A Closer Look

By Sidney Kess New York Law Journal March 27, 2023 In February 2023, the IRS reported ( that it has issued nearly eight million refunds to individuals with respect to 2022 returns averaging $1,963, down slightly from last year’s average of $2,201. Almost 87% of refunds were made through direct

Tax Penalties To Avoid: Taxes Are High Enough Already

By Sidney Kess New York Law Journal February 22, 2023 Tax penalties can be costly and are not tax deductible. There are more than 150 penalties, some civil and some criminal. According to Table 26 in the IRS Data Book for fiscal year 2021 (//, the IRS assessed $37.3 billion

Key Changes From SECURE Act 2.0

By Sidney Kess New York Law Journal January 27, 2023 In 2019, the SECURE Act introduced a number of changes to rules for retirement plans and IRAs. Now SECURE Act 2.0, which was included in the Consolidated Appropriations Act, 2023, has more than 90 provisions impacting retirement plans and IRAs.

Tax Changes In The Inflation Reduction Act of 2022

By Sidney Kess The CPA Journal November/December 2022 Issue The Inflation Reduction Act of 2022 (IRA; PL 117-169) was signed into law on August 16, 2022. This massive measure, which is intended to tamp down inflation and reduce the federal budget deficit, includes many tax provisions affecting individuals and businesses.

Seven Ways To Decrease Stress At Work

By Sidney Kess and Andrea Millar The CPA Journal November/December 2022 Issue Professionals’ workload seems to get more grueling each year with endless deadlines, changing laws, additional pressures in a COVID environment, and less staff to do the work. CPAs hunker down and tend to put work above all else.

A Primer On Establishing A Trust And Its Taxation

By Sidney Kess and Edward Mendlowitz Practical Tax Strategies June 2021 Trusts are an effective mechanism to provide for transfers of assets, protect assets from eventual or potential creditors, enable assets to be used in situations where the person establishing the trust is not able to act for themselves, provide