Here’s What Happens at the IRS After You File Your Taxes
Refunds can come in five days, or a few months!
New IRS Taxpayer Online Accounts
Here’s why taxpayers should have an IRS online account
An IRS online account is a safe and easy way for individual taxpayers to view specific details about their federal tax account. Here are some of the benefits and features of this online system.
Taxpayers can view:
Their payoff amount, which is updated for the current day.
The balance for each tax year for which they owe taxes.
Their payment history.
Key information from the their most current tax return as originally filed.
Payment plan details if they have one.
Digital copies of select IRS notices.
Economic Impact Payments if they received any.
Their address on file
https://www.irs.gov/newsroom/heres-why-taxpayers-should-have-an-irs-online-account
New for 2021 - NYS Passthrough Entity (PTE) Tax
Most new yorkers were hurt when state and local taxes were capped at $10,000 as a deduction
New York’s 2021-2022 Budget Act (including S2509C/A3009C, among other bills) enacted on April 19, 2021, includes a new elective pass-through entity tax (PTET). This type of tax has been enacted by a number of states and is generally designed in response to the $10,000 cap on the federal state and local tax (SALT) deduction as added by the Tax Cuts and Jobs Act (TCJA) in 2017.
Essentially, this now let’s the partnerships, limited liability companies treated as partnerships for federal income tax purposes, and New York S corporations pay the NYS taxes due on any income at the entity level. This means that you do not have to pay the taxes personally when you file your return. Why is this beneficial? This is an allowable deduction for federal purposes, so you can FULLY DEDUCT your NYS taxes you pay on your federal income. This will also not count towards the $10,000 cap on State and Local Taxes on your Schedule A.
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-mta-overview-of-new-yorks-new-pass-through-entity-tax.pdf