insurance@syedinsuranceagency.com
09:00 am - 05:00 pm
Richmond Hill, United States
Daily tax updates for New York from Syed Services and CPA Mohd Kazam.
IRS | Federal (IRS) || Starting with payments made in 2026, businesses generally send a Form 1099-NEC or 1099-MISC only when they pay someone $2,000 or more in the year, up from $600. The 1099-K threshold for payment apps is back to $20,000 and 200 transactions.
IRS | Federal (IRS) || The IRS released its yearly inflation adjustments for tax year 2027. The standard deduction rises to $16,600 for single filers, $33,200 for married couples filing jointly and $24,925 for heads of household. The top 37% rate starts above about $661,000 for single filers and about $793,600 for joint filers.
NY State Budget | New York State || New York’s 2026–27 budget adds a refundable child and dependent care credit for tax years starting in 2026 and lets workers subtract up to $25,000 of qualified tips from New York income for 2026, for single filers earning up to $150,000 and joint filers up to $300,000.
NY Tax Department | New York State || New York is mailing one-time energy rebate checks of $100 to $200 to full-year residents who filed a 2024 IT-201 return on time and met the income limits. Checks are mailed over several weeks to the latest address on file. There is no application and no online status tool.
NYC Finance | New York City || New York City now applies a surcharge to certain homes that are not the owner’s main residence: one- to three-family homes valued above $5 million and condo or co-op units valued at $1 million or more. NYC Finance has an online eligibility guide for owners.
IRS | Federal (IRS) || The IRS reminded paid tax preparers to renew their Preparer Tax Identification Numbers before the 2027 filing season. Anyone paid to prepare federal returns must have a current PTIN.
IRS | Federal (IRS) || The IRS is encouraging taxpayers to secure their IRS online accounts and sign up for an Identity Protection PIN, a six-digit code that stops anyone else from filing a return with your Social Security number.
IRS | Federal (IRS) || The IRS has started sending automatic refunds to more than 50,000 taxpayers who claimed an Adoption Tax Credit carryforward, and expects to process most of them by the end of the year. No action is needed to receive them.
Federal Student Aid | Student aid || The 2027–28 FAFSA opened ahead of the October 1 launch date. Students can now see their estimated Pell Grant and federal aid eligibility right after submitting, and the federal filing deadline is June 30, 2028.