Reeder’s Digest
Helpful Guides
We write these guides because the tax questions clients ask most often deserve real answers, not vague generalities. Each article covers a specific topic grounded in current tax law, written the way we’d explain it across the desk.
PILLAR POSTS
Pillar GuideHow Form 1040 Tax Returns Work in 2025A comprehensive, line-by-line walkthrough of the federal individual income tax return — from wages and income through deductions, credits, payments, and the final refund or balance due.
Pillar GuideCalifornia Form 540: Resident Income Tax Return — Line by LineLine-by-line guide to California’s resident income tax return — income, Schedule CA adjustments, deductions, tax rates up to 13.3%, credits, the PTE election, and key CA-vs-federal differences.
Pillar GuideTax Strategy Guides66 in-depth guides covering tax-saving strategies for individuals, life event planning, and business owners — with IRS source citations and actionable steps.
Pillar GuideWhy We Ask for Certain Information for Your Tax Returns20 articles explaining why we ask for each category of information in your tax return organizer — from mailing address and bank details to foreign accounts and expense totals.
Pillar GuideWhen Am I Required to File a Tax Return?Filing requirements for individuals, nonresident aliens, foreign corporations, C corps, S corps, partnerships, estates, and trusts.
Pillar GuideIRS Guides and Publications SummarizedPlain-English summaries of 38 major IRS publications organized by topic — individual returns, business, real estate, retirement, international tax, and compliance.
Pillar GuideNew York IT-201: Line by LineComplete guide to every line of the NY resident income tax return — income, adjustments, deductions, credits, and payments.
Pillar GuideNY Pass-Through Entity Tax (PTET)How the NY PTET election works, who qualifies, and how it offsets the federal SALT cap for S corp and partnership owners.
Pillar GuideTax Season Guide for ModelsComplete hub covering checklists, 1099s, 1042-S withholding, agency statements, business expenses, and international tax rules for models.
Pillar GuideS Corporations: Complete Guide and Resource HubFederal, California, New York, and New York City S-corp rules — Form 1120-S, payroll, basis, K-1s, distributions, deadlines, and PTET in one cluster.
Pillar GuideLLCs Explained: Tax Classification, Entity Selection, and Local GuidesComplete LLC guide — disregarded entity rules, LLC vs sole proprietorship, S corp election, piercing the veil, and separate NYC and Los Angeles compliance guides.
Pillar GuidePartnership Tax Guide: Form 1065, K-1, Basis, and State RulesComplete partnership guide — Form 1065, Schedule K-1, inside and outside basis, distributions, QBI, and California, New York, and NYC partnership tax rules.
POPULAR GUIDES
How to Track Your Tax RefundStep-by-step guidance for checking federal and state refund status, common delays, and what to do if your refund is held.
Year-End InformationA comprehensive checklist of information we need from you, important deadlines, fee details, and general tax guidance as the year comes to a close.
How to Calculate Business Expenses for Your Tax ReturnA practical guide to organizing expenses by category, building a clean spreadsheet, and understanding what the IRS actually requires for recordkeeping and substantiation.
Tax Residency Explained: 1040 vs. 1040-NRHow the green card test and substantial presence test determine your filing status, the difference between worldwide and U.S.-source income taxation, and why getting residency right matters.
S Corporation Benefits, Requirements, and ReportingA comprehensive guide to S corporation tax elections, Form 2553 eligibility, the payroll tax benefit, K-1 reporting, basis tracking with Form 7203, and whether an S-Corp is right for your business.
2026 and 2027 Tax Due DatesKey federal, state, and estimated tax deadlines for individual and business filers.
Traditional IRA vs. Roth IRA vs. SEP IRAHow each IRA type works, contribution limits, deduction rules, backdoor Roth issues, the pro rata rule, and tax-efficient strategies for individuals and business owners.
IRS Tax Return Penalties ExplainedHow underpayment, failure-to-pay, and failure-to-file penalties work for Forms 1040, 1120-S, and 1065, including interest rules and why pass-through returns are not penalty-free.
IRS Publication Bot (AI Assistant)Ask any federal tax question and get answers sourced from the full text of 38 official IRS publications — the source pub is cited on every answer so you can check it yourself.
TAX RETURN-RELATED GUIDES
Schedule C ExplainedHow sole proprietors report business income and expenses on their tax return.
How Schedule SE Calculates Self-Employment TaxWhy freelancers and sole proprietors owe an additional tax on net earnings and how it flows into the 1040.
Standard Deduction vs. Itemized DeductionsWhen itemizing makes sense, when the standard deduction wins, and how to evaluate the decision.
How Tax Credits Differ From Tax DeductionsWhy credits often matter more than deductions and how each one reduces your tax bill differently.
Why Freelancers Need Estimated Tax PaymentsHow to avoid a surprise balance due by understanding quarterly estimated tax obligations.
How Social Security Benefits Become TaxableWhy retirees are often surprised by taxes on Social Security and how provisional income determines the outcome.
Common Mistakes on Form 1040The most frequent errors taxpayers make on their returns and how to avoid them.
How Refunds and Balances Due Are DeterminedThe actual mechanics of how the IRS calculates whether you owe or get money back.
1040 Filing ChecklistDocuments taxpayers should gather before filing their federal income tax return.
How Tax Brackets WorkUnderstanding marginal tax rates, effective tax rates, and why moving into a higher bracket doesn’t mean all your income is taxed at that rate.
Cash Basis Reporting and the Foreign Tax CreditHow cash basis accounting works for Schedule C filers, IRS timing rules for income and expenses, and a practical explanation of the foreign tax credit under Publication 514.
How K-1s Work for S Corporations and PartnershipsCapital accounts, inside and outside basis, Form 7203, Form 8582, publicly traded partnerships, and why taxable income usually does not equal cash distributions.
Home Office Deduction for Schedule CExclusive use and principal place of business rules, simplified vs. actual expense methods, depreciation consequences, and common mistakes self-employed taxpayers make.
Schedule C Car Expenses: Mileage vs. Actual CostsStandard mileage rate, actual expense method, depreciation rules, business miles vs. commuting, and recordkeeping requirements for vehicle deductions.
Form 1095-A and Premium Tax Credit RepaymentHow Marketplace health insurance subsidies work, why Form 8962 may require repayment, and common triggers for self-employed taxpayers and mixed-income households.
Amended Tax ReturnsWhen and how to file Form 1040-X to correct a previously filed return.
LLC Tax ReturnsHow single-member and multi-member LLCs file taxes and which forms to use.
LLC With No Income — Do You Still File?Filing requirements and deduction strategies for LLCs that earned no revenue.
S-Corporation Tax ReturnsHow S-corps file Form 1120-S, handle reasonable salary, and pass through income.
Partnership Tax ReturnsFiling Form 1065, issuing K-1s, and how partnership income flows to partners.
Expat Tax ReturnsFiling requirements, foreign earned income exclusion, and tax treaties for Americans abroad.
Form 1116 ExplainedHow to claim the foreign tax credit and avoid double taxation on overseas income.
Form 2210 ExplainedUnderstanding underpayment penalties and when you might qualify for a waiver.
Form 8879 ExplainedThe IRS e-file signature authorization form and what it means when your CPA sends it.
Form 8995 ExplainedClaiming the qualified business income deduction for pass-through entities.
Consolidated 1099 GuideHow to read your brokerage’s consolidated 1099 — 1099-B cost basis, covered vs. noncovered shares, wash sales, corrected 1099s, qualified dividends, OID, and when to file or wait.
Earned Income Credit: The Definitive GuideEverything about the EITC for 2025 and 2026 — eligibility, qualifying child rules, credit amounts, audit triggers, preparer due diligence, and state credits in New York and California.
22 Common Tax Return Mistakes That Cost You MoneyThe most frequent self-preparation errors — wrong filing status, missed 1099s, cost basis mistakes, RMD penalties, and 18 more — with the dollar cost of each.
2026 Federal Tax BracketsUpdated federal income tax brackets and rates for the 2026 tax year under current law.
Self-Employment Tax ExplainedHow the 15.3% SE tax works, who pays it, and strategies to reduce it.
Tax Deductions for the Self-EmployedEvery deduction freelancers and sole proprietors can claim on Schedule C.
1099-K Reporting RequirementsWhen payment platforms report your income and what the $600 threshold means for sellers.
Quarterly Tax Due Dates 2025Federal and state estimated tax payment deadlines and safe harbor rules.
When Are Quarterly Taxes Due?Estimated tax payment schedule, penalties for underpayment, and who needs to pay quarterly.
What Is Payroll Tax?Employer and employee payroll tax obligations — FICA, FUTA, and state unemployment.
1099-NEC vs 1099-MISCWhich form to use for contractor payments and the filing rules for each.
Form 8829: Home Office DeductionHow to calculate and claim the home office deduction using the actual expense method.
Alternative Minimum Tax (AMT)Who triggers AMT, how it’s calculated, and common items that cause it.
IRS Hobby Loss RuleWhen the IRS reclassifies your business as a hobby and what it means for your deductions.
How to File Back TaxesStep-by-step process for catching up on unfiled tax returns with the IRS.
Form 1040 Line 1: Wages and SalaryWhat goes on Line 1, W-2 reporting, and multiple employer situations.
Form 1040 Line 14: Calculating Your TaxHow the tax computation works, tax tables vs worksheets, and AMT.
Form 1040 Line 18: Nonrefundable CreditsEducation credits, foreign tax credit, and general business credits.
Form 1040 Line 21: Other TaxesSelf-employment tax, household employment tax, and additional levies.
Form 1040 Line 22: Total TaxHow total tax liability is calculated and what feeds into it.
Form 1040 Line 32: Refund and Direct DepositHow your refund is calculated, direct deposit options, and Form 8888.
Schedule A: Itemized DeductionsMedical expenses, SALT, mortgage interest, and charitable contributions.
Schedule D: Capital Gains and LossesShort-term vs long-term gains, netting rules, and loss limitations.
Schedule E: Supplemental IncomeRental income reporting, passive activity rules, and K-1 flow-through.
Schedule K-1 ExplainedS-corp vs partnership K-1, box-by-box breakdown, and common errors.
Form 8582: Passive Activity LossesThe $25,000 rental exception, material participation tests, and suspended losses.
Form 1040 Schedule CSelf-employment income reporting and business expense deductions.
Form 1040 Schedule DInvestment gains and losses reporting for your federal return.
Form 1040 Schedule ERental, royalty, and partnership income on your 1040.
CREDITS & BENEFITS
Earned Income Credit ExplainedComplete guide to qualifying for and claiming the federal earned income tax credit.
Child Tax Credit 2026Updated CTC amounts, income limits, and refundability rules for the 2026 tax year.
Child Tax Credit Income Limits 2026Phaseout thresholds and how much credit you actually receive at different income levels.
What Is the Earned Income Tax Credit?Eligibility rules, income limits, and how to claim the EITC on your return.
Earned Income Tax Credit 20252025 EITC income limits, credit amounts by number of children, and filing requirements.
Child and Dependent Care Tax CreditHow the care credit works, qualifying expenses, and the percentage you can claim.
Dependent Care FSA ExplainedHow dependent care flexible spending accounts reduce your tax bill on childcare costs.
HSA Tax Benefits GuideTriple tax advantage of health savings accounts — deduction, tax-free growth, and tax-free withdrawals.
INVESTMENT & CAPITAL GAINS GUIDES
Wash Sale Rule ExplainedHow the 30-day wash sale rule works, what triggers it, and how to avoid losing your tax loss.
Tax Loss Harvesting GuideHow to sell losing investments to offset gains and reduce your tax bill — with wash sale pitfalls.
Capital Gains Tax in CaliforniaCalifornia taxes capital gains at ordinary rates up to 13.3% — what that means for investors.
California Capital Gains Tax GuideFull breakdown of how California taxes stock sales, real estate gains, and crypto.
Capital Gains Tax in FloridaFlorida’s zero state income tax and what it means for capital gains — and the federal rules that still apply.
Net Investment Income Tax (NIIT)The 3.8% Medicare surtax on investment income — who owes it and how to plan around it.
Cryptocurrency Tax Reporting GuideHow the IRS taxes crypto trades, staking, mining, and DeFi — and what to report.
Stock Options Tax TreatmentISOs vs NQSOs — exercise timing, AMT triggers, and state tax differences.
Qualified Opportunity Zone InvestingHow OZ funds defer and reduce capital gains taxes — timelines, requirements, and tradeoffs.
Tax Loss Carryforward RulesHow unused capital losses carry forward to future years and the $3,000 annual limit.
Passive Income Tax RulesPassive activity loss limitations, material participation tests, and rental income treatment.
Capital Gains Tax Property Sale CalculatorEstimate your federal and state capital gains tax on a real estate sale.
OTHER HELPFUL GUIDES
Succession Planning: Tax, Accounting, and Entity StructuringStrategies for business owners navigating ownership transitions, buy-sell agreements, and tax-efficient transfer planning.
Form 6166 and Certificates of CoverageTwo essential documents for cross-border tax and social security planning — IRS residency certification for treaty benefits and SSA certificates for totalization agreement relief.
Unemployment Benefits for Models, Stylists, Actors, and Creative TalentHow unemployment benefits, worker misclassification, and employee-vs.-independent-contractor rules affect models and other creative professionals in New York, California, and beyond.
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U.S. Tax Treaties ExplainedHow U.S. tax treaties work, the saving clause, worldwide income rules, and selected treaty comparisons for dividends, interest, and services.
About Form 1042-S and Its ReportingWhat Form 1042-S is, how Code 17 ECI reporting works for modeling agencies, withholding documentation requirements, and how foreign models or loan-out corporations report the income on U.S. returns.
When to Form an LLCSigns it’s time to formalize your business structure, what an LLC protects you from, formation costs in New York, and when not to bother.
First Year Business Tax GuideEverything a new business owner needs to know in year one — EIN, entity type, bookkeeping, quarterly taxes, startup deductions, and common mistakes.
Freelancer Bookkeeping GuideThe minimum viable bookkeeping system for freelancers — what to track, how often, expense categories that matter at tax time, and when to hire a professional.
Capital Gains Tax StrategiesHow to reduce capital gains tax through holding periods, tax-loss harvesting, the primary residence exclusion, opportunity zones, and charitable strategies.
New York State Tax PlanningNY income tax brackets, SALT cap workarounds, the PTET election, residency audit triggers, and the 548-day exit rule.
Tax Guide for Models in New YorkDeductible expenses, 1099 vs. W-2 income, multi-state filing, entity structure, and estimated taxes for working models.
Personal CFO Services ExplainedWhat a personal CFO does, who needs one, and how it differs from a CPA or financial advisor alone.
Tax Strategies for Business OwnersEntity election, reasonable salary, retirement plans, QBI deduction, vehicle and home office write-offs, and year-end planning moves.
How the California PTE Elective Tax WorksCalifornia’s pass-through entity elective tax explained — Form 3804 election, Form 3804-CR credit, the 9.3% rate, June 15 prepayment rules, and a real-world savings calculation.
FBAR Filing Guide: FinCEN Form 114Foreign bank account reporting requirements, the $10,000 threshold, Bittner v. United States penalty ruling, streamlined compliance procedures, and FATCA interaction.
Capital Gains Tax in New YorkState and city rates for investment gains in New York.
Capital Gains Tax: Florida vs New YorkComparing state tax treatment of investment gains.
Nonresident Alien Tax ReturnsFiling requirements and key differences for 1040-NR filers.
Roth IRA Tax BenefitsContributions, conversions, and tax-free growth explained.
Standard Deduction vs ItemizedWhen to itemize and when the standard deduction saves more.
Tax Residency: 1040 vs 1040-NRSubstantial presence test and how residency affects your return.
LLC vs S-CorpComparing entity types for tax savings and liability protection.
How Schedule SE Calculates Self-Employment TaxThe math behind self-employment tax and how to reduce it.
UI Tax for Creative WorkersHow unemployment insurance works for models, actors, and freelancers.
Models Tax Season Checklist and OrganizerDocument assembly guide covering income forms, agency statements, expense records, and international tax paperwork for models.
Resident Models: 1099s, Agency Statements, and Business ExpensesSchedule C reporting for resident models — 1099 income, agency commissions, deductible expenses, and self-employment tax.
Nonresident Models: 1042-S, Withholding, and Filing GuideForm 1042-S explained — withholding vs. filing, Publication 519, treaty benefits, and why withholding is not the same as a filed return.
International Models: Foreign Tax Credit, FEIE, and Home OfficeCross-border tax planning — foreign tax credit, foreign earned income exclusion, Form 2555, physical presence test, and home office deduction.
LLCs in New York City: Publication, Filing Fees, and Local PlanningNYC LLC publication requirement, biennial statements, Form IT-204-LL annual filing fees, and PTET planning context for New York City LLC owners.
LLCs in Los Angeles: California LLC Fee, Cost, and City Business TaxCalifornia $800 annual tax, LLC fee schedule, Form 568, LA business tax registration certificate, and annual city renewal deadlines.
Complete Guide to Form 1065: Partnership Tax ReturnHow Form 1065 works, what partnerships report, Schedule K-1 issuance, filing deadlines, and late-filing penalties.
How to Form a Partnership: Agreements, EINs, and ComplianceTax and compliance steps for forming a partnership — operating agreements, EINs, Form 1065, state filings, and setup costs.
Who Qualifies for Partnership Taxation?Which business types are taxed as partnerships, when multi-member LLCs default to partnership treatment, and how it compares to S-corp and C-corp election.
Benefits of Partnerships: Tax Flexibility and Pass-Through TreatmentPass-through taxation, flexible allocations, debt basis advantages, real estate planning, and ownership flexibility in partnership structures.
Built-In Gain and Section 704(c) in PartnershipsHow appreciated property contributions work under Section 704(c) — basis, allocations, and the tax impact on contributing and non-contributing partners.
California Partnership Tax GuideForm 565, Form 568 for LLCs, California LLC fees, California-source income rules, and the California PTE elective tax for partnerships.
New York Partnership Tax GuideForm IT-204, resident and nonresident partner rules, New York-source income allocation, and New York State PTET for partnerships.
New York City Partnership Tax Guide: UBT and NYC PTETNYC Unincorporated Business Tax, Form NYC-204, the NYC PTET election, addbacks, and credits for partnerships operating in the city.
Partnership Distributions, Loans, and Capital ContributionsHow cash moves in and out of partnerships — distributions, guaranteed payments, self-employment income, partner loans, and capital contributions.
Partnership K-1 and Inside vs Outside BasisHow Schedule K-1s work, the difference between inside and outside basis, Form 7203, and how partnership income flows to owners’ personal returns.
Partnership QBI, Deadlines, and Advanced CompliancePartnership QBI rules, Form 1065 deadlines and extensions, late-filing penalties, estimated tax issues, and K-2/K-3 reporting requirements.
Federal S Corporation GuideHow Form 1120-S works, reasonable salary requirements, shareholder basis, distributions, and federal S-corp compliance.
California S Corporation TaxationCalifornia’s 1.5% net income tax on S corps, Form 100S, minimum franchise tax, and the PTE elective tax.
New York S Corporation TaxationNew York State S-corp filing — Form CT-3-S, fixed dollar minimum, the PTET election, and estimated tax rules.
New York City S Corporation TaxationNYC general corporation tax on S corps, Form NYC-4S, NYC PTET, and the city-level business tax burden.
Moving from NYC or LA to Florida or Texas: Tax ResidencyNY residency audits, CA safe harbor elections, the 548-day rule, FL domicile declarations, TX property tax tradeoffs, and what actually changes on your tax return when you move.
LOCATION-SPECIFIC INDUSTRY GUIDES
Healthcare & Dental Practice Tax Services in New YorkTax planning for healthcare practices and dental offices in New York — entity structure, deductions, payroll tax, and compliance.
Healthcare & Dental Practice Tax Services in Los AngelesTax filing and deduction strategies for LA-based medical practices, dentists, and healthcare groups — from equipment write-offs to California franchise tax.
Healthcare & Dental Practice Tax Services in MiamiFlorida-specific tax guidance for healthcare providers and dental practices in Miami — no state income tax, payroll obligations, and entity selection.
Tech Company & SaaS Tax Services in New YorkTax planning for New York tech startups and SaaS businesses — R&D credits, stock option reporting, sales tax on digital products, and NYC surcharges.
Tech Company & SaaS Tax Services in Los AngelesCalifornia tax rules for LA tech companies and SaaS firms — franchise tax, R&D credits, equity compensation, and multi-state nexus issues.
Tech Company & SaaS Tax Services in MiamiFlorida tax advantages for Miami tech and SaaS companies — no state income tax, sales tax rules for digital goods, and federal R&D credit strategies.
Consulting Firm Tax Services in New YorkTax strategies for NYC consulting firms — S-corp election, reasonable salary, estimated payments, and managing New York’s pass-through entity tax.
Consulting Firm Tax Services in Los AngelesTax planning for LA-based consultants and advisory firms — entity choice, quarterly estimates, California withholding, and the QBI deduction.
Consulting Firm Tax Services in MiamiTax filing for Miami consulting practices — Florida’s tax-friendly structure, federal self-employment strategies, and retirement plan deductions.
Fashion Industry Tax Services in New YorkTax guidance for NYC fashion designers, brands, and showrooms — inventory accounting, sales tax on clothing, and deductions unique to garment businesses.
Fashion Industry Tax Services in Los AngelesTax rules for LA fashion labels and apparel companies — California sales tax on clothing, inventory methods, and production expense deductions.
Fashion Industry Tax Services in MiamiTax planning for Miami fashion businesses and designers — Florida sales tax on apparel, import duties, and structuring multi-location operations.
Hospitality & Hotel Tax Services in New YorkTax and compliance for NYC hotels, restaurants, and hospitality groups — occupancy tax, tip reporting, sales tax, and depreciation on property improvements.
Hospitality & Hotel Tax Services in Los AngelesTax guidance for LA hotels, restaurants, and hospitality operators — transient occupancy tax, California meal tax rules, and cost segregation opportunities.
Hospitality & Hotel Tax Services in MiamiTax planning for Miami hospitality businesses — Florida tourist development tax, resort fees, food and beverage sales tax, and accelerated depreciation.
Real Estate Investor Tax Services in New YorkTax strategies for NYC real estate investors — 1031 exchanges, depreciation schedules, passive loss rules, and the transfer tax on property sales.
Real Estate Investor Tax Services in Los AngelesTax planning for LA property investors — Prop 13 assessments, cost segregation, 1031 exchanges, and California capital gains on rental dispositions.
Real Estate Investor Tax Services in MiamiTax guidance for Miami real estate investors — no state income tax on rental income, documentary stamp tax, 1031 exchange timing, and foreign investor withholding under FIRPTA.
Day Trader Tax Services in New YorkTax filing for active traders in New York — mark-to-market election, wash sale rules, trader tax status qualification, and NYC unincorporated business tax.
Day Trader Tax Services in Los AngelesTax strategies for LA-based day traders — Section 475 election, California capital gains treatment, wash sale tracking, and quarterly estimated payments.
Day Trader Tax Services in MiamiTax planning for Miami day traders — Florida’s zero state income tax on trading gains, mark-to-market election, wash sale compliance, and entity structuring for active traders.
TAX NEWS
April 2026 Federal Tax Guidance RoundupSection 163(j) relief and bonus-depreciation elections, new tip-deduction guidance, proposed withdrawal of basis-shifting disclosure rules, Trump Account regulations, IRS digital tools, FATCA enforcement, remittance tax rules, and what firms and taxpayers should do now.
Micro-Captive Ruling: What NYC Business Owners Should KnowA federal court vacated the IRS’s listed-transaction label for 831(b) micro-captive insurance — what NYC business owners and HNW clients should review now.
IRS Payment Processing Delays After April 15, 2026What NYC filers should do if a payment cleared the bank but the IRS has not yet posted it — documenting timely payment and responding to a CP14 without paying twice.
IRS Rewrites Form 990: What NYC Nonprofits Should KnowTreasury said the IRS will rebuild Form 990 to pull more disclosure from tax-exempt organizations — what NYC nonprofit boards, officers, and donors should review now.
IRS Enforcement Budget Cut: What a $1.4B Reduction Means for NYC TaxpayersHouse appropriators moved a $1.4B IRS enforcement cut for FY27 and Treasury defended it — how audit risk, service quality, and planning actually change for NYC filers.
Trump’s $10B IRS Lawsuit Faces Skeptical JudgeA federal judge questioned how a $10 billion suit against the IRS and Treasury moves forward when the plaintiff runs both sides — and what NYC clients should expect on audits, refunds, and pending guidance.
IRS Resets the ERC Clock: Form 907 and the Six-Month DecisionWhat disallowed-ERC clients should do at the six-month mark — extend the refund-suit deadline with Form 907 or file in court.
House Passes Nine Tax Administration Bills on April 27BARCODE Efficiency Act, Taxpayer Experience Improvement Act, disaster relief extension, and the NOBOSS ESOP credit — what actually changes for NYC filers.
The Autofill Act: Pre-Filled Federal Returns Are Back On The TableRep. Bill Foster reintroduced legislation to let taxpayers download a pre-populated federal return from IRS data — what it would and wouldn’t change.
REEDER’S DIGEST
NJ — Tax Portal Deadline Pushed to April 24, 2026The New Jersey Division of Taxation extended Phase 1 filings and payments to 11:59 p.m. Friday, April 24, 2026 after portal glitches — what NYC firms with NJ sales tax or multistate exposure should do now.
TX — Emergency Prep Sales Tax Holiday Closed April 27, 2026Texas’s annual storm-prep sales tax holiday wrapped up — what NYC clients with Texas property, rentals, or operating subsidiaries should pull forward, plus the May 15 franchise tax trap.
Chicago — 2,900 Cook County Property Tax Bills Still UnsentRoughly 2,900 second-installment Cook County property tax bills from November 2025 are still missing, and 91,000 refunds totaling $200M sit in queue. What NYC owners with Chicago real estate should check this quarter.
LA — Measure ULA Amendments Sideline Single-Family ResiA coalition’s six proposed Measure ULA amendments largely skip residential despite SFR generating ~59% of the over $1B in ULA revenue. What HNW NYC clients with LA property should track.
NYC — Albany Asked to Cut City PTET Credit to 75%Mayor Mamdani and Speaker Menin want the NYC Pass-Through Entity Tax credit cut from 100% to 75% to raise ~$1B. Real impact on NYC business owners and partners.
NJ — Tax Court Frees Mixed-Use Buildings From Mansion TaxA new predominant-use test reclassified Edgewater mixed-use buildings as apartments, exempting them from the 1% NJ realty transfer mansion tax. Planning window for NYC owners with NJ property.
CA — FTB’s Unitary Doctrine Reach to Remote ProfessionalsGarcia-Rojas v. California FTB tests whether a Texas radiologist serving a CA practice owes CA tax under the unitary business doctrine. NYC consultants and freelancers should track the appeal.
NY State — Seventh Budget Extender, and the Tax Fights Still OpenPied-a-terre tax, high-earner surcharge, NYC PTET credit cut — what’s still on the table 27 days past the FY 2026 budget deadline and what HNW clients should model.
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