taxes

Mike Desmond / WBFO News

There is a new man in what will soon be Buffalo City Hall's toughest job: commissioner of assessment and taxation.

Karen Dewitt / WBFO Albany Correspondent

With less than a week to go to the state budget deadline, interest groups have converged on Albany, lobbying to get their measures included in the budget plan - and in some cases, to keep items out.

The New York State Senate has passed a bill to make the state’s eight-year-old property tax cap permanent. So far, the Assembly has not approved the measure.

File Photo

The State Court of Appeals on Thursday unanimously ruled that New York can tax tobacco sales by Native American retailers to non-Indians.

Governor's Office

The nation's new tax law places a cap on the amount of state and local taxes that someone can deduct from their taxable federal income. That caused panic in high-tax states like New York. So the state's lawmakers amended their tax system to mitigate the increased costs for New Yorkers - changes the federal government may soon attempt to nullify.

It is school district budget voting Tuesday across New York State, with a range of spending proposals, school board candidates and capital budget proposals being put to the voters for their approval.

Mike Desmond / WBFO News

If you want something from the City of Buffalo, like a license, a contract or approval for a development project, you better have your taxes paid.

National Public Radio

Gov. Andrew Cuomo, in his State of the State speech, floated the idea of converting the state income tax to a payroll tax to help reverse the new federal law that limits deductibility for state and local taxes. Many support the concept, but businesses say it is not so easy to make the change and it could bring unforeseen complications.

Michael Mroziak / WBFO News

With the new federal tax law in place, local developers are breathing a sigh of relief that it wasn't worse for them. There had been a concern historic preservation tax credits would be abandoned and this method of early financing has been key in adaptive reuse of many older buildings in Buffalo.

The week after Christmas is usually a short and slow one for town officials in New Paltz, N.Y. — but not this time.

"When we opened town hall Wednesday we had almost 100 voicemails from people inquiring about how they could prepay their taxes," says Daniel Torres, the town's deputy supervisor.

And the phones kept ringing. People started lining up. Torres says the clerk's office has a only few people working in it.

"The clerk's office was so overrun. After a certain while we couldn't even pick up the phones anymore," he says.

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Gov. Andrew Cuomo delivers his State of the State address on Wednesday, kicking off a challenging year of budget deficits and re-election races.

Republicans in Congress are promising that their tax bill will create jobs. One place where we know it's going to create a lot of work is at the IRS.

That agency will have to figure out how to interpret and implement the hundreds of pages of changes to the tax code that were just passed, at a time when it is already struggling with budget cuts and staff reductions.

The Trump administration says it's already working with the IRS to update tax forms and withholding tables, promising that most taxpayers will notice a difference in their pay stubs by February.

Updated at 1:26 a.m. ET Wednesday

Republicans in Congress approved a sweeping and controversial $1.5 trillion tax overhaul, with the Senate voting early Wednesday along straight party lines to move the measure forward.

Updated on Dec. 20 at 3:50 p.m. ET

The Republican tax bill, which Congress sent to President Trump on Wednesday, would give most Americans a tax cut next year, according to a new analysis. However, it would by far benefit the richest Americans the most. Meanwhile, many lower- and middle-class Americans would have higher taxes a decade from now ... unless a future Congress extends the cuts.

With a projected multibillion-dollar deficit and looming federal changes that could cost the state billions more, the biggest obstacle in the upcoming 2018 legislative session will be balancing the state budget.

Updated at 3:10 p.m. ET

House Republicans unveiled a draft tax bill on Thursday, calling for deep cuts in both individual and corporate tax rates.

"With this bill, we will grow our economy by delivering more jobs, fairer taxes, and bigger paychecks to Americans of all walks of life," said Rep. Kevin Brady, R-Texas, chairman of the House Ways and Means Committee.

WBFO News / WBFO

New York State Comptroller Thomas DiNapoli is warning that potential tax code changes could hurt New York residents.

Local members of Congress split by party on tax bill vote

Oct 27, 2017

Congressional Democrats in New York are criticizing a federal budget approved by the House on Thursday that paves the way for a tax reform plan that could include the elimination of the state and local deduction, or SALT.

WBFO's Mike Desmond

Gov. Andrew Cuomo is blasting the Trump Administration's federal tax proposal, saying it will cost New Yorkers more than $17 billion.

The House budget plan would slash spending by $5.4 trillion over 10 years, including more than $4 trillion in cuts to mandatory spending like Medicaid and Medicare, while ramping up defense spending.

WBFO File Photo

Did you file your tax returns on time? Gov. Andrew Cuomo did - and once again, a book deal has proven lucrative for a lawmaker.

Internal Revenue Service

Tick...tick...tick... Some are surely scrambling Tuesday, as midnight is the deadline for filing state and federal income tax returns.

Online Screen Grab / WBFO News

April 15th is traditionally tax day, and those who procrastinate find themselves scrambling to get their forms filed by midnight.

via National Public Radio

The Internal Revenue Service is extending deadlines to file business income tax returns for small businesses affected by wind and snow storms in the state.

During the presidential campaign, Donald Trump promised the biggest tax cut since Ronald Reagan's conservative revolution swept into Washington in the 1980s.

A big part of that tax cut would go to corporations. The president-elect says that will fuel investment and growth. Skeptics say the plan would explode the federal budget deficit.

Top business tax rate slashed

WBFO File Photo

Across the nation, it’s tax season - time to take a look at W-2’s, bank statements, and all the other aspects of your financial life. It’s also a time when trustworthiness is especially important.


WBFO News file photo

Taxing the top one percent has been a hot topic for the Democratic Party recently. Governor Andrew Cuomo is expected to address that and more during today's State of the State and Executive Budget Address.

Bankruptcy started as a way for a person to re-start financially, to erase debts.

If you don't want to pay estate tax in New York, you have to stop being a New Yorker. On this week's previously-aired edition of You & The Law, attorney Leah Adamucci talks about  how to stop being a New Yorker for legal purposes.

FATCA, or the Foreign Account Tax Compliance Act, has been in effect for several months. The global tax law is aimed at rooting out Americans living outside of the United States who are not paying their U.S. taxes. But many expatriate Americans in Canada are fighting back.

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