Tax Updates Archives | SAX - Advisory, Audit and Accounting

Tax Alert: August 2026 Deadlines for Filing the NYC Pied-à-Terre Surcharge Exemption Application

Margaret Henn — Wed, 29 Jul 2026 14:26:31 +0000

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Tax Alert: NYC Adopts Final Regulation and Issues Interpretive Policies on the Pied-à-Terre Tax

Iimani McKnight — Tue, 21 Jul 2026 18:58:47 +0000

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Tax Alert: Construction Clients Potential Refund Claim

Iimani McKnight — Mon, 13 Jul 2026 20:09:48 +0000

There are two potential sales and use tax refund opportunities available to construction owners, developers and contractors as it relates to Site Safety Expenses and Bridge and Pipeframe rentals. Site Safety – NY courts have determined that NYS overreached in its application of the sales tax law on site safety expenses. The court ruled that […]

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Tax Alert: Proposed Florida Property Tax Changes

Iimani McKnight — Tue, 07 Jul 2026 17:20:56 +0000

Overview of Proposed Florida Property Tax Changes Florida lawmakers have advanced a major property tax reform initiative that would materially expand the homestead exemption for primary residences. The proposal, titled the “Save Our Homes from Excessive Property Taxes” initiative and commonly referred to as Amendment 3 for the 2026 ballot, would phase in larger non-school […]

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OMB Proposes Major Changes to Federal Grant Rules Again

Iimani McKnight — Thu, 11 Jun 2026 19:59:06 +0000

In 2024, OMB revised the Uniform Guidance with the goal of reducing administrative burden for federal funding recipients. The latest proposal takes a different approach. On May 29, 2026, OMB issued proposed revisions to the regulations governing federal financial assistance that would increase federal oversight, expand agency enforcement authority, introduce new compliance obligations, and provide […]

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Tax Alert: New York State Enacts Pied-à-Terre Tax for Second Homes in New York City

Iimani McKnight — Fri, 05 Jun 2026 16:45:34 +0000

Overview New York State has enacted a new pied-à-terre tax (surcharge) on certain high-value New York City homes (“covered properties”) NOT used as a primary residence. “Covered properties” include Class 1 homes (one-, two-, and three-family homes) and Class 2 homes (residential condominiums and cooperatives (co-ops)). The surcharge takes effect on July 1, 2026. It […]

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Tax Alert: COVID Postponement Refund Claims and IRS ERC Update

Iimani McKnight — Mon, 04 May 2026 17:04:52 +0000

Two court case decisions (Kwong v. United States and Abdo v. Commissioner) may create refund and abatement opportunities for certain taxpayers who were assessed and/or paid penalties and interest during the COVID postponement period which spanned from January 20, 2020 through July 10, 2023. In some cases, this could create an opportunity to seek recovery […]

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U.S. Tariffs: What Just Happened—and What It Means

Iimani McKnight — Mon, 23 Feb 2026 18:13:32 +0000

The U.S. tariff landscape continues to shift rapidly. On Friday, February 20, 2026, the Supreme Court issued a landmark decision striking down the president’s authority to impose sweeping tariffs under the International Emergency Economic Powers Act of 1977 (IEEPA). Just hours later, a 10% global tariff was imposed under Section 122 of the Trade Act of 1974, which increased to 15% the following day. The […]

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The New Tax Law & Charitable Giving: Key Questions and Strategic Considerations for Nonprofits

Iimani McKnight — Tue, 17 Feb 2026 15:10:52 +0000

The New Tax Law: What Nonprofits Should Be Thinking About Right Now Tax laws change. Donor behavior changes. Your mission does not. Still, it would be a mistake to ignore how these new rules may influence giving patterns. Below are the questions nonprofit leaders should be asking, along with what the answers might mean for […]

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Tax Alert: Component Election for Bonus Depreciation

Iimani McKnight — Mon, 26 Jan 2026 17:00:51 +0000

Return of Component Election for Bonus Depreciation Creates Significant Tax Savings for Self-Constructed Projects Taxpayers who started construction on any project prior to the 100% Bonus Depreciation change on January 20, 2025, may be left with 40% Bonus Depreciation, unless a new election is filed. On January 14, 2026, IRS issued Notice 2026-11 providing interim […]

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