New York state taxes are some of the highest in the nation. As such, those with the means often spend significant portions of their year in other states. Florida is a prime example. There is no income tax or estate tax in Florida. As a result, wealthy New Yorkers...
Could you be selected for sales and use tax audit in New York?
Although businesses of any size can find themselves the subject of a sales and use tax audit, some are at a higher risk than others. Common targets often include large businesses or those with complicated tax filings. What else can trigger a sales and use tax audit?...
Your business structure has an impact on your taxes
Starting a business is an exciting, daunting task. What begins as your vision for a company soon becomes a reality. However, that reality requires significant decisions that have unseen consequences. Determining business owner responsibilities An essential step of any...
IRS limits tax workarounds: New York towns are fighting back
Many towns across the state have high property tax rates. Limits to the state and local tax (SALT) deductions incorporated in the Tax Cuts and Jobs Act of 2017 may hit these residents and communities hard in 2019. One example is the village of Haverstraw – on average,...
You’ve been summoned by the IRS, now what?
In general, unless you are expecting a refund check, a letter from the IRS is an anxiety-inducing experience. Occasionally, the IRS sends out an Information Document Request ( IDR), asking for information. While you do not have a legal obligation to comply, if you...
Bonus depreciation available to business owners
We’ve written extensively on the potential impacts of the new Tax Cuts and Jobs Act. While it’s true that we know your 2018 tax situation could look different compared to last year, not everyone is sure what it will look like on an individual level. If you are a...
What happens if I can’t pay the IRS?
According to the Tax Foundation, income earners in the U.S. are subject to an average tax rate of 21 percent. That figure can prove burdensome for business owners and individuals who find themselves owing money at tax time. Although the bill may be unwelcome, you...
Celebrities can be charged with tax crimes too
There have been many stories recently about how the Internal Revenue Service is losing resources to conduct audits and prosecute tax crimes. While it is true that the IRS may be running lean today, they still have the ability to enforce tax laws. With their resources...
Is your company prepared for the new tax law?
According to the Tax Foundation, the Tax Cuts and Jobs Act of 2017 (TCJA) will result in approximately one trillion dollars worth of federal revenue and economic growth. As a business owner, the potential for growth provides the incentive to maximize your company's...
What can trigger an IRS audit?
The end of tax season brings relief to tax professionals and filers alike, but it can be just the beginning of dread for one million more. According to Accounting Today, the Internal Revenue Service will audit more than one million Americans this year. Many people are...