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    our legal blog

    Tax Court and S Corporation Wages

    December 31, 2012 | Tax Laws

    Tax Court and S Corporation Wages A recent tax court case, David E. Watson, P.C. v United States, has upheld the IRS re-characterization of S corporation distributions as wages. The individual shareholder-employee in the case, David Watson, CPA, was a partner in an accounting firm.  Watson made a mistake in the level of compensation he was entitled to for his business.  In 2002, Watson received a salary of $24,000, but was receiving $203,... CONTINUE READING

    The Use of Mail Delivery Services to Timely File a Petition with Tax Court

    December 21, 2012 | Tax Laws

    The Use of Mail Delivery Services to Timely File a Petition with Tax Court A timely mailed petition to Tax Court can be treated as if it was timely filed, even if not received by the filing due date if mailed using an acceptable mail carrier. Therefore, a petition received by the Court after the 90-day period is considered to be received timely if the date of the U.S. Postal Service postmark was stamped on the envelope that is within the 90-day period.... CONTINUE READING

    First Time Penalty Abatement, Tax Penalty Relief!

    December 19, 2012 | Tax Relief

    First Time Penalty Abatement, Tax Penalty Relief! If you have no history of tax problems with the IRS, such as back tax returns, but you incurred a penalty for failing to file a tax return, or failing to pay taxes on time, you may be in luck and be able to obtain tax penalty relief. The Internal Revenue Service will often lessen certain penalties for ta... CONTINUE READING

    NYS and IRS POA Forms

    December 4, 2012 | Tax Laws

    NYS and IRS Tax POA Forms When clients engage a tax attorney to help them resolve a tax problem certain tax forms need to be submitted to the Internal Revenue Service and New York State that show that we, as your tax professional, can act on your behalf. Below are the two forms that allow us to represent you before the Internal Revenue Service and New York State Tax Department. IRS Form 2848... CONTINUE READING

    When it Comes to Tax Reform, “Keep it Simple”

    November 25, 2012 | Tax Laws

    The debate on tax reform in this country has been around as long as there have been income taxes. The very first time a federal income tax was imposed was on August 15, 1861 as part of the Revenue Act of 1861 in order to help pay for the Civil War. The first peacetime tax was imposed in 1894 when Congress passed the Wilson-Gorman Tariff which imposed a 2% tax on all incomes over $4000 per year (that equals $107,446 in 2011 dollars) which meant that less than 10% of all households would pay any t... CONTINUE READING

    Overcoming NY State Back Taxes: Relief and Consequences

    Get Help With New York Tax ProblemsRelief Options and Consequences of Unpaid Taxes or Unfiled Returns in New York If you get behind on your tax payment or filing obligations in New York, the Department of Taxation and Finance (DTF) may issue tax warrants, garnis...