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    our legal blog

    The Foreign Account Tax Compliance Act (FATCA) and Effect on 2012 OVDI

    January 28, 2013 | FBAR

    The Foreign Account Tax Compliance Act (FATCA) and Effect on 2012 OVDI Foreign financial institutions are now required by law to disclose information on U.S. account holders, and have until the end of 2013 to implement new policies to prevent those holders from evading American taxes by using foreign bank accounts. The program was established under the Foreign Account Tax Compliance Act, or FATCA, became law in 2010.  It requires that foreign fin... CONTINUE READING

    Mileage Logs: Keeping records is not enough to guarantee tax deductions

    January 21, 2013 | Tax Compliance

    Mileage Logs: Keeping records is not enough to guarantee tax deductions Every year the Internal Revenue Service issues optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.  Starting on January 1, 2013, the stand mileage rates for the use of an automobile are: 56.5 cents per mile for business miles driven 24 cents per mile driven fo... CONTINUE READING

    Tax Settlements to Exonerated Prisoners: A Way to Avoid this Tax Problem

    January 2, 2013 | Tax Debt

    Tax Settlements to Exonerated Prisoners: A Way to Avoid this Tax Problem Federal Congressmen introduced a bill on March 22, 2012 that would prohibit the Internal Revenue Service from taxing settlements awarded to anyone wrongfully convicted of a crime and then exonerated later. These wards are typically paid out by the State or City who wrongfully convicted the person. The Wrongful Convictions Tax Relief Act of 2012 would amend the Internal Revenu... CONTINUE READING

    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

    NY State Tax Warrant: What to Expect and How to Resolve

    What Is a Tax Warrant in NY? How to Resolve New York Tax Liens The New York Department of Taxation and Finance (NYS DTF) can file a tax warrant against you if you have delinquent income tax, sales tax, or other N...