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Category: Tax Laws

Tax Attorney, A few reasons to hire one

10 September, 2013 | Tax Laws

Tax Attorney, A few reasons to hire one Based upon our experience, these are the most common reasons why our clients hired a tax attorney. 1. You are afraid to deal with the New York State Tax Department or the Internal Revenue Service about your tax issue and you want a tax attorney to handle the matter. Our clients have the peace of mind knowing their case is being handled by a licensed professional with a tax law firm that has a A+ BBB rating.... CONTINUE READING

Business Loss or a Hobby Loss for Taxes

25 August, 2013 | Tax Laws

NYC and Albany NY IRS Tax Attorney As Tax Attorney's located in New York, we often receive inquiries from clients who have a number of unfiled tax returns on whether a loss is a business loss or a Hobby loss when they contact us needing a IRS Attorney. If the loss is a Hobby loss, in general it can not be used to offset other forms of taxable income. In many cases, it is not a clear issue. The issue has also been a difficult one for the IRS to resolve, an... CONTINUE READING

The New IRS Home Office Deduction

2 August, 2013 | Tax Laws

The New IRS Home Office Deduction About four (4) million workers in the United States work from home.  Starting with the 2013 tax year, the Internal Revenue Service is allowing a simplified home-office deduction. The rationale behind the new method of deducting these expenses is that it simplifies the record keeping that most people are not complying with currently which causes income tax audit issues. Therefore, this new method is good for people who do... CONTINUE READING

Tax Tips for U.S. Citizens Living Abroad: Foreign Earned Income Exclusion

13 June, 2013 | Tax Laws

Tax Tips for U.S. Citizens Living Abroad: Foreign Earned Income Exclusion Some American citizens choose to live and work outside of the United States.  On the federal level, all US  taxpayers and resident aliens must report and pay taxes on their worldwide income, regardless if they live within or outside of the US. Taxpayers who reside overseas are given an automatic two month extension to file their returns, and this year the filing date is Ju... CONTINUE READING

Determining Filing Status

13 June, 2013 | Tax Laws

Determining Filing Status When taxpayers file their income tax return, one of the first questions required is their filing status.  Filing an income tax return with the correct filing status is important for taxpayers; the filing status is used to determine filing requirements, the standard deductions, correct tax, and eligibility for tax credits. The correct filing status can not only impact the benefits you receive, and the amount of taxes you... CONTINUE READING

IRS Calls Practitioners over EITC Claims

20 February, 2013 | Tax Laws

IRS Calls Practitioners over EITC Claims The Earned Income Tax Credit, often called the EITC, is a tax credit that can help taxpayers keep more of what they earn.  It is a refundable federal income tax credit for individuals and families who earn low or moderate income.  When the EITC exceeds the amount of tax owed, there is a refund for taxpayers who claim and qualify for the credit.  In order to qualify, you must file a tax return and meet a set of r... CONTINUE READING

The IRS, Tax Preparers and the US Supreme Court

6 February, 2013 | Tax Laws

The IRS, Tax Preparers and the US Supreme Court On March 13, 2012, three tax preparers filed a lawsuit against the Internal Revenue Service in the U.S. District Court for the District of Columbia.  They filed the suit because they believed that the IRS did not have the authority to license tax preparers. The plaintiffs claimed that Congress did not give the IRS authority to license tax preparers, and the IRS cannot give itself that power. Beginni... CONTINUE READING

Tax Court and S Corporation Wages

31 December, 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

21 December, 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

NYS and IRS POA Forms

4 December, 2012 | Tax Laws

Form 2848 and Its Significance in Managing IRS Representation   Introduction The Internal Revenue Service (IRS) is the federal government agency entrusted with the oversight of the United States tax regulations and the collection of taxes. Dealing with the IRS can be a complex and sometimes daunting process, especially for individuals and businesses facing... CONTINUE READING

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Alter Ego Liens and Levies: How to Protect Your Assets

What Is an Alter Ego Levy and How to Protect Your Assets? An alter ego levy is when the IRS seizes assets owned by your alter ego to cover your tax debt. If you've received notice of an alter ego lien or levy, you need to take action – this is not routine tax debt co...