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Tax Laws

Tax Laws

Small Company Tax Basics

16 December, 2018 | Tax Laws

Small Company Tax Basics Being a small business owner is something that many people strive for and want to achieve, as they don’t want to rely on others and there is more potential in being a small business owner. Having your own business has many advantages but there are also many things you must be aware of and deal with. Small business tax problems is something that every business owner has to carefully manage and it is not always easy. There is more... CONTINUE READING

New Tax Act and Additional Itemized Deduction Implications

18 January, 2018 | Tax Laws

New Tax Act and Additional Itemized Deduction Implications Individual taxpayers should be aware of major changes that will be implemented this year for their 2018 return. Even though it seems still like a long time to April 2019, it is necessary to have some impression about the new Tax Act and how it might affect you. Due to changes in the tax brackets, itemized deductions, and personal exemptions, etc this is one of the most significant changes in the t... CONTINUE READING

Petitioning the U.S. Tax Court

27 October, 2013 | Tax Laws

Petitioning the U.S. Tax Court A taxpayer may petition the United States Tax Court (www.ustaxcourt.gov) if they have received a Notice of Deficiency, a Notice of Determination Concerning Collection Action, or a Notice of Determination of Worker Classification from the IRS. Once the IRS... CONTINUE READING

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

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

13 June, 2013 | Tax Laws

Overview: U.S. Taxation of Worldwide Income The U.S. is one of the few countries that taxes its citizens and resident aliens on all income, regardless of where it is earned. Expatriates must declare earnings from wages, self-employment, investments, rental income, pensions, trusts, and any other sources, whether domestic or foreign. Failure to report all worldwide income can result in severe IRS penalties or criminal char... CONTINUE READING

Determining Filing Status

13 June, 2013 | Tax Laws

A Guide to Making the Right Choice for Your Income Tax Return Why Your Filing Status Matters Filing status is one of the key factors the IRS uses to determine: Your standard deduction amount Eligibility for tax credits and deductions Your tax bracket Whether you are required to file a tax return Choosing the wron... 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

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 the U.S. Tax Court When a taxpayer disputes an IRS determination—such as a notice of deficiency or liability—the U.S. Tax Court provides a structured avenue for resolution. However, strict filing deadlines apply, and missing them can permanently forfeit a taxpayer’s right to challenge the IRS in court. Fortunately, the Internal Revenue Code offers a valuable safeguard known... CONTINUE READING

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What Triggers a NY Sales Tax Audit? Key Risk Factors

New York sales tax audits are often triggered by specific patterns, such as reporting inconsistencies, industry risk factors, and ongoing compliance issues. If your sales tax filings raise questions at the New York Department of Taxation and Finance (DTF), they may review yo...