Though federal tax law has allowed a deduction for expenses associated with a home office for a long time, the fact that so many professionals began working from home for the first time in 2020 means that the deduction is receiving more consideration than usual....
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Month: July 2019
What tax mistake could get you in criminal trouble?
Failure to pay your company’s payroll taxes. Time and again, business owners and chief financial officers take liberties with payroll taxes only to end up under criminal investigation by the IRS. Moreover, you could be personally liable for the taxes. Here are a...
Will a home office deduction trigger an IRS audit?
Everyone loves saving money, and we regularly look for new ways to be able to do it. Recently, more and more of us have been able to work from home. This unique work situation may qualify you for a tax deduction for your home office, but should you take it? Many...
TIGTA: American taxpayers default on over half of payment plans
The Treasury Inspector General for Tax Administration (TIGTA), the IRS’s watchdog, has issued a report on the state of tax collections through private debt collectors contracted by the IRS. The IRS has assigned private collection agencies over $30 billion in unpaid...
Self-employed retirement deductions may face additional scrutiny
A new report from the Treasury Inspector General for Tax Administration (TIGTA) makes several recommendations to the IRS on how it could reduce improper retirement deductions by self-employed individuals. The report suggests that some self-employed people may claim...
Lawmakers revive tax on wealthier New Yorkers with second homes
Wealthier state residents who own additional homes in New York City may experience a bigger tax pinch if state lawmakers have their way. Members of the New York State Assembly recently revived plans on an annual tax of 10% to 13.5% on co-ops and condos used as second...
IRS planning to perform 50% more small business audits in 2021
The IRS recently announced that it is hiring 50 more specialized auditors who will be ready to begin in February. The agency is planning to ramp up small business audits by 50% over its historically low rates for these taxpayers. This could mean increased audit...
IRS is simplifying the process of getting a repayment agreement
Especially this year, many taxpayers are facing challenges paying their tax bills. If the pandemic has affected your ability to pay, the IRS has your back, according to a recent announcement. At least, the agency is making it easier to settle up. Taxpayers have always...
Bankruptcy or debt cancellation? There are tax consequences
This year, a lot of people are facing financial troubles. The good news is some lenders have been willing to work with debtors to relieve some of their debts. Unfortunately, that could result in a taxable event. Generally, debt that is freely forgiven, such as through...
What are the odds of being audited by the IRS?
The odds of getting a notification from the Internal Revenue Service (IRS) of a federal tax audit are fairly low. Recent projections estimate most individual tax filers are at about a 0.4% risk. However, certain things can increase this risk. In some cases, the...
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East Hampton, New York 11937
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Phone: 914-238-7171
Fax: 914-206-7500
