Many New Yorkers may already know that there are a lot of generous tax benefits associated with home ownership. In addition to being able to deduct interest from mortgages, for instance, the sale of a home can also be exempt from capital gains tax, at least up to a...
Large Firm Skills
With Small Firm Service
Month: August 2019
Employment and offshore tax issues remain high IRS priorities
As is the case across the federal government, funding cuts have meant fewer agents in charge of pursuing criminal tax litigation in cooperation with federal prosecutors.Officials recently confirmed there are 2,100 IRS special agents, down from 2,800 in the late...
The four types of IRS audits
Nobody likes an audit. It’s a painful, mind-numbing and thorough examination of your taxes and financial information. The Internal Revenue Service performs audits to ensure you are reporting your taxes correctly and adhering to tax laws.To determine whether an audit...
Be cautious when paying independent contractors in cash
Particularly for some smaller to mid-sized businesses in the greater New York area, it may be easier to pay certain bills under the table, that is, in cash or otherwise outside the business's normal accounting system.There is nothing illegal about doing this per se....
Penalties for tax evasion are wide-ranging
As this post has discussed before, a New Yorker can wind up in federal prison for tax evasion. Specifically, after a conviction for tax evasion, a court can order the guilty party to spend up to five years behind bars.However, these are not the only criminal penalties...
Back taxes force famous Brooklyn bagel shop to close
A bagel shop in Brooklyn that garnered widespread fame for its multicolored bagels has been forced to close after New York's taxing authorities seized the property.According to the New York Department of Taxation and Finance, the owner of Rainbow Bagels owes almost $1...