Auerbach Law Group, P.C.
White Plains
914-686-7171
Chappaqua
914-238-7171
East Hampton
631-329-7171
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October 2019 Archives

Controversies of the reasonableness of executive pay

One of the most generous tax deductions available to businesses, as well as not-for-profits, is the ability to deduct an employee's pay. For the most part, this is not controversial. After all, all but the smallest companies need to have employees to help with the running of the business's affairs. So, the IRS and other authorities will generally allow compensation to be deducted as a necessary business expense, so long as the employees in question are legitimately on the company's payroll. However, these matters can become more complicated as businesses grow and their top leaders demand higher pay.

Not-for-profits can run in to tax trouble

Many people in White Plains and other parts of New York may wish to set up a not-for-profit corporation and then apply for an exemption from income taxes and, by extension, other state taxes as well. This is most often referred to as 501(c)(3) status.

What self-employed individuals need to know about taxes

Working for yourself comes with many benefits. It is the concept of freedom that draws most people to this career path. However, self-employment also requires a great deal of responsibility. While an employer used to take care of matters like withholding income for taxes, it is now your job to ensure you are abiding by New York state and federal tax law. This involves keeping accurate records of income and expenses and working with a tax specialist to set up a plan to pay your taxes independently.

Reality stars reach civil settlement with state collectors

This blog recently reported on the fact that two famous real estate professionals and reality stars were facing federal tax evasion charges which they adamantly denied. Their case with the federal government remains pending.

Contact us

White Plains Office
81 Main Street
Suite 307
White Plains, New York 10601

Phone: 914-686-7171
Fax: 914-686-0168
White Plains Law Office Map

East Hampton Office
17 Beverly Road
Post Office Box 2888
East Hampton, New York 11937

Phone: 631-329-7171
Fax: 631-604-6140
East Hampton Law Office Map

Chappaqua Office
726 King Street
Post Office Box 488
Chappaqua, New York 10514

Phone: 914-238-7171
Fax: 914-238-4353
Chappaqua Law Office Map

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