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...
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Year: 2019
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.The idea behind...
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...
Can I use bankruptcy to take care of my tax debt?
Many New Yorkers may wonder what good it would do to work out payment arrangements directly with the IRS and other taxing authorities if they are able just to file for bankruptcy protection.While, contrary to popular belief, it is possible to discharge certain tax...
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.It recently came to light that the couple...
More on the tax consequences of family loans
Although this blog has touched on the subject before, it may be helpful to review the possible consequences of family loans.Many residents of White Plains and other parts of the greater New York City area may find family loans to be both advantageous and convenient....
We can help stave off IRS collection efforts
Previous posts on this blog have described the broad powers the IRS has to pursue a person's wages and property in order to collect a delinquent tax debt. For instance, the IRS has the power to use wage levies, which work a lot like garnishments. Unlike traditional...
The business versus hobby distinction
Many people in White Plains and the other communities around New York City have hobbies. In most cases, people probably think of a hobby as something that a person spends money on in order to get a non-financial benefit, like relaxation or personal satisfaction.There...
Knowing injured spouse relief from innocent spouse relief
The IRS has seen every kind of complication an American family or business can offer. So even in the tax-law sense of the terms, in a nation with a population of over 300 million, innocent and injured spouses are relatively routine to the IRS.To save you time below,...
IRS offering limited settlement to some taxpayers under audit
The Internal Revenue Service (IRS) does not have a reputation as being particularly forgiving. Some taxpayers currently under audit, however, are getting an uncommon opportunity: a limited-time settlement offer that will bring some finality to the issue at-hand.Here...