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Real estate can be a great way to build wealth, but tax problems can take a big bite out of your profits. Many investors run into issues because they don't plan ahead or understand tax rules. New York’s unique tax laws can make things even more complicated. Knowing...
Filing a false tax return is a serious offense that can lead to severe penalties, including fines and imprisonment. However, individuals accused of this crime may have legal defenses that can help challenge the charges. Understanding these defenses is essential for...
The IRS issues trust fund recovery penalties (TFRPs) to hold individuals personally responsible for unpaid payroll taxes. Employers must withhold income and payroll taxes from employees' wages and remit them to the IRS. If a business fails to do so, the IRS can assess...
Cash transactions of significant amounts often draw government scrutiny due to concerns about financial misconduct. Failing to meet these legal obligations can result in serious financial and legal consequences. Authorities enforce strict regulations to ensure...
Tax problems can be expensive and stressful. New technology can help people follow tax rules and avoid disputes. Tools like artificial intelligence (AI) and cloud computing make it easier to track income, expenses, and payments. More businesses and individuals use...
Online businesses continue to face changing tax collection policies as federal and state governments adjust to the growing digital economy. Lawmakers have introduced new regulations to ensure that online retailers, service providers, and digital platforms meet tax...
Misclassifying employees as independent contractors can cause serious tax problems for businesses. In New York, strict rules determine whether a worker is an employee or a contractor. Employers who fail to classify workers correctly risk financial penalties and other...
Tax evasion is a serious offense with significant consequences. A key element in proving tax evasion is demonstrating “willfulness.” Understanding this term is crucial for anyone accused of such charges. Courts carefully examine the circumstances surrounding a...
Cryptocurrency might seem like uncharted financial territory, but in New York, taxes keep it firmly regulated. New York treats cryptocurrency as property, and whether you’re earning, trading, or mining, the state expects its share. Understanding how these taxes work...
The IRS has been paying more attention to offshore accounts and foreign income recently, creating challenges for people with money or investments in other countries. It’s important to understand these rules if you have international assets. New reporting requirements...