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...
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A tax attorney can be invaluable to your business
Few business owners can do everything on their own. Seeking occasional advice from a tax attorney can help businesses continue to grow and succeed. Tax law is complicated. Having a professional guide who can help you navigate these legal waters is essential. A tax...
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,...
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...
Understanding New York tax warrants and levies
New York state wants its taxes, and will take a number of steps to collect anything an individual or business might owe. That includes using tax warrants and levies, a couple of tools that put pressure on a person until they pay everything back. Here’s a quick...
Tax implications of classifying employees vs. contractors
Companies like Uber and Lyft have recently made news for misclassifying drivers as independent contractors rather than employees. Understanding such classifications can be especially critical for small businesses.According to The Balance, classifying workers as...
Who double-checks wealthy Americans’ math?
Like many Americans, taxes are probably one of the last things you want to deal with – especially after you file your tax return. But unfortunately, there is always the possibility that you could face an audit.If you earn a minimum of $10 million annually, you know...
Tax season is over, but the IRS is still hard at work
Now that the official tax season is over, you might find some relief in not having to deal with the IRS until next year. However, in some circumstances, they may not give you a choice.In 2017, the IRS conducted over 1 million audits. Due to federal budget cuts, that...
What is good about tax season?
Most Americans do not look forward to filing taxes. However, if you know what your options are, you may be able to use the law to your advantage to reduce your tax liability.As a business owner, you might appreciate new legislation regarding tax breaks beginning with...
Art mogul moves from gallery to cell in tax fraud sentence
For art lovers, the colors and textures on a canvas can invoke a message, emotion or memory. But while much of art is left to individual interpretation, the laws surrounding it are far more concrete.New York American art dealer and gallerist, Mary Boone, has been...