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Posts tagged "Tax Controversies"

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.

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.

Capital gains tax breaks on homes can cause issues

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 certain amount.

How does an offer in compromise work?

As previous posts here have discussed, many people in White Plains and the other New York suburbs may find themselves the target of an IRS audit or other collection action. Following an audit, even a well-meaning person may find himself faced with a large tax bill that would be hard to afford. After all, New Yorkers can and do make honest mistakes on their taxes. Moreover, tax laws and regulations, and even the legal positions of the IRS about the same laws and regulations, change over time. Sometimes, the IRS or even an individual examiner takes an aggressive position on which there is plenty of room for disagreement.

New York taxpayers should be aware of new regulations

One of the most popular deductions that White Plains residents may prefer to take on their taxes is the charitable deduction. This deduction allows those who contribute to qualified not-for-profits, often a 501(c)(3) corporation, to strike that amount from their adjusted gross income as an itemized deduction.

Understanding negligence and tax fraud

When facing tax problems, it is important for tax payers to understand how tax fraud is looked at and treated by the IRS. Any tax controversy can be overwhelming to the tax payer so it is helpful to understand what is considered negligence and what might be considered fraud.

Addressing a tax controversy

Tax problems can be overwhelming for most people who are facing them. When everyday people are facing a tax controversy or tax dispute, it is important to know what can be done and where those facing tax issues can turn. The possible consequences associated with tax controversies should not be taken lightly. Tax payers who find themselves caught up in them may face the challenges associated with tax issues on a daily basis.

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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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