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Goldburd McCone LLP
New York City Tax Lawyers

August 2018 Archives

Bonus depreciation available to business owners

We’ve written extensively on the potential impacts of the new Tax Cuts and Jobs Act. While it’s true that we know your 2018 tax situation could look different compared to last year, not everyone is sure what it will look like on an individual level. If you are a business owner, you are probably doubly concerned with what the tax law means for both your business and your livelihood.

Partnership tax audit rules: Is your business ready?

The rules regarding how the Internal Revenue Service (IRS) can conduct tax audits of partnerships have changed. It is important for business owners to review the rules and have a basic understanding of the impact on their business. In some cases, business owners may be wise to take proactive steps to better ensure their business’ interests are protected.

Partnership tax audit rules: Is your business ready?

The rules regarding how the Internal Revenue Service (IRS) can conduct tax audits of partnerships have changed. It is important for business owners to review the rules and have a basic understanding of the impact on their business. In some cases, business owners may be wise to take proactive steps to better ensure their business’ interests are protected.

Can you avoid huge tax penalties when the OVDP is about to end?

The Internal Revenue Service (IRS) requires taxpayers to report certain foreign assets. This requirement has led to many questions, including what should you do if you have a foreign asset? Can you come into compliance without facing serious penalties? In short yes, you should come into compliance and yes, you can mitigate the risk of serious penalties.

What happens if I can’t pay the IRS?

According to the Tax Foundation, income earners in the U.S. are subject to an average tax rate of 21 percent. That figure can prove burdensome for business owners and individuals who find themselves owing money at tax time. Although the bill may be unwelcome, you still have an obligation to pay the Internal Revenue Service, and options are available to you to make the payment. Here is how you can take advantage of your tax payment options and utilize proactive steps in the future.

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