Small business owners need to come up with a business plan, stay up to date on the workings of competitors, make sure their employees meet expectations, and make sure the business turns a profit. As if this was not enough, they also need to navigate various state and...
Serving Individual And Corporate Tax Clients Nationwide From Our New York, New Jersey, Florida And California Offices
Steven Goldburd and Benjamin A Goldburd
Since 1983, our tax firm has skillfully represented individuals and corporations across the United States and around the globe from our offices in New York, New Jersey, California and Florida.
Business Tax
State sales nexus audits are on the rise: FAQs
State taxing authorities have had almost five years to navigate sales tax issues after the Supreme Court ruling in South Dakota v. Wayfair. In that case, the court essentially relaxed the rules on when a state can tax a business. In the past the government required a...
IRS goes after small business for payroll taxes: 3 lessons
The Department of Justice (DOJ) recently announced the acceptance of a plea deal with a small business owner from New York. The DOJ states the entrepreneur, who owned and served as the Chief Executive Officer (CEO) of two spas and related businesses failed to properly...
I made a mistake on my small business’ tax returns. What now?
You take a deep breath and relax. You finally finished your small business’ tax returns. They are filed and you can move on — then boom. It hits you. You realize you made a mistake. You may have a moment of fear where all the possible outcomes of that mistake flash...
Can small businesses still claim the Employee Retention Credit?
Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help businesses during the pandemic. The law included increased availability of employee retention credits, or tax credits to help small businesses keep their employees even during...
What happens when New York fails to pay contracts with nonprofits?
It is common for a nonprofit to get funding from government contracts. When it comes to those who operate in New York City, this may include contracts with the city itself. Unfortunately, the city is not always great about paying its bills. Scott Stringer, the former...
FinCEN cracks down on LLC ownership to find tax fraud
The federal government recently announced an attempt to crack down on the use of legal entities like limited liability companies (LLCs) and partnerships to engage in illegal activities like money laundering and tax fraud. The government aims to achieve this goal by...
What is the Employee Retention Credit?
The Employee Retention Credit (ERTC/ERC) is a fully refundable Internal Revenue Service (IRS) payroll tax credit. The IRS urges employers to take advantage of this credit to help keep employees on the payroll as they try to keep their doors open during the pandemic....
How will President Biden’s tax plan impact my taxes?
President Joseph Biden’s 2022 Budget Proposal includes two plans that will directly impact taxpayers throughout the country: the American Jobs Plan and American Families Plan. The following will discuss some of the basics of these plans and how they would impact both...
Is New York’s Pass-Through Entity Tax a SALT cap workaround?
New York’s Pass-Through Entity Tax (PTET) is an optional tax available for partnerships and S corporations. When used wisely, election of the PTET may help to bypass the Tax Cuts and Jobs Act’s (TCJA) $10,000 state and local tax (SALT) limitation. How does this work?...