Tax Day has passed, but some taxpayers may have missed an important form. In certain situations, the government requires taxpayers to file additional paperwork. One example: foreign accounts. The Internal Revenue Service (IRS) recently published an...
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Firm News
New Yorkers question property assessment after tax changes
The Tax Cuts and Jobs Act (TCJA) limited the SALT deduction to $10,000. This change limited taxpayers in the amount of taxes they could deduct for payments to cover property, income and sales tax obligations at the state level. The Treasury Inspector General for Tax...
Charged with a tax crime in New York? Intent matters.
New York officials recently released information on the arrest of eight individuals charged with tax crimes. The charges include filing fraudulent tax returns and failing to pay personal income taxes. The accused face financial penalties as well as potential prison...
Making $20,000 has more IRS scrutiny than higher incomes
It would be easy to assume the IRS spends most of their time carefully looking over the taxes of highly paid individuals. After all, the more money that exists in accounts and investments, the more complex the assets can become. It makes sense it would be easier for...
Businesses have new tax rules for holiday meals and entertainment
The holidays are right around the corner. In the weeks leading up to holiday breaks, many companies will treat their employees, vendors and other associates to perks for another great year of working together. However, new changes to the Tax Cuts and Jobs Act (TCJA)...
Benjamin Goldburd recognized in ASLA’s Top 40 Under 40
Benjamin Goldburd Esq., a partner at Goldburd McCone LLP has been recognized as one of the Top 40 Under 40 Tax Lawyers in the State of New York by the American Society of Legal Advocates (ASLA). The society is an invitation-only, nationwide organization founded with...
Is that charity organization really tax exempt?
The holidays are a time in which you might feel the need to give to those who are less fortunate. As the season of good tidings approaches, you realize that you’ve had a blessed year for your family and business, and now you want to contribute money, food or toys to a...
Business or hobby: Here’s how the IRS decides
From arts and crafts to sailing, woodcarving or horse breeding, we all have hobbies in which we enjoy. Some of these hobbies you can use to make a little extra money on the side, in addition to finding pleasure in the activity itself. Sometimes these hobbies can...
The link between taxes and nexus
In business, we are surrounded with buzzwords that might mean a lot to us, but outside of your industry, it could seem like you're speaking a foreign language. One word for you to consider today is "nexus." This term does not apply to one industry, but rather to any...
Tax Considerations When Starting a Business
Every year hundreds of thousands of new businesses enter the marketplace. New businesses face many challenges to achieve success. One such challenge is taxes. The way in which a business addresses tax issues can make a critical difference in its ultimate success or...