The pandemic changed the way we work. Many people who commute into big cities like New York were forced to work from home, often in other states and often for the majority of the year. This led to a lot of frustrations, like trying to find space for a home office and...
How does the IRS communicate with taxpayers?
Identity theft and other tax scams are commonplace. As a result, it is important for taxpayers to know how to protect themselves from bad actors that are trying to steal their information. The first step toward protection is to know how the Internal Revenue Service...
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?...
What is the latest on taxes and cryptocurrency?
Investors often take steps to diversify their assets to better ensure a strong portfolio. In addition to various stocks, bonds, savings accounts and real estate, more and more investors are turning to cryptocurrency as another option to add to the mix. According to a...
I moved from NY to FL. Will NY still try to send me a tax bill?
Whether moving before the pandemic or as a result of the pandemic, those who left New York for Florida or other warmer pastures often find themselves asking this question. Is my move legit? Will the New York taxing authorities try to send me a tax bill and expect me...
Is that really the IRS trying to contact me? Or is it a scam?
The Internal Revenue Service (IRS) recently published a news release encouraging taxpayers to proceed with caution when they get a contact claiming to be from the feds. The agency states that it is continuing to deal with scammers and that these scammers are becoming...
What do I need to know about NY’s residency requirements?
Taxpayers generally have to worry about two bills: the federal bill to the Internal Revenue Service (IRS) and the state bill to the state taxing authority in the state they call home. But, in recent years, this generally clear-cut rule has gotten complicated. In the...
How are New York tax officials handling remote workers?
The COVID-19 pandemic has changed how we work. The need to social distance and reduce unnecessary contact with people to help lower the risk of spreading the virus back in 2020 forced many employers to shift to a remote workforce. Instead of coming into the office,...
Feds target cryptocurrency to look for tax evasion
Uncle Sam wants a piece of your cryptocurrency, and he is not afraid to put some effort into getting his share. At least that was the message of a recent report released by the United States Treasury Department. According to the release, the feds are investing in...
Can the IRS limit my travel if I have a tax bill?
The United States Tax Code is a complicated and powerful set of laws. It provides the government with various tools to better ensure compliance. One example: the ability to restrict travel. In some cases, the government can restrict international travel if the...