The New York State Department of Taxation and Finance has a new 20% supplemental sales tax on retail sales of vapor products in the state. The law, which went into effect December 1, 2019, applies to the sale of e-liquid as well as e-liquid units with battery and...
Tax Collection
IRS announces new payment option, skeptics voice concern
The Internal Revenue Service (IRS) recently announced a new payment option for taxpayers who are behind on their tax bill or who otherwise find themselves facing a large, unmanageable tax debt. According to the agency, taxpayers can now elect to have debit cards...
S corporations, C corporations & taxes: What you need to know.
Figuring out the best entity for your business’ success is about more than luck. Business owners are wise to put in some due diligence to figure out the best option to meet their needs. Tax rules that lead to the benefits and risks with each option can change, as was...
Three tax differences between independent contractors and employees
When it comes to tax obligations, there is a difference between independent contractors and employees. The Internal Revenue Service (IRS) explains that, in general, a worker is an independent contractor when they have independence over their work. When the payer can...
Has the new tax law impacted NY real estate deals?
New Yorkers have voiced concern the new tax law would have a negative effect on real estate transactions within the state. More specifically, a provision within the Tax Cuts and Jobs Act (TCJA) capped the amount of state and local taxes taxpayers could deduct on their...
IRS warns taxpayers of latest scam
The Internal Revenue Service (IRS) recently warned taxpayers they might receive a letter in their mailbox that looks like an official document from the federal agency. The correspondence is the latest work of scam artists trying to steal your money. The group behind...
To report or not to report: Why is virtual currency so difficult?
Governments are struggling with how to manage virtual currency. The Internal Revenue Service (IRS) and Department of Treasury continue to struggle to find the right way to handle this asset and have taken different stances. Digital currency has similarities to other...
IRS and DOJ warn Bitcoin investors: Report or face consequences
The United States government takes tax evasion very seriously. Two separate agencies, the Internal Revenue Service (IRS) and the Department of Justice’s (DOJ) Tax Division work to hold those who attempt to avoid their tax obligations accountable. These agencies...
IRS set to send out bills to taxpayers in June and July
Filing taxes for the 2018 tax year was a bit more difficult than previous years. The main reason: this year was the first year the Tax Cuts and Jobs Act (TCJA) was essentially in full effect. This year, taxpayers had to navigate the new tax law and many found...
What is the mansion tax?
New York state legislature just agreed to increase the tax bill for high value properties in the state. The law, known as the “progressive mansion tax,” requires property owners that purchase a property with a value at or above $1 million to pay a larger tax bill. How...