New York state taxes are some of the highest in the nation. As such, those with the means often spend significant portions of their year in other states. Florida is a prime example. There is no income tax or estate tax in Florida. As a result, wealthy New Yorkers...
Tax Collection
New tax law, new tax bill? Options if you face tax debt.
Sweeping tax reform can be a good thing — or not. Many Americans throughout the country have found themselves facing a surprising and even unmanageable tax bill. What to do? In most cases, you should still file your tax returns. A failure to file can result in...
Jailtime and loss of property: Penalties for overdue taxes
The Internal Revenue Service (IRS) can impose harsh penalties for those who fail to pay their tax obligations. Stories of the government agency sending people to jail and taking away property abound. But when can the government use these extreme measures and are these...
Can taxpayers offer the IRS a settlement?
Not everyone can pay their tax bill. These situations can impact anyone, including some of the Hollywood elite. Famous actor Wesley Snipes provides an example. The actor attempted to make a deal with the Internal Revenue Service (IRS) after getting a $23.5 million tax...
Real estate and the Qualified Income Business Deduction
The Tax Cuts and Jobs Act (TCJA) includes a provision that allows qualifying business owners to take an income deduction (QBID). The vague language and complexity of the 20 percent pass-through deduction continues to cause frustration for business owners. Which...
Three ways to reduce your tax bill
The Tax Cuts and Jobs Act resulted in major tax reform. Savvy tax planners can make the most of these changes and take steps to reduce their tax obligations. Three specific examples include adjusting how you donate to charitable donations, making sure you can get...
Amazon chooses headquarters in Long Island — despite high taxes
On behalf of Goldburd McCone LLP posted in Tax Collection on Monday, December 3, 2018. Finding the right business headquarters is an important choice. The right location can help set the company's image and impact the type of workers that are interested in working for...
Wesley Snipes’ case shows inner workings of tax court
A large tax bill may warrant a challenge. However, building a successful case against the Internal Revenue Service (IRS) is not an easy task. Former Hollywood great Wesley Snipes provides an example. Mr. Snipes has taken on the IRS a couple of times. In 2010 he lost a...
How will tax reform impact small businesses?
Tax reform is not a common occurrence. Tax reform that results in a complete overhaul that impacts almost every taxpayer in the country is even more unlikely. Yet that is the current climate. Individuals, corporations, businesses … every taxpayer in the country will...
Business credit for FMLA leave: The basics
Employers are wise to take note of recent changes to tax implications of paid family and medical leave. The Internal Revenue Service (IRS) recently published a notice stating changes to the tax code have led to the creation of business credit for the provision of this...