The loss of a loved one is often a difficult and emotional time. The last thing anyone wants to think about when going through this time in life is tax obligations. Unfortunately, in some cases, these are considerations that must be taken into account. Take property...
Tax Collection
How did tax reform change the business deduction for meals?
The Tax Cuts and Jobs Act (TCJA) led to major tax reform. One specific example: the TCJA led to the elimination of the previously allowed business deduction for meals and entertainment. Change leads to confusion: What business deductions will the IRS allow? Although...
IRS limits tax workarounds: New York towns are fighting back
Many towns across the state have high property tax rates. Limits to the state and local tax (SALT) deductions incorporated in the Tax Cuts and Jobs Act of 2017 may hit these residents and communities hard in 2019. One example is the village of Haverstraw – on average,...
The power of the IRS: Did you know about this potential penalty?
It is no surprise that the Internal Revenue Service (IRS) will impose penalties if you do not pay your tax bill. The agency is clear about its ability to fine taxpayers' various penalties and fees and, in some cases, potential for imprisonment for failure to meet our...
IRS provides guidance on “crack and pack” planning technique
President Donald Trump pushed through tax reform at the end of 2017. The Trump administration stated the new tax law, the Tax Cuts and Jobs Act (TCJA) would result in tax savings for many Americans. Unfortunately, it has also led to confusion. Many provisions within...
Treasury Report: IRS not prepared to enforce FATCA
The Treasury Inspector General For Tax Administration (TIGTA) recently conducted a report on the Internal Revenue Service’s (IRS) ability to enforce compliance with the Foreign Account Tax Compliance Act (FATCA). Quick review: What is the FATCA? Congress passed the...
What happens if I can’t pay the IRS?
According to the Tax Foundation, income earners in the U.S. are subject to an average tax rate of 21 percent. That figure can prove burdensome for business owners and individuals who find themselves owing money at tax time. Although the bill may be unwelcome, you...
Property and taxes: How did the new tax law change the benefits?
Homeowners can view property ownership as an investment strategy. A homeowner can justify this investment a number of different ways. In the past, one of the motivating arguments in favor of owning property was the tax break. But is that still the case? The Tax Cuts...
High earning New Yorkers take note: The importance of domicile
The new tax law has had a big impact on taxpayers throughout the country. This is particularly true for high-income earners in high tax states. These individuals are hit hard by a higher personal income tax bill. As a result, high tax states like New York could lose...
SCOTUS and the online sales tax: How will they rule?
The Supreme Court of the United States (SCOTUS) has tackled a case that questions online state sales taxes. More specifically, the court will answer when an online business is required to apply a state sales to tax to an online transaction. How have state sales taxes...