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New York Tax Law Blog
Coronavirus laws trigger need to review taxes: Part 3
This is the third part in our series delving into how laws passed in response to the coronavirus pandemic have impacted tax obligations. The first addressed net operating losses (NOL) and the second discussed real estate qualified improvement property (QIP). This post...
Coronavirus laws trigger need to review tax returns: Part 2
As noted in Part 1, the Coronavirus Aid, Relief, and Economic Security (CARES) Act resulted in changes that impact past tax filings. The previous post delved into the impact of these changes on net operating losses (NOLs). This post will discuss how the law impacts...
Coronavirus laws trigger need to review tax returns: Part 1
The United States government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law to help provide financial stability during these uncertain times. The piece of legislation led to many changes — changes that could directly impact tax returns...
New IRS program could help those who need to disclose taxes
Government agencies are making announcements about incentives to help people as we navigate the COVID-19 crisis. The Internal Revenue Service (IRS) recently unveiled its effort to help taxpayers, called the People First Initiative. What is the People First Initiative?...
Will Tax Courts offer extended deadlines?
Like many offices throughout the country, the Tax Court has closed its buildings. The move was the result of President Donald Trump’s emergency declaration due to the coronavirus pandemic. During this time, the Tax Court is holding standard mail sent to its offices....
Tips to avoid taxpayer identity theft
Taxpayer identity theft occurs when another fraudulently uses stolen personal information to get a taxpayer’s refund or stimulus check. This form of theft can be frustrating for many reasons, including the fact it can take weeks or even months to realize you are a...
When are taxes dischargeable in bankruptcy?
Can a Bankruptcy Court discharge unmanageable tax debt? The answer, like many things in the legal world, is maybe. The Bankruptcy Court will consider many things when determining whether or not to forgive tax debt. In a recent case, the court showed how the lifestyle...
New laws change rules about withdrawals from retirement accounts
There are various laws and regulations in place to help encourage taxpayers to save money towards retirement. These laws and regulations have specific rules about when the owner of a retirement account can begin taking withdrawals. A failure to abide by these rules...
Four examples of evidence used to build a tax evasion case
The Internal Revenue Service (IRS) generally looks for more than a failure to file tax returns when building a criminal tax evasion case. In most cases, these allegations require the prosecution establish intentional steps taken to avoid one’s tax obligations. Some...
How Do I Respond To An Audit?
It’s the “A word,” the term that strikes fear in the hearts of law-abiding taxpayers everywhere – and that word is audit. If you are being investigated or have been targeted for an audit of your tax return by the IRS, it is time to contact the experienced tax...
