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...
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...
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...
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...
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...
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...