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How Audits Are Selected For Return

A common taxpayer question is how the IRS decides which tax returns to audit. The IRS uses several methods to identify returns for audit, but regardless of the process used, there are two important points to keep in mind to reduce your risks. The first one is to avoid careless mistakes on your return

2021-05-11T15:13:13+00:00May 10, 2021|Categories: IRS|

2021 Employment Law Update – What Every Employer Must Know

Every year New York State’s Labor and Employment laws change with the expansion of employee benefits and new laws and regulations which are protective of employee’s rights. Employers must be aware of these changes to ensure their compliance with the laws and make sure that their employees receive the rights and benefits that the

2021-04-29T20:51:40+00:00April 29, 2021|Categories: Guest Blogger, NYS Tax|Tags: |

A Writer’s Point of View During the Pandemic

One night in April 2020, during the depths of the lockdown, Lesli Hiller was at home in New Hyde Park, watching television. “I saw something on the news about 1918 and that epidemic,” she says, “and I said to myself, ‘wait, the diary is from 1918.'” The long-forgotten canvas-bound diary—with the phases of the

2021-04-29T20:51:55+00:00February 22, 2021|Categories: Guest Blogger, NYS Tax|Tags: |

A little bit about Intellectual Property

By Richard Gearhart Intellectual property is frequently referred to as intellectual capital, meaning the intellectual assets of the business. From a legal standpoint, intellectual assets are classified into five categories: patents, trademarks, copyrights, trade secrets, and know-how. Briefly, patents protect new technology and inventions, trademarks protect brands, copyrights protect original works of expression, such

2021-04-29T20:53:05+00:00February 7, 2021|Categories: Guest Blogger, NYS Tax|Tags: |

Will COVID-19 Affect Your Clients’ New York State Tax Residency?

Reprinted with permission by the Nassau County Bar Association. The shelter in place rules imposed by many states, including New York during the coronavirus pandemic, led many to leave their homes. In New York City, residents exchanged their cramped apartments for suburban summer homes in less densely populated areas with more living space and

2020-12-28T15:52:09+00:00December 22, 2020|Categories: NYS Tax|Tags: , , |

IRS Announces Help for Taxpayers Who Can’t Pay Taxes Due to COVID-19

In November, the IRS announced several tax relief measures to help those struggling to pay their taxes as a consequence of COVID-19. The agency emphasized that it wants to give taxpayers more options in settling their tax debts and avoiding collection actions. If you can’t pay your taxes due to COVID-19, here are some

2020-12-07T16:50:57+00:00December 3, 2020|Categories: IRS|Tags: , , |

How a Retirement Benefit can be the Secret Weapon for Employee Retention

Today, more than ever, good employees are the lifeblood of successful companies. With the retirement crisis becoming more evident during the global pandemic, unforeseen fluctuations in the economy have forced small business employees to reconsider their priorities – and one constant in discussions has been financial security. Simultaneously, 12 states recently passed legislation to encourage and in

2020-12-03T22:58:12+00:00November 30, 2020|Categories: Finances|

Steps You Can Take When You Can’t Pay Your Taxes

As the restaurant industry continues to struggle with the impact of COVID-19, tax bills are presenting yet another problem. Shut-downs, continuing restrictions on capacity, and added costs to protect workers and patrons have left restaurants and owners with little cash to pay income and sales taxes. Fortunately, there are payment options that can help restaurants

Are You Struggling to Pay Your Taxes?

COVID-19 has made it more difficult for many individuals and businesses to pay their taxes. While many tax relief measures passed earlier this year have expired, there are still remedies that may help minimize liability and/or delay payment. IRS: Payment Options. If you cannot pay your taxes when due, several payment options are available

2020-12-03T22:58:27+00:00October 12, 2020|Categories: IRS, NYS Tax|Tags: , , , , |

Retirement “The Golden Age” or The stressful age?

Is your retirement income shielded from income taxes and market volatility? How have your wealth-building strategies factored in the loss of capital or income in retirement due to those taxes & volatility? Most people today only focus on now. The problem is they are not looking down the road to when they would like

2020-12-03T22:58:37+00:00September 30, 2020|Categories: Finances|
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