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
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
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
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
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
by Karen Tenenbaum, Esq., LL.M. (Tax), CPA It is not unusual for high-wealth clients to have more than one home. It could be a vacation house, an apartment in the city used for convenience, or dual residences in the Northern and Southern U.S. for snowbirds. Individuals with multiple homes often will select their state
While many businesses are returning to normal, some are still struggling, and the upcoming sales tax deadline can make it feel worse. Earlier this year, businesses that were unable to meet quarterly sales tax filing and/or payment requirements due to COVID-19 were able to have their deadlines extended to June 22, 2020, and have
If you have more than one home and COVID-19 altered certain of your activities, you could have a tax problem. Due to COVID-19, many taxpayers left one home for another home or were unable to change locations because of travel limitations. If that describes you, it could have affected your residency for state tax
As a result of the COVID-19 crisis, many federal and New York State tax deadlines were extended. In addition, those who had pending audits or tax collection matters or were paying off back taxes got a temporary break. However, many of these tax relief measures are set to end on July 15, 2020. What
New York takes sales tax liability seriously. It devotes significant resources to ensuring that businesses properly track, collect, and pay sales tax to the government. When a business fails to do that, the state enforces the law using a variety of tools at its disposal, including the following: Collection action against income and assets.
Many individuals and businesses are facing significant financial problems arising from the coronavirus. The Federal and New York State governments have responded with several changes to provide tax relief. Here are the key provisions taxpayers need to know: Federal Taxes 1. Filing and Paying Taxes. Taxpayers may defer filing and paying their federal taxes
As the coronavirus spreads, individuals and businesses are increasingly facing financial problems on top of the potential health concerns. In response to this, both the federal and New York State government have provided some tax relief. Here are a few developments: Federal Taxes The Treasury Department and the Internal Revenue Service have announced that
Do you own or rent residential property somewhere outside New York State and continue to maintain a home in New York State or City? You may be a target for a New York State or New York City residency audit from the NYS Department of Taxation and Finance. The State has been aggressive in
If you owe back taxes to New York State, an Offer in Compromise (OIC) may help you settle your debt for less than the amount owed if you qualify. Generally, taxpayers apply by mail, but starting October 2019, the State now allows certain taxpayers to take advantage of its online application process. Qualifying for
If you have multiple homes with one of them in New York, you could face a residency audit and significant tax liability. That is because of New York’s broad residency rules. Even if you only have a convenience apartment or vacation home in the state, you could be considered a state resident if you
