January 2022 Newsletter – Tenenbaum Law, P.C.
Upcoming February Suffolk County Bar Association Webinars
Suffolk County Bar Association Tax Law Committee
Matthew Taus will be presenting on February 10th, 2022 at 5 pm on Choice of Entity. Karen Tenenbaum will be moderating.
Suffolk County Bar Association Academy of Law
Craig Goldenfarb will be presenting February 17th, 2022 at 12:45 pm on “How to Build a 7 Figure Law Firm.” Karen Tenenbaum will be moderating.
Guest Blog: Why I formed an Advisory Board
Once a new business gets their footing the amount of projects start to soar. The beginning can be tough on new business owners particularly because they need to manage their clients as well as the business. When there is an advisory board implemented it gives every party involved security. The business owners feel secure when they find the right experts to guide their business model. The clients even feel secure as well knowing who they are hiring have seasoned guidance.
Dr. Sandi Webster is the owner of Sandi Webster LLC. She is a serial entrepreneur, business coach and author who guides individuals and companies to form advisory boards. [email protected] 917-697-8218
In case you missed it:
“New York Suspended Your Driver’s License: What This Means and What You Can Do”
Karen Tenenbaum and Jake Schuster co-wrote this article for the Nassau Lawyer. They discuss The New York State Department of Taxation and Finance’s program to collect outstanding tax liabilities and what you can do to avoid this.
Read the full article here.
A RECENT TESTIMONIAL
“What a great law firm as they were professional, helpful and courteous. They did what they said they would X10. I would highly recommend them to anyone looking for a law firm to help them with a tax issue.”
– Client of Tenenbaum Law, P.C.
Click here to read more of our testimonials.
We would love to hear from you! Leave us a Google Review here.
We Make Taxes Less Taxing!
Highlights
Karen Tenenbaum had the honor of being featured in the Long Island Business News “The Book of Power Lists.” You can find some of Long Island’s most “influential industry leaders” of 2021 in this list.
Members of our legal team, Karen Tenenbaum, Marisa Friedrich, Moshe Zupnick, and Jake Schuster presented on “IRS Tax Collection and Trust Fund Recovery Penalties” for the NYS Society of CPAs, Relations with the IRS Committee.
Ben Lederman, CPA gave an informative presentation on Pass-Through Entity Taxes. This was the first Suffolk County Bar Association Tax Law Committee meeting of 2022. Chair of the committee, Karen Tenenbaum, moderated this presentation.
The Long Island Center for Business & Professional Women had an inspiring meeting with Mike Dowling, CEO of Northwell Health. He shared a true “rags to riches” story of how he ended up in his current role.
Karen Tenenbaum, Chris Bourell, and Scott Ahroni spoke on January 27th for CPA Academy. There were over 1000 registrants signed up for this presentation on Offers in Compromise and Installment Agreements.
The Suffolk County Bar Association’s Academy of Law had panelists Kyle Griffith and Christine Malafi share their knowledge on Mergers & Acquisitions. Karen Tenenbaum moderated this presentation on January 27th. Thank you Daniel C. Shaughnessy and Tamra Postiglione for representing today’s sponsors Wilmington Trust and M&T Bank!
Keep an eye out for the February edition of the Suffolk Lawyer!
Karen Tenenbaum is the Special Section Editor! There are plenty of tax-related articles from many knowledgeable professionals in this edition from the Suffolk County Bar Association
In the Headlines
“Venmo, PayPal, Cash App must report $600+ in business transactions to IRS”
As of January 1st, services like PayPal and Venmo are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service. Previously, these services only had to tell the tax authorities when a person had over 200 commercial transactions per year that exceeded $20,000 in total value.
“There’s a new tax rule for US small business owners. What to make of it?”
If you have a small business using a third-party digital payment service do not forget this income must be reported on your tax return. Many of these payment services will start requiring more information to be given to meet the obligations to the IRS.
“Don’t forget to declare income from stolen goods and illegal activities, IRS says”
The IRS gave an obscure reminder that ended up going viral on social media this month. Did you know you should be reporting all proceeds from selling stolen goods as taxable income to the IRS?
Check out Karen’s Virtual Business Card to get access to Informative Videos, our Social Media Platforms & Free E-Book Downloads!
