March 2022 Newsletter – Tenenbaum Law, P.C.
Highlights
Karen Tenenbaum, Marisa Friedrich, and Moshe Zupnick of our Legal Team presented on “Hot Tax Topics in a Post-Covid World: Personal Liability for Business Taxes & NYS Residency” at the Network of Allied Professionals Inc. meeting. Thank you, Harlan Kahn CPA, for inviting us to present in person for the first time in 2 years and share our insights on this topic.
Karen Tenenbaum‘s newest article “Preparing for a Successful New York State Audit Defense” was recently published in TaxStringer, a publication by The New York State Society of CPAs.
Firm Grasp on an Empty Bag? Anthony Citrolo of The NYBB Group invited Karen Tenenbaum to be his first guest on his brand new podcast, Firm Grasp on an Empty Bag? On the debut episode “To Exit or Not to Exit-The Business Owner’s Dilemma/Decision,” Karen discussed challenges facing business owners today such as collection issues, sales tax, bulk sales, personal liability, payroll taxes, nonfilers and much more.
Jacqueline Harounian, Esq. spoke on Legal, Financial, and Tax Considerations in Divorce Matters. Chair, Karen Tenenbaum, moderated for the Suffolk County Bar Association Taxation Law Committee.
Stephen Mankowski, CPA, CGMA, and Matthew Rappaport, Esq., presented on one of the hottest topics right now, Cryptocurrency. This informative presentation was moderated by Karen Tenenbaum for the Suffolk Academy of Law.
Check out our newest Tenenbaum Law Articles
How Far Back Can the IRS Audit Your Tax Returns?
How long the IRS has to conduct an audit depends on various facts and circumstances. As a result, even if many years have passed since you failed to file a tax return or pay your taxes, don’t assume you are off the hook.
What Percentage of Tax Returns Are Audited Each Year?
In 2020, the percentage of tax returns audited was only 0.2%, a new low. However, those numbers are an average across all tax returns. Your chances of being audited can vary significantly depending on your circumstances.
Upcoming
The Suffolk County Bar Association Taxation Law Committee and the Nassau County Bar Association Business Law, Tax, and Accounting Committee will be having a joint meeting on Wednesday, April 13th, 2022 at 12:30-1:30pm. Frank Agostino, Esq., will be presenting on “Representing the Intervenor in an Innocent Spouse Case.” Karen Tenenbaum, Chair, and Nassau’s Co-Chairs Scott Kestenbaum, Esq., and Jennifer Koo, Esq., will be moderating.
Karen Tenenbaum will be presenting on April 27th with Jacqueline Harounian and Veronika Freundlich. This webinar on Hidden Assets will cover protecting your assets, lifestyle analysis in high net worth matters, forensic evaluations, legal and tax issues.
Francine Cohen of The United States Bartender’s Guild Foundation will be chatting with special guest Karen Tenenbaum on Instagram LIVE. She will discuss tax topics that many in the Food and Beverage Industry should be aware of.
Financial Strategies for Seniors: Karen Tenenbaum will be interviewed by Peter Janowsky of Ryan & Janowksy Financial Strategies Group for his show Financial Strategies for Seniors. They will be discussing common tax problems seniors often encounter.
We Make Taxes Less Taxing! Download our Tax Helpline App to receive a FREE 15 Minute Consultation with a Member of Our Legal Team!
A RECENT 5 STAR GOOGLE REVIEW :Tenenbaum Law is the go-to place for tax controversies, residency matters and other tax issues. They serve the general population as well as the clients of CPA’s and attorneys. You can count on the best possible outcome when you use their services.
– Craig Morris, CPA
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Tenenbaum Law, P.C. Milestones
This month, Joann Nugent is celebrating an impressive 20 years as an Administrative Assistant at Tenenbaum Law P.C.. Renee Murphy celebrated her 10th anniversary as Office and Client Relations Manager in February! The firm and clients have been fortunate to benefit from their experience and dedication. We look forward to many more years together.
Guest Blog
The process of building a business allows your goals to come to fruition. However, many enter a frustrating period when the team is not all on the same page yet. There are multiple steps you can take as a leader to encourage an Aligned Team to work towards achieving shared goals.
Written by: Sara Frasca & Michael Smith of Point Northeast
Client Success Story
Our client came to us with a revoked passport due to an IRS debt, and an international trip booked. They needed their passport to be reinstated in a timely manner to ensure they would be able to fly. Moshe Zupnick jumped right in with a sense of urgency and immediately contacted the IRS to initiate a resolution. The client’s passport was reinstated and they had a great trip!
Les Dames d’Escoffier Big Sip
Newfound opportunities and critical issues facing a beverage alcohol industry still digging out of the pandemic, is what was on the menu at the third annual The Next Big Sip, beverage forecast report and scholarship fundraiser event hosted by Les Dames d’Escoffier New NY (LDNY).
This 45-year-old organization of groundbreaking female hospitality industry professionals exists to provide mentorship, scholarship, and space at the table for women pursuing careers in the hospitality sector and The Next Big Sip gathers leading industry voices to define beverage alcohol’s future as it raises monies for LDNY’s scholarship fund. This year’s revelations reflected monumental societal change
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LDNY member, and renowned spirits journalist, Amy Zavatto moderated the conversation, pointing attention to the intersection of beverage alcohol and taxation, “Not to be dismissed is the ongoing nationwide conversation about tax policy as it applies to beverage alcohol and the legislative changes now underfoot. The nascent growth in the canned wine and cocktails sectors highlights uneven tax implications for different products whether they are malt, wine or alcohol based.”
Jumping from unfair taxation to leveraging diversity as a tool to finding fairer ways to strengthen organizations she says about her panelists, “Each of these women is a strong force and interested in mentoring and giving back. They are shining examples of how we want the industry to be.”
LDNY’s mission aligns with Investors Bank’s philosophy and it’s why Jonathan Gross, Vice President, Senior Business Banker, decided to support The Next Big Bite 2022. He shares, “Learning that women are so underrepresented in this field was such surprising news to me that I wanted to contribute as best I could to help support the cause. Investors Bank loves to help support the community, and this felt like a great opportunity for us to get involved and help give back. I am looking forward to continuing and growing this great new partnership.”
Thank you, Francine Cohen and Jonathan Gross!
In the Headlines
“IRS chief Chuck Rettig expects tax return backlog to clear up by end of 2022”
While testifying about the state of the IRS to the House Ways and Means Committee, IRS Commissioner Chuck Rettig claimed that the backlog of unprocessed returns should be cleared by the end of 2022.
“Here’s how long it will take to get your tax refund in 2022”
Have you filed already and are now just waiting for your tax refund? Here is the breakdown of when you should expect it and what could cause a longer processing time. Millions of taxpayers have already received their refund, but there are still plenty waiting to even be processed.
Check out Karen’s Virtual Business Card to get access to Informative Videos, our Social Media Platforms & Free E-Book Downloads!
Connect with us!
Follow our social media accounts and check out our website to keep up to date with our upcoming webinars and events. We do monthly webinars featuring the latest, up-to-date information on various tax topics.
If you have any questions or comments, please feel free to reach out to us. We are available to discuss any IRS and NYS tax issues and hope that we can be of aid in resolving any tax problems you or your clients may have. Connect with me on LinkedIn or send me an email.
Disclaimer: Prior results do not guarantee a similar outcome. ATTORNEY ADVERTISING
Tenenbaum Law, P.C. | Tax Attorneys
Representing Taxpayers in IRS & NYS Tax Matters
534 Broadhollow Road, Suite 301 Melville, NY 11747
631-465-5000
