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

2021-08-26T20:58:32+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

2021-09-21T01:34:17+00:00December 3, 2020|Categories: IRS|Tags: , , |

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

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

2021-09-21T01:34:47+00:00October 12, 2020|Categories: NYS Tax, IRS|Tags: , , , , |

July 15 Tax Deadline Looms: What You Need to Know If You Owe Back Taxes

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

2020-12-03T22:59:58+00:00July 2, 2020|Categories: IRS, NYS Tax, Sales Tax|Tags: , , , , |

Top 10 COVID-19 Tax Relief Provisions You Need to Know Now

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

2021-09-21T01:58:55+00:00May 4, 2020|Categories: IRS, NYS Tax, Sales Tax|Tags: , , , , |

Covid-19 Tax Relief Recap for Individuals and Businesses

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

2020-12-03T23:01:00+00:00March 31, 2020|Categories: IRS, NYS Tax, Sales Tax|Tags: , , |

New from New York State: Online Applications for an Offer in Compromise

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

2021-08-26T21:06:40+00:00December 11, 2019|Categories: NYS Tax|Tags: |

The Biggest Myth about Settling with the IRS for Less than You Owe

If you can’t afford to pay off your tax debt, you may qualify for an “Offer in Compromise (OIC).” An IRS Offer in Compromise (OIC) is an agreement between the taxpayer and the IRS to settle the taxpayer’s liabilities for less than the full amount owed. An OIC may be a good option if

2021-09-21T01:36:41+00:00September 10, 2019|Categories: IRS|Tags: |

The Latest on New York State Tax Collections: Takeaways from the LI Tax Professionals Symposium

Audits are stressful experiences especially when it’s likely the taxpayer could owe a significant amount in back taxes and penalties. CPAs must be prepared to advise clients about how to deal with these situations. At the recent Long Island Tax Professionals Symposium, the attorneys from Tenenbaum Law spoke about several recent developments and methods

2020-10-15T18:31:12+00:00November 28, 2017|Categories: NYS Tax, Residency|Tags: , |
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