Our New York City office is now open! Located in Midtown- 1740 Broadway 15th Floor, New York, NY 10019
There are two ways to make income tax payments to the IRS throughout the year: through the withholding amount on your paycheck, and through making estimated tax payments. If you have ever wondered about estimated tax payments, this article will explain what they are, if you need to make them, and how to make them […]
The Employee Retention Credit (ERC) was rolled out in March 2020 as part of the CARES Act to help businesses with the cost of keeping employees on payroll through the COVID-19 pandemic. It is a tax break in the form of refundable employment tax credits for those businesses that qualify. Although the ERC is no […]
If you have a bank account in a foreign country, you may need to disclose it to a branch of the government that fights financial crimes. This is what tax professionals call FBAR reporting. FBAR stands for Foreign Bank and Financial Accounts Report. Your foreign bank accounts may also impact your tax returns. Let’s take […]
No one can outrun or outsmart the IRS. The IRS keeps a close eye on your international activity, and failing to comply with international reporting requirements can cost you. Keeping up with your filing responsibilities is much easier — and much cheaper — than the alternative. Penalties for Noncompliance Our clients know that we come […]
For ex-pats and other United States taxpayers with foreign bank accounts, understanding the Report of Foreign Bank and Financial Accounts (FBAR) and other informational filing requirements is essential. Failing to file an FBAR when required can result in hefty fines and even criminal penalties. Fortunately, the IRS’s Streamlined Filing Compliance Procedures can help you correct […]
When working with a tax professional or other professionals that want access to your IRS information, you might be asked to sign IRS forms that serve as legal authorization documents. There are a few different forms that grant varying powers to the people requesting them. This article will help you understand the differences among the […]
Cryptocurrencies, including Bitcoin, Dogecoin, and other virtual currencies, have been in the news a lot lately. Whether you’ve heard that now is the time to buy or been warned about a crash, anyone who buys, earns, trades, or sells crypto needs to understand the tax consequences. Starting with 2020 tax returns, the IRS moved the […]
Did you know the IRS provides a tool on their website that allows taxpayers to check their refund status? The good news is you don’t have to rely on your tax professional to access this information; you can access it directly yourself. Here’s the direct link: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp How do I get started? The “Where’s My […]
Currently the minimum salary for exempt employees under 25 employees is $58,240. The rate is based on the CA state minimum wage of $14/hour. It is set to increase to $15/hr. next year 1/1/23. However, due to the increase in inflation estimated to be over the 7% limit set by CA’s current minimum wage law, […]
We have all been impacted by the rising costs in 2022, and gas prices have been no exception. To help alleviate some of this burden for certain taxpayers, the IRS has announced an increase in three of the four standard mileage rates for the second half of 2022. This is an unusual step for the […]
