Many Americans vote based on how a candidate’s position affects their wallets. Election 2016 has a wide range of proposals that may drastically impact the estate taxes of many citizens. This blog provides a brief overview.more »
In the past partnerships and limited liability companies that have elected to be taxed as partnerships have rarely faced an Internal Revenue Service (“IRS”) audit. In part, this is because of the administrative burden faced by the IRS in attempting to collect tax resulting from partnership audit adjustments. The current partnership audit scheme requires partnership audit adjustments to flow through to the partners and requires separate collection actions against each individual partner.more »
The New York Department of Taxation has issued two new tax advisory opinions that have a significant impact on taxpayers who are non-residents of New York State.
We have previously posted information for non-residents. See Ryan Emery’s posts of April 21, 2015 and March 19, 2014. This blog reports on very recent developments based on two advisory opinions issued by the New York Department of Taxation on May 15, 2015.more »
Over the past year, Bitcoin, a new alternative virtual currency was in the news almost every week. Since its creation in 2009, Bitcoin use has grown exponentially. It now has a presence in nearly every country in the world. Mainstream businesses including Overstock.com and Microsoft have also begun to accept Bitcoin for ordinary transactions.
1. What is Bitcoin?
Bitcoin is a virtual currency that exists on the Internet. Just like the Dollar or the Euro, one can use it to buy goods and services or exchange it for real-world currencies. Some also hold Bitcoins solely as an investment.more »
It’s that time of year again – the April 15 deadline for filing income taxes is less than a month away. A number of us will be doing the annual scramble to consolidate the information needed to complete the forms/input the data and generate the return(s). And, of course, while last year’s return is a good reference, this year’s return preparation process will have some new challenges.more »
New York Public Health Law §2807-d(2)(b) imposes an assessment on New York residential health care facilities of six percent (6%) of the receipts of the residential health care facility. In most cases, the nursing homes pass on this assessment to the residents. This assessment is shown as a separate line item on the nursing home monthly bill.more »
There is one gift you can easily assemble in under ten minutes, at no cost, that will someday be greatly appreciated by your loved ones. A letter of instruction can provide great comfort and relief to your family when you are not available to provide guidance in person.more »
Maintaining up to date documentation for your retirement plan is extremely important and not something employers should take lightly.
During a plan audit the first thing the IRS auditor asks for is a signed copy of the Plan Document with all amendments. If these do not contain provisions timely reflecting the latest legislative and/or regulatory changes, the plan faces the possibility of disqualification which can be extremely costly.more »