Tag: tax

20
Mar

New York State Announces Penalty and Interest Waiver for Sales Tax Filings

As the COVID-19 spreads, taxpayers of all walks of life are affected by the vast actions taken to contain its spread and protect public health. In the face of this public health crisis, we want to ensure that all those that are being affected by this are educated on their rights and responsibilities in regard to their personal and business

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18
Mar

Tax Court Trial Sessions Cancelled

On March 13, 2020 the United States Tax Court determined that, due to the current health crisis, the Tax Court buildings will be closed effective immediately.  Previously scheduled Tax Court trial sessions will be cancelled including: April 6, 2020: Little Rock, AR; Niagara Falls, NY; San Diego, CA; Seattle, WA April 8, 2020: Chicago, IL April 13, 2020: Washington, DC

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18
Mar

Optional 90 Day Extension on IRS Payments

The Trump Administration announced its new economic stimulus plan today which includes an option for taxpayers to delay their tax payments for 90 days.  The plan allows deferrals of up to $1 million for individuals and up to $10 million for corporations on their tax payments for up to 90 days.  Taxpayers are still encouraged to file their tax returns

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11
Feb

Recent Tax Court rulings may allow refunds of previously assessed penalties

By: Derek B. Wheeler, Esq. and Heather L. Marello, Esq. As part of the Restructuring and Reform Act of 1998 (“RRA 98”), Congress enacted IRC §6751(b)(1), which requires written supervisory approval for certain penalties proposed by the IRS.  Much of RRA 98 focused on legislative controls to prevent abusive practices by IRS personnel which had come to light in the

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10
Oct

New York Adds an Economic Hardship Exception to License Suspension Statute

By: Heather Marello, Esq. In 2013, New York added Section 171-v to the tax law, which provides that the State may suspend a taxpayer’s driver’s license if his or her tax, penalty and interest exceeds $10,000 and the taxpayer is not in an installment payment arrangement or have an accepted Offer in Compromise by the Tax Department.  When the law

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30
Sep

IRS Captive Insurance Global Settlement Offer- Know your options.

By: Randall P. Andreozzi, Esq. In 2016 the IRS issued Notice 2016-66, which identifies certain micro captive insurance transactions as potentially abusive.  The Notice generally describes the abusive arrangement as one where owners of closely-held entities engage in a captive insurance arrangement that purports to ensure against certain risks associated with the business.  The business pays “premiums” to the captive

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11
Sep

Our View on Cryptocurrency Taxes & the IRS

By: Randall P. Andreozzi, Esq. Cryptocurrency investors be warned.  The IRS is coming for you.  Over the course of several years, the IRS has methodically ramped up its efforts to tackle the burgeoning cryptocurrency market.  As taxpayers enter this market, it’s important that they understand that virtual currency transactions are taxable events involving actual assets and that the IRS treats

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13
Jun

IRS Completes Unprecedented Campaign Targeting Employment Tax Crimes

By: Kevin Murphy, Esq. In our most recent blog post, we discussed the importance of timely payment of payroll taxes and how serious the IRS is taking the issue of criminalizing the Trust Fund Recovery Penalty. As a follow up, we wanted to pass along a recent news release from the IRS that highlights the conclusion of an unprecedented two

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31
May

WHY YOU SHOULD ALWAYS PAY YOUR PAYROLL TAXES: A PRIMER ON TRUST FUND RECOVERY PENALTIES (PART 2)-CRIMINAL EXPOSURE

By: Kevin Murphy, Esq. In Part 1, of this blog, we explained and discussed the civil aspects of IRC 6672- the Trust Fund Recovery Penalty (TFRP). At the end of Part 1, we mentioned that the civil statute is virtually identical to the criminal statute. The two statutes are highlighted below: Section – IRC 6672 (Civil) Any person required to collect,

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1
Mar

“But It’s Not My Fault” How to Obtain Innocent Spouse Relief

By: Heather L. Marello Married taxpayers often file their annual income tax returns electing “married filing joint” status.  While often beneficial from a tax perspective, spouses rarely understand that, by electing this status, each spouse agrees to be liable for the entire amount due for that year – whether it is the liability reported as due on the return or

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