May 5th, 2025 The US income tax system is a “pay-as-you-go” system, which means the IRS expects individuals to pay taxes on income as they earn it, not all at once at the end of the year. If you have insufficient withholdings and/or estimates paid in, you may trigger...

December 6th, 2024 The Internal Revenue Service has just issued Notice 2024-85 providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024 and 2025....

May 11th, 2025 As part of ongoing efforts to combat illicit financial activities, the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has implemented the Corporate Transparency Act (CTA), requiring certain entities to disclose their beneficial ownership...

Cryptocurrency transactions have historically been underreported, leading to a significant loss in potential tax revenue. A report from the U.S. Government Accountability Office highlighted that tax compliance rates improve dramatically with third-party reporting, but...

November 28th, 2023 The Internal Revenue Service categorizes 1099 tax forms as information returns. These forms provide details about various financial transactions, Failure to file tax returns with government agencies and send them to individual taxpayers can...

October 16th, 2023 You ran out of time or couldn’t get everything together by April 15th so you put your return on extension. For whatever reason, you still haven’t filed by the extended filing date. At this point, a proactive approach is recommended. Here are some...

Your New York corporation may be organized as a nonprofit, but you will need to obtain tax exempt status from the IRS, usually classified under Section 501(c)(3) of the Internal Revenue Code to be treated as such by the IRS.  Otherwise, your organization will be...

The New York State (NYS) sales tax is a consumption tax imposed on the sale of most tangible personal property and certain services within the state. Here's an overview of some of the key points to consider: The sales tax rate varies depending on the location. There...

When considering forming an S Corporation for a startup, there are several factors to keep in mind: To be eligible for S Corporation status, the startup must meet certain requirements, such as having no more than 100 shareholders, only one class of stock, and only...

One of the more impactful elements of the Tax Cuts and Jobs Act is the new Section 199A deduction on qualified business income (QBI). One of the open issues for taxpayers has been to determine whether a rental activity is a qualified trade or business. The IRS has...