Business & Individual Tax Services

In addition to preparing individual tax returns, our firm provides business, accounting, and tax services to a variety of small and medium-sized businesses. We guide our clients through the normal occurrences associated starting and running a business. Should a legal issue or unavoidable situation arise, we provide the assurance and results that you would expect from a full service law firm.

YOU MUST PUBLISH YOUR LLC, OR ELSE!

Although it seems relatively inexpensive to form an LLC and as you look online you initial assumption would be correct. However, the online companies fail to tell you the requirements or downplay the costs of publication of your LLC. So here is the real facts: in New York, a Limited Liability Company must publish, within [...]
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S-Corp vs. LLC

Both entities are “Pass-Through” entities for tax purposes; the income of these companies are passed through to their owners and reported on the owners’ personal income tax returns, thereby eliminating the double taxation incurred by owners of a standard corporation. Also both entities provide liability protection; this means that the owner of a company cannot be held [...]
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Can I Go to Jail for not filing my tax returns?

A long-standing practice of the IRS has been not to recommend criminal prosecution of individuals for failure to file tax returns, provided they voluntarily file, or make arrangements to file, before being notified they are under criminal investigation. The taxpayer must make an honest effort to file a correct return and have income from legal [...]
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I have not filed my tax return(s), what do I do?

The quick answer to this question is that you must file your tax returns whether or not you can afford to pay the tax liability. Even if you have escaped detection for one or more years, your time may be running out and when it does the effects can be staggering. Relatively small tax liabilities [...]
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I cannot afford to pay my income tax. What can I do?

Even if a taxpayer doesn’t have enough money to pay, returns should be filed to avoid further penalties for failure to file. The IRS will assist in finding a solution to the problem. The IRS may accept an installment agreement to pay the debt over time, or you might be eligible for an offer in [...]
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THE TAX AUDIT!

The IRS can audit  in a number of forms.  The most demanding are the face-to-face audits, which require sitting down with an auditor and reconciling your income and deductions.  However, correspondence audits, where the IRS has reason to believe that the taxpayer failed to include reported income or has overstated deductions, are less demanding. Correspondence [...]
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Checking the Status of Your Federal Tax Refund

Generally, If you e-file, you can get refund information 72 hours after the IRS acknowledges receipt of your return.  If you file a paper return, refund information will be available within three to four weeks.  If you already filed your federal tax return and are due a refund, you can check the status of your [...]
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Commuting v. Deductible Business Mileage: Temporary work location/ Union members/ Multiple work locations

If you have one or more regular work locations away from your home and you commute to a temporary work location in the same trade or business, you can deduct the expenses of the daily round-trip transportation between your home and the temporary location, regardless of distance. If your employment at a work location is realistically expected to last (and does [...]
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Investing in real estate through an IRA-Self Directed IRA

Self- Directed IRA A Self Directed IRA is an IRA account which you directly control and direct into investments of your choosing.  Investment Real Estate is one of the more popular options for using a Self-Directed IRA, otherwise known as a Checkbook IRA, Real Estate IRA or Self Directed IRA LLC. The self- directed IRA allows you [...]
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Taxing Access to Retirement Funds – Penalties, Exceptions, and IRS Rules

Taxing Access to Retirement Funds – Penalties, Exceptions, and IRS Rules If you withdraw funds from your 401(k), traditional IRA or 403(b) plan before the age of 59 and 1/2, you will be charged with a 10% early distribution penalty and if you withdraw money from a Simple IRA that you started contributing to only [...]
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