Warm weather and less taxes?! For taxpayers in New York the combination may be too good to pass up according to New York Governor Andrew Cuomo.
Tax News & Updates
Following President Trump's signing of a short-term funding measure today, the Office of Management and Budget issued a memo requesting Federal employees "reopen offices in a prompt and orderly manner."
The U.S. Tax Court has cancelled three weeks of scheduled trials due to the government shutdown. The cancelled trial schedules are the weeks of January 29, February 4, and February 11, 2019. The impacted sessions are as follows:
Our client, a self-employed attorney, fought with the IRS for several months over business expenses before retaining AB Tax Law APC. The IRS auditor held fast to the position that our client did not meet their burden of proof for the claimed business expenses.
January 15, 2019, marks the due date for the fourth and final estimated tax payment of Tax Year 2018. Despite the Federal government shutdown that has left the agency closed for the last 24 days the payments are still due.
As a tax controversy attorney one of the most common questions I am asked is whether there is any truth in the tax settlement advertisements that are frequently on tv and radio. The short answer: the advertisements are based on a real program the IRS and State tax agencies have called an Offer In Compromise, but the commercials are misleading in how they present "pennies on the dollar" settlements as being available for everyone.
Everyone wants to maximize their tax refund or at least minimize what they owe. This dynamic can motivate less-than-honest tax preparers to use the following techniques to increase your refund. Know what to look for so you don't find yourself in hot water with the IRS or State.
The Internal Revenue Service has set the opening of the tax filing season despite an ongoing government shutdown. The IRS confirmed that it will begin processing individual income tax returns on January 28, 2019, and provide refunds to taxpayers as scheduled. The filing deadline to submit 2018 individual income tax returns is Monday, April 15, 2019.
We are in the midst of the third shutdown of the Internal Revenue Service (IRS) in the past five years. Is now the time for the real estate industry to break its dependence on the IRS as a way of avoiding delays and harm to the industry?
Our client, a self-employed individual, owed the IRS $319,000. Through the Offer In Compromise program Attorney Adam Brewer was able to settle the debt with the IRS for $6,700.