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4th quarter NYS estimated tax was set up for Dec 31st. Since it was a Sunday and holiday weekend, it appears the actual transmittal of funds will go out January 2nd. Is the payment still considered 2017 for the Federal itemized deductions?
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​ US Congress Conference Report which has not been voted on or passed yet, refers to the final version of the bill - does not allow a deduction for prepayment of 2018 state income taxes.   https://rules.house.gov/conference-report/hr-1 In addition prior revenue rulings 71-190 and 82-208 also preclude taking a 2017 deduction for payments made in 2017 to be applied to a tax liability in 2018 — notably, a year that has not even arrived at the time of payment, let alone produced any income, deductions, credits, or other items to support a tax calculation. Any payment might be in the form of an estimated tax — to be credited against the 2018 tax liability ...
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​ US Congress Conference Report which has not been voted on or passed yet, refers to the final version of the bill - does not allow a deduction for prepayment of 2018 state income taxes. https://rules.house.gov/conference-report/hr-1 In addition prior revenue rulings 71-190 and 82-208 also preclude taking a 2017 deduction for payments made in 2017 to be applied to a tax liability in 2018 — notably, a year that has not even arrived at the time of payment, let alone produced any income, deductions, credits, or other items to support a tax calculation. Any payment might be in the form of an estimated tax — to be credited against the 2018 tax liability ...
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​ It’s been 2 months since Hurricane Harvey, Hurricane Irma and Hurricane Maria hit, changing lives forever.  The Disaster Tax Relief and Airport and Airway extension Act of 2017 signed into law on September 29th offers specific disaster victims alternative methods of reporting eligible Hurricane Harvey, Irma and Maria disaster losses on their 2017 tax returns.  Remember these are temporary and limited to specifically identified areas and victims. Please visit our website for assistance with planning and/or reporting of casualty related issues http://aparnesscpa.com/services/casualty-loss-victims/    and additional blog posts http://aparnesscpa.com/resources/blog/ ...
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​ I too am a disaster victim and survivor. I woke up on the morning of October 29 th , 2012 to clear skies and stepped out of my house, walked down my front stairs onto the 3 feet of sand that had washed up from the beach during the storm.  As I started walking towards the beach (at the end of my block) I thought to myself “I don’t remember Kathy’s house having a garage,” as I got closer I realized her house had been ravaged by the storm and the roof was hovering 10 feet above the remains of her home.  Hurricane Sandy had hit Rockaway Beach in Queens NYC and life would never be the same or anywhere normal for several years to come.  The ocean had surged the ...
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Does any one have a specialty in forensic accounting?
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I handle many co-ops. In situations where I prepare the 1098 forms, I typically use Box 4 as a supplementary information box, and use the wording "RET" with a dollar amount to provide the shareholder's allocated real estate tax deduction. I also put the shareholder's apartment number and number of stock shares owned in that box. Again, just supplementary information to go along with Tax Letter. I have done this for over 20 years. I just learned that for tax year 2014, the IRS sent one of the shareholders a bill for unreported income, using the RET amount as income, treating the RET abbreviation as "return" of some kind. Has anyone ever seen this or have ...
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Sub-rental of one office available : Great location in a Class A office building in Melville, NY, conveniently located along the Route 110 corridor. Windowed office, access to professionally appointed conference room and reception area. Includes utilities and office cleaning. Rent reasonable. Easily accessible from the Long Island Expressway, Northern State Parkway and Southern State Parkway. Large parking area, onsite drop-off boxes for Fed-Ex, UPS and US Mail. 24/7 proximity card access system and building security guard. Sincerely, Richard Punturo, CPA, CFP® Bernstein & Punturo, LLP 445 Broad Hollow Road- Suite# 204 Melville, ...
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The IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. This includes requests for PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts. https://www.irs.gov/uac/Report-Phishing
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Wishing you & Your Family Peace and Happiness this Holiday Season and throughout the coming year. Robert Brown Michael Rubinstein Sandy Johnson President President President Nassau/Suffolk Chapter Educational Foundation NCCPAP NCCPAP NCCPAP
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IRS FBAR penalty conduct was capricious, so late payment interest and penalty voided Moore, (DC VA 7/24/2015) 116 AFTR 2d ¶ 2015-5094 A district court has held that IRS's conduct in assessing penalties for a taxpayer's failure to file FBARs (Report of Foreign Bank and Financial Account) with respect to his foreign account was arbitrary and capricious, in violation of the Administrative Procedures Act (APA). As a result, the court disallowed IRS's assessment of interest and late payment penalties with respect to the original FBAR penalties. Background. The Bank Secrecy Act (BSA) gave the Treasury Department authority to collect information ...
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For those of you who are readers of my blog, this an advance look at the latest in employment law rules affecting NYC employers. The tech gurus at Bartlett McDonough & Monaghan are seeking the best and most stable web host for my weekly blog. We are hoping to go live sometime in July but in the meantime, this subject is too important to keep in the queue. To be added to my listserv, please email me at: Ruth.Kraft@bmmllp.com . Thanks! Banning the Box is the moniker that the press has assigned to the New York City Fair Chance Act of 2015. Under the Act, employees are prohibited from inquiring, during the hiring process, about a job applicant’s ...
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Happy June to you all. This is a short update on two things--me and the landmark Supreme Court ruling in the Abercrombie & Fitch matter. First, as of today, I have become Of Counsel to Bartlett, McDonough & Monaghan. BMM has a deep bench in complex litigation, labor law, healthcare law, workers' compensation, and collective bargaining and I am thrilled to join the team. All of you know how insane class action employment litigation, including wage/hour claims, has gotten in the past year. In order to take on major cases, I needed to be part of a major firm. I will be resident in the Mineola office: 170 Old County Road, Mineola, New York 11501-4112 ...
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U.S. SUPREME COURT RULES THAT US DEPARTMENT OF LABOR IS EXEMPT FROM RULEMAKING PROCESS! In Perez v. Mortgage Bankers Association, the Supreme Court overturned a Circuit Court decision which vacated the decision of the trial court based on the Department of Labor’s failure to comply with the procedural requirements of the Administrative Procedure Act (“APA”). Confused already? In summary, t he Supremes concluded that federal agencies are exempt from the notice and comment rulemaking process when they change their own interpretative rules. Some of you know that I rail against the NYS Department of Labor’s failure to adhere to its own published ...
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S Corporation has a group plan that either was in or out of the "NY Market Place" The two stockholders of the S-corporation dropped out of their group getting coverage via their broker individually through the "NY Marketplace." Their corporation pays their monthly premium. Am I able to show the premium gross and net payroll, pay no FICA/Medicare/FUTA or NYUI (thus W-2 shows in box 1 the premium paid and zero's in boxes 3 and 5 of the W-2) with the stockholders in turn picking up said premium as an adjustment to gross income? OR do they owe income tax withholding as well FICA/Med/FUI and NYUI? Is there a IRS issue because the corporation is paying ...
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On Friday, Janaury 16, I was informed by the Internal Revenue Service that I received an appointment to IRSAC
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I have a start up modeling agency in California who wants to incorporate. Seems like all the options have a high tax or franchise fee. Any experience with small businesses in Cali and what's the best option? Thanks in advance. Vivian Gavalas, CPA
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Why is it so hard to find a good bookkeeper? If anyone has any referrals forward them to me. Thank you in advance! Vivian Gavalas Vivian@fpaccounting.com
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First, sincere thanks to everyone who attended my presentation on independent contractor status at the Tax Symposium. What a fantastic meeting. I thoroughly enjoyed meeting many of you and having the opportunity to be intellectually stimulated at the 1031 exchange presentation this morning! Mayor DiBlasio has just signed Intro 295-A, a bill passed unanimously by the City Council in October, 2014, which requires New York City companies with 20 or more employees to offer pre-tax transit benefits. Federal tax law already allows businesses to offer workers $130 in pre-tax income for transportation purposes. The motivation behind the law is simple: ...
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Check your emails if you are attending the 2014 Long Island Tax Professionals Symposium. Download the TWO special APPS to make your experience at the Symposium more pleasurable! The two APPS can be downloaded from the Apple I-Tunes APPS Store or Google Play. The two APPs are the GO.NCCPAP APP and the NCCPAP NEST APP.
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