Tag: tax forms

common tax forms

Common Tax Forms for New Yorkers

The New York tax system is truly one of the more complicated tax regimes in the country. With all of its various city and county level taxes, taxes are quite literally everywhere.  There’s transfer taxes, income taxes, sin taxes, and general sales taxes.  There are countless other taxes which New York residents have to be […]

Wrong Tax Form

Are You Filing the Wrong Tax Form?

If you’re like most people and file your own income taxes each year, you probably prefer to use the simplest form available. One advantage of that is that it saves time and often allows the Internal Revenue Service to speedily process your tax return (and get you your tax refund!). A second advantage of using […]

Accountant Liability

Tax Filing Errors & Accountant Liability

Scanning a notice from the IRS indicating that it has determined your tax return contains errors, and that you owe additional taxes and penalties can ruin your day. This is particularly true if you had the return prepared by a CPA or accountant and the additional taxes and penalties are due to accountant liability.  After […]

Taxes and Second Homes

Your Return, Taxes and Second Homes

Whether it’s to escape wintry weather, spend some time near children and grandchildren, or provide appropriate living space for a college student, many New Yorkers (and others) have turned to second homes, both for fun and investment. Depending upon the circumstances, there are some important implications for you to consider concerning taxes and second homes.  Here […]

Tax Filing Mistakes

The Top 5 Tax Filing Mistakes

As the saying goes, “To err is human.” When it comes to mistakes and errors, filing one’s taxes is no different. While American taxpayers can get pretty ingenious in coming up with new errors each year, here are the top five tax filing mistakes folks make and how to avoid them. Mistake 1: Math errors […]

Need a Tax ID

When The IRS Wants Records

While the number of audits was down again in 2016, the Internal Revenue Service nevertheless audited somewhat more than 1 million individual tax returns last year, the lowest amount since 2004. Citing reductions in the number of auditors available due to budget cuts, the IRS indicates the number of audits declined 16 percent from 2015, […]

Unfiled Tax Returns

The Dangers of Unfiled Tax Returns

Most of us have heard the procrastinator’s motto: “Why do today what can be postponed until tomorrow?” When it comes to unfiled tax returns, however, the tomorrows start piling up to the point that you’re very soon in serious trouble. What dangers do you face if you have unfiled tax returns with the Internal Revenue […]

FBAR Filing

FBAR Filing Deadlines Are Approaching

All U.S. citizens are required to report their worldwide income to the Internal Revenue Service and that FBAR deadlines are fast approaching. The FBAR, or Report of Foreign Bank and Financial Accounts, has an upcoming deadline that’s unrelated to their usual April 15th income tax return filing deadline. Under the Foreign Account Tax Compliance Act […]

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