IRS is Wrong on Standard Deduction
Posted on March 4th, 2010 by bunilaw
Dual status aliens in New York or Vermont get the standard deduction despite what IRS says.
If you are a non-resident alien for part of the tax year and a resident alien for the other part, the IRS tells you you can’t take the standard deduction (see, e.g., Pub 519, p33 rev. Apr14/09). Don’t listen to [...]
New York state income tax audit Q&A
Posted on January 28th, 2010 by bunilaw
If you’re a salaried employee and perform any work in New York state you are subject to New York state income tax. Executives and other highly compensated individuals are common targets for audit.
If you move in or out of New York state in conjunction with the sale of a business or a contract to end [...]
Wall Street Journal Misleading about Tuition Deduction Case
Posted on January 13th, 2010 by bunilaw
A Wall Street Journal article by Laura Saunders misleads taxpayers into thinking that a recent tax court case makes it easier to deduct the cost of an MBA.
The article, Nurse Outduels IRS over MBA Tuition, appeared in the January 9, 2010 education section. Ms. Saunders opens by reporting that the taxpayer got a ruling “that [...]
Last Chance: IRS Extends Deadline for Undisclosed Offshore Accounts
Posted on September 28th, 2009 by bunilaw
On September 21, 2009 the IRS announced a one-time extension of the deadline for voluntary disclosures for unreported income from offshore accounts. The deadline has been extended to October 15, 2009. Please note this is not an amnesty program, as it has commonly been referred to in various press. Taxpayers utilizing the program should consult with an attorney.
Off-shore Accounts Deadline for IRS Disclosure Approaching Fast
Posted on September 9th, 2009 by bunilaw
If you have offshore accounts and have failed to report income, time is running out for you to make a voluntary disclosure. IRS Commissioner Douglass Shulman has made it clear that he wants Taxpayers to voluntarily disclose assets that have generated unreported income. Taxpayers who do that promptly can avoid criminal prosecution and greatly reduce penalties.