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 [...]
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.
Pennies on the dollar: what you need to know about offers in compromise based on collectibility
Posted on September 9th, 2009 by bunilaw
1. In order to qualify, your net equity in assets must be less than the tax you owe, and you must offer your entire net equity. This means that in an offer in compromise, if you have assets you must surrender the value of the assets less any secured debt. If your net equity exceeds what you owe, a compromise won’t work. Your net equity in assets is not the same as your net worth. Your net worth is reduced by unsecured debt. Your net equity in assets is not. Therefore it is possible to be insolvent and still have a net equity in assets.