Tax and Financial News for February 2017 Top Tips to Prepare for Tax Season Accountants in New York It’s here again, the most wonderful time of the year – tax season. Uncle Sam is the reason for the season, … Continue reading
5 Things a New York City CPA Should Know About the New Tax Legislation On Jan. 1, Congress passed the American Taxpayer Relief Act of 2012 in an effort to avoid automatic income tax increases for millions of Americans. New York … Continue reading
Accounting for Consignment Sales: Manhattan CPA Terms: Consignor: The owner of the item (e.g., painting) to be sold. Consignee: The selling agent (e.g., gallery) who accepts from the consignor the item to be sold. According to accepted accounting and tax … Continue reading
New York CPA says – Beware of fake IRS communications According to the IRS you should be aware that each year thousands of taxpayers receive suspicious e-mails, phone calls, faxes, or notices claiming to be from the Internal Revenue … Continue reading
Social Security and Medicare news from your New York CPA On Oct 30, 2013 the Social Security Administration announced an upward cost of living adjustment for the Social Security taxable wage limit. For calendar year 2014, the amount of earnings … Continue reading
IRS Delays Acceptance of Tax Filings On Jan. 8, the Internal Revenue Service announced that it will begin processing individual income tax returns on Jan. 30 for the 2012 tax season. However, taxpayers filing 1040s that include certain … Continue reading
U.S. Citizens Living Abroad Income and Housing Exclusions The United States is one of just a few countries that taxes the worldwide income of its citizens, resident aliens, and domestic corporations, without regard to its source. Under a law … Continue reading