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Three Reasons Why an Attorney-CPA is better than a CPA Like most people I am often asked what I do for a living. I sometimes explain that I am both a tax lawyer and a CPA, (Attorney CPA) whereupon I usually get a reply like: “Oh”, accompanied by a look of confusion. “So you could…

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Drivers Licenses Suspended for Non-Payment of Taxes Taxpayers in New York can face a driver’s license suspension if the taxpayer owes $10,000 or more in taxes, penalties, or interest, and no resolution has been made to resolve the tax debt. When New York State identifies delinquent taxpayers, it sends a notice informing them that they…

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What Are Your Options if You Owe Taxes? If you have received an IRS delinquency assessment you will generally be given a month to pay the owed amount in full or else the IRS will consider collection actions against you. No one will show up at your door but rather you will continue to receive…

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Things to Think About Before Retiring By Mark A. Krohn, Tax Attorney & CPA, Jacobowitz and Gubits LLP Retirement is a major event in one’s life, and it should be a time you look forward to. But around half of all Americans aren’t looking forward to leaving the workforce forever — and money is a…

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PRO’S AND CON’S OF FILING CHAPTER 7 BANKRUPTCY Chapter 7 is the most commonly filed bankruptcy proceeding due to the fact that many people are drowning in credit card debt, medical bills and/or personal loans just to name a few. Robbing Peter to pay Paul has left both Peter and Paul broke. There are numerous…

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SIMPLIFYING THE QBI DEDUCTION TAX BREAK  Last year’s sweeping tax overhaul, the Tax Cuts and Jobs Act of 2017 (TCJA), introduced a new tax break for owners of many pass-through businesses. Individuals who are sole proprietors, partners in partnerships, members in LLCs taxed as partnerships (hereafter, “partners”), or shareholders in S corporations, may be able…

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Erroneous and Malicious Information Returns W-2 and 1099 As a CPA and attorney who concentrates in tax law, I receive calls from individuals from January through April who explain that they received either a W-2 or Form 1099 from someone that they either did not work for or that the form was false, malicious and…

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The Tax Cuts and Jobs Act and Retirees By Mark A. Krohn, Tax Attorney & CPA, Jacobowitz and Gubits LLP Most retirees will not be affected by the provisions of the new 2017 Tax Cuts and Jobs Act (the”Act”). Those that are affected, however, may benefit by discussing their options with an experienced tax advisor….

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New Tax Law Affects Nonprofits The new tax law is quite lengthy and will require some time to review and analyze. However, the following provisions have been identified as having an effect on public charities. Increased standard deduction.  The standard deduction is increased to $24,000 for married individuals filing jointly, $18,000 for head-of-household, and $12,000…

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Tax Implications of a Divorce As a Hudson Valley divorce attorney, there are certain matters I am always asked about when consulting with potential new clients. These are the “obvious” questions such as how will my child’s residence be determined? How will divorce affect my relationship with and ability to see him? How much will…

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