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  • Published: June 30, 2022

Section 6403 (a)(b) of the CTA required that, starting in 2022, newly formed U.S. corporations, limited liability companies, and certain other entities classified as a “reporting company” must report their beneficial ownership to FinCEN at the time of formation or registration. Pre-existing reporting companies (those formed before the effective date of the CTA regulations. Changes in reported information will also be subject to the reporting requirements. Reporting Company: CTA 6503 (a)(11) defines a “reporting company” as a corporation, limited liability company, or “other similarly entity” that is created by the filing of a document with a secretary of state of…Read More

Breaking News: The Latest Covid-19 Relief
  • Published: December 23, 2020

The new COVID-19 relief bill was just passed. Among the various parts of the bill, is a provision allowing for the deduction of expenses even if they were paid with PPP funds. This ability to deduct expenses means you could still include those expenses for the purposes of tax debt reduction…Read More

Most Recent Changes To The New CARES Act
  • Published: June 29, 2020

Since the Federal government originally passed the CARES Act to help those suffering the effects of COVID-19, the novel coronavirus, there have been many changes to the Act itself. Coupled with the latest legislation, here are the latest changes to the CARES Act.  First, the PPP loan portion that…Read More

Selling Your Home During Coronavirus
  • Published: June 23, 2020

Due to the economic impacts of COVID-19, the novel coronavirus, many individuals have begun reassessing their personal finances including their asset holdings. Some of this reassessment has occurred due to loss of income or simply accelerating future plans. One of these considerations…Read More

Eviction Notice
  • Published: June 18, 2020

As COVID-19, the novel coronavirus, continues its effect on our lives, one important issue creating cause of concern is one’s home especially if you rent. While the economy is slowly opening up, many individuals are having difficulty making regular monthly payments including paying their rent. Now, the good news for tenants is the government has provided some assistance for those renting. Under CARES Act, landlords cannot evict tenants for failure to pay rent through July 24th and must issue a 30-day notice thereafter for eviction for purposes. The moratorium is enforced on properties financed through federal housing programs or otherwise…Read More

What Everyone Needs To Know Now About PPP Loans & Deductible Expenses
  • Published: May 16, 2020

The current COVID-19 pandemic has caused massive ripple effects throughout the global economy. In the US alone, the novel coronavirus has led to many business closures with small businesses being the most impacted. Thankfully, the federal government passed the Payroll Protection Program (PPP) as part of the CARES Act. The program provided funds to small businesses to cover payroll expenses, rent, utilities, and debt obligations. The good news regarding the program, in addition to receiving a loan to help cover these expenses, is the funds used in the first 8 weeks from the loan origination date can be forgiven if…Read More

  • Published: June 1, 2022

Why You Need A Good Lawyer At Your Real Estate Closing By: Shira J. Biegacz The process of buying New York real estate can sometimes prove to be a minefield. Purchasing a home is the largest financial commitment most people will ever face. It can also be a very confusing time and it’s essential that any and all issues are dealt with before the contracts are signed. Most buyers are not experts in real estate law, and there are a few considerations that should be discussed on the benefits of having an expert at your real estate closings: Mortgage Documentation…Read More

Potential Restart Of IRS Collections Is A Real Threat due to COVID-19
  • Published: May 15, 2020

As everyone is aware, COVID-19, also known as the novel coronavirus, has caused great turmoil in our lives. Along with the obvious issues such as the virus pandemic itself and significant job loss, there have been many overlooked consequences of the pandemic such as difficulty paying bills. One of those bills no one has been paying attention to has been the inability to pay one’s taxes to the Internal Revenue Service (i.e., IRS). Now, the IRS has reduced staff significantly because of the COVID-19 pandemic and has shifted its focus to ensure the stimulus payments from the CARES Act are…Read More

  • Published: March 30, 2018

Throughout the month of March, we discussed information that had to be reported to the Internal Revenue Service (“IRS”) if a taxpayer wished to reduce their tax debt. Among this information is the taxpayer’s income, expenses, and any assets he/she may own. Here is a quick recap of the information we brought you during the month: Income That Must Be Reported Personal income that must be reported ranges from self-employment income to interest in any dividends the taxpayer receives. Remember, if you are self-employed, you must ensure to report the corresponding expenses to the income generated. Also, if reporting any…Read More

  • Published: March 22, 2018

This week, we are continuing our discussion about the process to reduce your IRS tax debt, and the information that must be reported to the Internal Revenue Service (“IRS”). In addition to income and expenditures that must be reported, the IRS also requires that taxpayers wishing to reduce their debt report certain assets that they own. Taxpayers should err on the side of caution and report any and all assets held in their ownership, whether these assets are foreign or domestic. Here is a quick list of assets that must be reported. Like with our previous discussion, we will split…Read More

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