If you missed the April 18th deadline for filing your New York State tax return, you could face serious penalties. Even if your case is not as egregious as the latest politician to be arrested for tax evasion, nonfilers are subject to monetary penalties and possible criminal charges. However, New York offers a way to become compliant by applying to the NYS Department of Taxation and Finance’s Voluntary Disclosure and Compliance Program. [Read more…]
A recent Long Island Business News article focused on New York State’s aggressive enforcement of its driver license suspension program. The program allows the state to suspend a New York State driver’s license if the driver owes $10,000 or more in tax, penalty, and interest and there is no collection resolution in place.
A first round of 16,000 suspension notices went out in August 2013 with many more since then, forcing people to come forward and try to resolve their issues or risk losing their license. The program has been so successful that the state has recovered more than $420 million in taxes to date. [Read more…]
Join us on August 18th, at LIU Post’s Civil & Criminal Tax Controversy Updates – 2016. The LIU program is an annual event for private and government tax professionals to discuss current events and best practices in federal and New York State cases involving criminal and civil tax penalties and enforcement.
In January 2016, a new set of laws will go into effect in New York State. It is expected that these new laws will add a level of predictability and consistency to post judgment maintenance awards in New York divorce cases.
The new maintenance laws adopt a formulaic approach to calculating post judgment maintenance awards. This approach has applied to temporary maintenance awards (maintenance to be paid while the divorce is pending) since 2010. The new post judgment maintenance guidelines replace the former approach where a judge, in his or her discretion, would consider a subjective list of factors contained in the statute to determine whether maintenance was awarded, in what amount, and for how long, often resulting in a wide range of results from case to case and courtroom to courtroom.
It’s not unusual for CPAs dealing with wealthy clients or executives to encounter individuals with multiple homes.
And with multiple homes, there is the potential for a problem concerning whether the individual is a New York resident. In November, several Tenenbaum Law attorneys discussed residency issues at a presentation at the National Conference of CPA Practitioners, 2015 Long Island Tax Professionals Symposium. Our topic was “Two Castles, One Home: The View from Albany on Residency Audits.” We have been recapping some of the top questions that arose during the presentation. This week we’re discussing the impact of time spent in New York versus time spent outside of New York with respect to New York State Residency Audits.