For example, you may want to give a gift of $14,000 to your children and benefit from the IRS annual gift tax exemption. However, if you need Medicaid coverage within five years, this gift would trigger a waiting period before you can be eligible for Medicaid benefits. While the gift is permissible for IRS purposes, it most definitely is not for Medicaid purposes. This mistake and its consequences can be quite costly. [Read more…]
If you owe more in back taxes than you have in assets and income, the IRS may provide a remedy. An IRS Offer in Compromise (OIC) is an agreement between the taxpayer and the IRS to settle the taxpayer’s liabilities for less than the full amount owed. However, there are strict requirements for an OIC and they are only granted in limited cases. The most common ground for an OIC is if there is doubt as to the collectability of the tax debt. [Read more…]
By: Jeffrey Naness
Employers of all sizes should start preparing for New York’s Paid Family Leave Benefits Law (the “NYPFL Law”).
The NYPFL has two components, (1) a provision entitling employees to (partial) wage substitutes while they are out on a covered leave and (2) a requirement that employers permit employees to take leave for reasons covered by the NYPFL. [Read more…]
The IRS and New York State have been progressively expanding their arsenal of tools to collect back taxes from delinquent taxpayers. At the recent BOOM B2B Expo and Executive Speaker Conference, we spoke to business owners about some of the most powerful enforcement techniques used by the federal and state government. [Read more…]