Tax Warrior Chronicles

Update on Federal and State Tax Deadlines

Posted on Wed, Mar 25, 2020

UPDATED April 1, 2020

 

As of April 1, 2020, many states have released guidance to extend their tax filing or payment deadlines to align with IRS Notice 2020-18 or to provide their own extended filing or payment dates, while others are still slow to take action.  Additionally, on March 24, 2020, the IRS has also released information addressing Frequently Asked Questions (FAQs) and on March 27, 2020 the IRS issued Notice 2020-20.  Today’s blog will update you on the most current information available regarding federal, state and select local tax filing and payment deadlines.

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NYC Residents Will Pay Higher Real Estate Transfer Taxes Beginning July, 2019

Posted on Tue, Jul 02, 2019

By: Irina Moyseyenko, CPA, MT

 

If you are considering buying real estate in New York City, be prepared to pay additional taxes.    The Big Apple altered New York State’s ‘mansion tax’ by enacting a scale of graduated rates on homes with a purchase price of $1M or more.  The rate starts at 1% and goes as high as 4.15% for homes in excess of $25M.

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Hurricanes Harvey & Irma and their Impact on NY, PA and NJ Residency

Posted on Thu, Sep 14, 2017

By: Elizabeth Pascal, Esq.

 

Over the last three weeks, we witnessed the images of damage caused by Hurricanes Harvey and Irma. Record winds, flooding and power outages will cause many with multiple residences to spend more time at residences outside of Texas and Florida, two states that happen to have no income taxes. Today, our guest author, Elizabeth Pascal, Esq. of Hodgson Russ, spells out the potential impact for NY residents domiciled in Texas and Florida. Later in the post, The Tax Warriors® discuss how those who have homes in Pennsylvania and New Jersey may be similarly affected.

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Tax Refund Opportunity for Philadelphia Residents Working Outside PA

Posted on Thu, Mar 23, 2017

By: Rosalind W. Sutch, CPA & Chris Catarino, CPA

 

Taxpayers residing in Philadelphia and working outside of Pennsylvania (full or part-time) may be eligible for a refund of their Philadelphia Wage Tax. This refund opportunity recently became available due to a far-reaching U.S. Supreme Court decision, explained further below. Accordingly, many taxpayers, employers, and non-local tax practitioners are not aware of this opportunity.

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Tax Consequences of Bank Leumi Agreement with the Department of Justice: Another OVDP Issue

Posted on Tue, Jan 20, 2015

On December 22, 2014, the Bank Leumi Group (“Leumi”) reached agreements with the U.S. Department of Justice (“DOJ”) and the New York Department of Financial Services, ending investigations into allegations that Leumi assisted certain U.S. taxpayers with evading taxes from 2002 through 2010.  As part of the agreement, the IRS obtained the names of 1,500 of Leumi’s U.S. customers.  Leumi’s U.S. customers now wonder, “Am I included in this 1,500?” If so, the Offshore Voluntary Disclosure Program (“OVDP”) is no longer available to them.  If their names were not turned over to the IRS, they can still use the OVDP, but are subject to increased penalties.  This agreement could have a

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New York Estate Tax – Watch Out for That Cliff!

Posted on Tue, May 27, 2014

With the passage of the New York State Executive Budget legislation in April 2014, Governor Cuomo may get his wish to keep wealthy New Yorkers in New York.  But maybe not . . .

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UPDATE: New York MTA Payroll Tax Still Constitutional

Posted on Wed, Aug 14, 2013

 

As we posted last year, New York State Supreme Court Judge R. Bruce Cozzens ruled that the New York Metropolitan Transportation Authority’s (MTA) controversial payroll mobility tax (“MCTMT”) was unconstitutional. 

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Hurricane Sandy Extends Tax Filings in Select NJ and NY Counties

Posted on Mon, Feb 04, 2013

 

Tax filings for individuals and businesses affected by Hurricane Sandy in certain NJ and NY counties have just been further extended by the IRS.  Tax filing deadlines have automatically been pushed back until April 1 for taxpayers located in the following counties:

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**UPDATED 2/1/2013** Hurricane Sandy: A Storm of Tax Effects

Posted on Mon, Nov 12, 2012

 

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New York MTA Payroll Tax Protective Refund Claims

Posted on Tue, Oct 02, 2012

 

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