Taxation

  • IRS Hoping to Use Web to Meet Budget Challenges, But Security an Issue

    By:
    Chris Gaetano
    |
    Jul 24, 2015
    Fresh off a tax season that the IRS itself has characterized as miserable, with the strapped service able to field just a fraction of the calls it received, an official speaking at the Foundation for Accounting Education’s IRS Practice and Procedures Conference said the agency was trying to find ways to work better with its diminishing resources.
  • NYSSCPA Panels Help Public Make Sense of Tax Issues

    By:
    Maya Lindsay
    |
    May 5, 2015
    Though taxpayers had a hard time getting answers from the IRS this year—the trouble-plagued service said it could respond only to a fraction of the calls it received—some got just the help they needed, thanks to a long-standing NYSSCPA tradition.
  • Understanding New York City’s Property Tax Assessment Process

    By:
    Michael A. Benison, CPA, MST
    |
    Apr 7, 2015

    The Big Apple’s real estate market is booming—as evidenced by the pace at the New York City Tax Commission, which reviews property tax assessments set by the city’s Department of Finance. Last year, the commission received 52,221 claims in connection with some 193,305 tax lots citywide, and it’s poised to receive between 50,000 and 53,000 applications for property tax assessments this year. In fact, according to Tax Commission President Glenn Newman, most of the city’s major players are filing applications through the commission’s office these days. I recently sat down with Newman to discuss how CPAs and their clients could ensure a smoother tax assessment process. Here are the key takeaways from the conversation. 

  • IRS guidance offers relief for small businesses on HRAs, Form 3115

    By:
    Chris Gaetano
    |
    Mar 23, 2015
    Amid warnings of severe processing delays at the IRS this tax season, the preparer community got a pleasant surprise in February, when the service released new guidance offering relief from two tax provisions that CPAs considered particularly onerous.
  • Working on an estate tax return?

    By:
    Anthony J. Cooper, J.D.
    |
    Mar 19, 2015
    Late-filing penalties for estate tax returns are frequently used as grounds for professional liability claims against CPAs, in large part because of their cost: Given the steeply progressive tax rates for estate tax and rapidly accruing penalties, these can exceed $300,000.
  • For NYSSCPA members, tax season help is just a click or call away

    By:
    Staff Report
    |
    Mar 17, 2015
    Having trouble getting answers this tax season? Two highly interactive—and free—member benefits may lead you to the clarification or guidance you need: the technical hot­line, run by volunteers from more than 41 NYSSCPA technical committees, and Exchange, the Society’s social networking platform, which members often use to crowdsource their tax season challenges.
  • Newsmaker: Meet the New Taxpayer Rights Advocate Margaret Neri

    By:
    CHRIS GAETANO
    |
    Dec 12, 2014
    In July, Margaret “Peg” Neri was appointed the state’s new Taxpayer Rights Advocate, after her predecessor, Camille Siano Enders, left the post to become deputy commissioner and director of the Bureau of Conciliation and Mediation Services. 
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