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CP508R – Reversal of notice of certification… to the State Department (you can get your passport back)

After working on an offer in compromise for a married client with over $100k in Federal tax outstanding, we are finally closing an offer in compromise (forms 433-A and 656) that has been discussed with the IRS agent as there are no assets to cover the liabilities and the taxpayers' income is just to cover

By |2023-10-13T13:19:48+00:00October 13th, 2023|Categories: Individuals|Tags: , , , , , , , |

More and more States adding a Pass Through Entity Level tax

Since Connecticut enacted the first Pass Through Entity (PTE) tax in April 2018, more States have enacted or proposed this tax tool. It was around 14 in June 2021, around 30 in January 2023 and at the date of this article is 36 States and one localty (NYC) according to the AICPA listing (link below).

By |2023-08-07T17:26:49+00:00August 10th, 2023|Categories: Business, Individuals|Tags: , , , , , , , , , , , |

New York State has approved their Pass through Entity Tax (PTET)

The New York PTE tax follows several other states in availing itself of the IRS’ guidance in Notice 2020-75, which permits the use of PTE tax regimes like New Jersey and Connecticut previously. With the new PTE tax in place, eligible entities that elect to be taxed at the entity level will now be able

By |2021-05-05T22:18:10+00:00May 5th, 2021|Categories: Business, Individuals|Tags: , , , , , , |

Tax Extensions – Federal, State and Local

In this period of uncertainty and chaos, we strongly believe that informed individuals take better decisions. These are some updates available as of 3/21/2020. For any additional questions, please, reach out to our office. Federal IRS extends the filing tax deadline and payment to July 15, 2020 (90 days) https://www.irs.gov/coronavirus Payment Plan IRS - There

By |2021-01-05T12:02:11+00:00March 22nd, 2020|Categories: Individuals|Tags: , , , |
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