How do you check if you owe the IRS back taxes?

Every day we hear about new scams in which a scammer calls victims and claims to be the IRS, demanding money. The general professional consensus is that the IRS will never call and demand money, but that is going to be changing in the next few months. Congress passed the FAST Act, which authorizes private […]

Special Considerations To Note When Filing Form 1040NR

Part III: Special considerations when filing Form 1040NR This three part series will look at who qualifies, requirements and exemptions of the form based on individual circumstances, and, finally, special considerations to note when filing a 1040NR: U.S. Nonresident Alien Income Tax Return.  Even after you have determined which form you should use for filing […]

Which Form 1040NR should I file?

Part II: What form should I file? This three part series will look at who qualifies, requirements and exemptions based on individual circumstances, and, finally, special considerations to note when filing a 1040NR: U.S. Nonresident Alien Income Tax Return.  After establishing who is considered a U.S. nonresident alien (NRA) in Part I, the next step […]

Are You a U.S. Nonresident Alien (NRA)?

Form 1040NR – U.S.Nonresident Alien Income Tax Return requires U.S. nonresident aliens (NRAs) to file this form if the NRA participated in any trade or business in the U.S. during the tax year and has U.S. source income.  Activities to include studying, teaching, or doing research in the U.S. are considered to be participating in […]

What You Need to Do with Form 1095

You, your employees or your clients may receive one or more forms that provide information about 2015 health coverage. These are Form 1095-A, 1095-B and 1095-C. The following health care tax tips provide some answers to common questions about these forms: Form 1095-A: What you need to do with this form Form 1095-B: What you need […]

Tax Scams – What to Look Out For

As a reminder during this tax season as well as throughout the year, it is important to keep in mind that the IRS will not contact you by phone or e-mail regarding tax liens or outstanding tax liabilities.  The IRS has strict protocols when contacting taxpayers regarding tax deficiencies, with letters of correspondence being their […]

Understanding Your W-2 Form

The W-2 form is a document that employers must furnish to their employee(s) by the February 2nd, 2015 for the 2014 tax year. The deadline is generally January 31st, but this year it fell on a Saturday. The IRS and the State will also receive a copy of the form. Furthermore, the taxing authorities will […]

How State Taxes Impact Federal Tax Returns

Let us review the concept of how state taxes impact federal tax returns. On New York State tax forms IT-201-I, or IT-150, or NYC-202(4), the taxpayer is subject to either individual or business income tax. However, on Schedule A or Schedule C of federal form 1040, the taxpayer may deduct state and local income taxes. […]