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Stay informed with the latest tax strategies, accounting best practices, and financial insights from our team of experienced CPAs.
Page 3 of 32
Browsing all posts: Page 3 of 32
Is real estate exempt from NYC unincorporated business tax? Holding, leasing and managing real property is outside UBT. What takes you back inside it.
Is there a tourist tax in New York City? Not under that name. What visitors pay is a hotel occupancy tax stacked on top of three separate sales taxes.
Who pays New York transfer taxes, at what rate, and how they affect your basis. NYS, NYC RPTT, and the buyer paid mansion tax, explained by a New York CPA.
Are you exempt from backup withholding? The W-9 box most people tick without reading, and the three payment types where corporations still get withheld.
A New York CPA on registering as a sales tax vendor: the application, the documents you will need, and the obligations that begin once it is granted.
A New York Certificate of Authority lets your business collect sales tax. Who needs one, how to apply, and what happens if you start selling without one first.
How much is $500,000 a year after taxes in NYC? A New York CPA breaks down all four tax layers, and what a high earner can still do about them.
A like-kind exchange (also known as a 1031 exchange) allows you to defer depreciation recapture by reinvesting the proceeds from the sale of an asset into a similar one. This strategy works for real estate and some business assets. By exchanging the asset rather than selling it outright, you postpone paying taxes on any capital gains or depreciation recapture until you sell the new asset.
A CPA letter for a mortgage confirms what your accountant already has on file from your returns. What yours can say, what it cannot, and what no CPA can certify.
A tax warrant is a serious legal document issued by the government to enforce the collection of unpaid taxes. This warrant results in a lien being placed on your property, which can interfere with your ability to sell or transfer it. Below, we explain how a tax warrant affects property transactions and what steps you can take to resolve the issue.
When you sell real estate that has been depreciated, the IRS requires you to recapture the depreciation deductions you’ve taken over the years. However, instead of taxing the entire recaptured amount at ordinary income tax rates, the 25% depreciation recapture rate limits how much of this recapture is taxed at higher ordinary income rates.
A tax warrant is a serious legal instrument used by the state to enforce tax collection. For taxpayers facing potential enforcement actions, understanding tax warrants is crucial to resolving issues promptly. In New York State, these warrants can have significant legal implications, including the seizure of property, wage garnishments, and more. In this article, we will explore the lifespan of New York State tax warrants, their legal implications, and the strategies available to resolve them.