by George Dimov | Nov 21, 2016 | NYC Accounting
There are generally 2 overall types of tuition reimbursement programs that employers will provide. One pays the entire amount and treats this payment as a loan to be paid back, with certain employment, grade, and performance stipulations (described first). The second...
by George Dimov | Nov 4, 2016 | NYC Accounting
If you have ever registered a business in the State of California as an LLC, you will know that there are annual fees. These fees are $800 per year for just having an LLC in CA (even if you have a loss). Then, you get assessed additional fees based on the amount of...
by George Dimov | Nov 4, 2016 | NYC Accounting
Do you pay sales tax on the entire invoice amount on AirBNB in Colorado? This is a question that comes up if a supplementary service is added to the AirBNB invoice. For instance, some AirBNB businesses have an amount they charge for the daily stay, but they also have...
by George Dimov | Oct 28, 2016 | NYC Accounting
Many buildings in the New York City area (particularly co-ops) get their financial statements audited and produced by an independent CPA on an annual basis. The purpose of this audit is to add some legitimacy to the financials being reported to the shareholders of the...
by George Dimov | Oct 25, 2016 | NYC Accounting
Many investors in real estate, oil & gas partnerships, or other partnership entities expect to receive and accumulate passive activity losses. A common misconception is that these losses from an oil & gas partnership can be used each year to offset earned...
by George Dimov | Oct 21, 2016 | NYC Accounting
I have been hired by several clients in what appears to be a recurring theme related to “proving” in some type of civil court proceeding that the client’s income is or is not above/below a certain number. Clients that have engaged me for such...
by George Dimov | Oct 21, 2016 | NYC Accounting
Sometimes a taxpayer will avoid filing their taxes for a decade. In that time, they have advanced their career, maybe even started a successful business. But then one day, they decide to purchase a home, and find that every mortgage lender they speak with requests...
by George Dimov | Oct 21, 2016 | NYC Accounting
Divorce is never fun. You have to pay legal fees, and, sometimes, tax preparation fees. I have been approached on many occasions by spouses needing a tax return filed as part of the requirements of a divorce-court proceeding. The only issue with these sorts of...
by George Dimov | Oct 21, 2016 | NYC Accounting
There has been an increasing trend of banks or lenders asking self-employed individuals for letters from a CPA to verify, certify, vouch for, or attempt to estimate the income of the applicant. This income statement is then assessed by the lender when determining...
by George Dimov | Oct 21, 2016 | NYC Accounting
This is a common question that I am asked again and again. Your driver’s license will, under normal circumstances, not be examined, retrieved, or investigated by the IRS or any state when filing your returns. The IRS has mountains of work to do, and contacting...
