New York’s personal income tax law, like that of other states, conforms with the federal system of income taxation. The reason typically given for such conformity is to simplify tax return preparation, improve compliance and...more
As a result of the wildfires in Los Angeles County, California, on January 10, 2025, the IRS extended substantially all tax filing and payment dates until October 15, 2025, for residents of Los Angeles County. On January 11,...more
In the senior living area, a taxpayer that is selling a community may look to avoid recognizing gain on the sale by entering into a Section 1031 like-kind exchange with respect to the real estate. The tax rules generally...more
IRS Grants Automatic Extension of Federal Tax Returns - Between March 17 and April 9, 2020, the U.S. Department of the Treasury and the Internal Revenue Service issued a series of notices automatically extending to July 15...more
NOTICE 2020-23 - On April 9, 2020, the U.S. Secretary of the Treasury issued Notice 2020-23. It greatly expands the tax compliance relief previously granted to taxpayers in response to the COVID-19 pandemic....more
With the individual tax filing deadline approaching it is a good time to visit the tax treatment of your bitcoin and other cryptocurrency transactions from 2017. With the increase in publicity and use of cryptocurrencies,...more
President Trump’s declaration of a major disaster in Florida and Georgia as a result of Hurricane Irma provides important tax relief for those residing in these states. This declaration provides automatic relief for those...more