June 2016

The Internal Revenue Service has expanded its “Fresh Start” initiative to help struggling taxpayers who owe taxes. The penalty relief part of the initiative relieves some unemployed taxpayers from failure-to-pay penalties. Penalties are one of the biggest factors a financially distressed taxpayer faces on a tax bill. The Fresh Start Penalty Relief Initiative gives eligible […]

The VOW to Hire Heroes Act of 2011 has made several changes to the Work Opportunity Tax Credit (WOTC). VOW adds two new categories to the existing qualified veteran targeted group and made the WOTC available to certain tax-exempt employers as a credit against the employer’s share of social security tax. VOW allows employers to […]

The IRS has issued proposed guidance which would update former guidelines regarding innocent spouse relief under Code Sec. 6015. Under that section, a spouse may request relief from joint and several liability for a tax liability resulting from a joint tax return. A similar provision of the Tax Code provides relief from a liability resulting […]

New NY state legislation modifies Personal Income Tax and Metropolitan Commuter Mobility Tax rates and adds new tax credits. These changes are detailed below: INDIVIDUAL INCOME TAX CHANGES Under the legislation, for joint filers in taxable years beginning after 2011 and before 2015, taxpayers with New York taxable income of $40,000 to $150,000 will be […]

Recently enacted New York State legislation revises the 20-year statute of limitations to collect tax liabilities that have been assessed and for which a notice and demand has been issued. The legislation also provides for additional limitations on the Tax Department’s collection powers. This statute of limitations is applicable to all taxes, and any special […]