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Understand the Tax Mechanics in the Sale of Trade or Business Property

What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. To simplify […]

Three Issues to Consider Once You Have Filed Your Tax Return

After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw […]

A Practical Guide to the Tri-State Pass-Through Entity Taxes

This is a practical guide to navigating the main concepts associated with the pass-through entity (PTE) taxes for New York, New Jersey, and Connecticut. First, we cover some of the […]

Meticulous Records — Key to Tax Deductions, Painless IRS Audits

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses […]

Cryptocurrency: The Pros and Cons of Centralized vs. Decentralized Exchanges

If you’re in the business of cryptocurrency or are thinking about joining the ever-growing number of people who are, odds are you’re hearing the terms “centralized” and “decentralized” quite a […]

5 Tips to Keep Your Taxes on Track

Use a Secure Portal When sending information to your tax professional team, electronic portals provide a quick and easy way to send information. In addition, this method is far more […]

Research Credit and Software Development

The Internal Revenue Code (IRC) provides a credit for ‘certain research expenses’ (QREs), the intention of which is to spur domestic technological development. The determination of qualifying expenses, and calculation […]

Year End Strategies for Donating to Charity or Gifting Loved Ones

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved […]

Tax Implications of Gambling Winnings

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winnings […]