Crowdfunding, The Iceberg Below the Surface

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Tax implications for Common Types of Crowdfunding More and more small business and startup company owners are turning to crowdfunding in the hopes of generating cash as well as creating a buzz around their business.  Websites such as Kickstarter and Indiegogo make it super easy to find a platform to launch your project, however it… Read more »

Vacation Rental Property: Tax Considerations (Part 2)

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After reading Part 1 of Vacation Rental Property, you now have an idea of the expenditures and personal vs rental days that you have to track for the IRS.  This blog will focus on the percentage of the aforementioned expenditures you can deduct.  That is correct, in case you were wondering, you cannot deduct 100% of… Read more »

Preparing for Graduation & CPA Exam

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This post is geared for college students considering taking the CPA exam  – because as everything in life, it all comes down to planning and looking ahead! The first part of the post is geared towards first and second year college students. The remainder focuses on strategies to study for the CPA exam that I… Read more »

Resurgence of Identity Theft Scams – How to Protect Yourself

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Eight Tips to Protect Taxpayers from Identity Theft   Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund. Many people first find out they… Read more »

Where’s My Tax Refund?

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Checking the Status of Your Tax Refunds!   Checking the status of your tax refunds may seem like a process however it is fairly simple. To check the status of your IRS Refund, you will need: To visit: https://www.irs.gov/refunds SSN number Filing Status (Single, Married Filing Jointly , etc.) Exact refund amount You can also use the… Read more »

S Corporation Shareholders Considering a Sale: Avoid this Potential Tax Trap

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S Corporations: Cut- Off vs. Pro Rata Year End   Most taxpayers know that the tax code is very complicated and sometimes unfair but are unaware of the actual intricacies and potential pitfalls that await the unsuspecting.  An example of one of these cases is if you own at least 20% of an S Corporation… Read more »

New NYS Personal Income Tax Requirement: Driver License Information

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The Kane Firm recently mailed clients a yellow Tax Organizer packet to aide in collecting 2016 tax information.  Shortly after we mailed the organizers, on January 11, 2017, the New York State Department of Taxation informed tax preparers of a new requirement for the 2016 tax year. This tax season, all New York State personal… Read more »

New Regulations on Valuation Discounts for Closely Held Family Businesses

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By: Andrew Ziolo, CPA    One of the biggest concerns I have seen facing family-owned businesses is transferring the business to family as cheaply as possible, from a tax perspective.  And who can blame someone for wanting to do this? It is hard to find people who want to pay more in tax than they… Read more »