unable to pay tax return balance due

Unable to Pay Tax Return Balance Due?

Peter E. Alizio Income Tax

As another tax season begins many taxpayers will end up owing taxes when filing their income tax returns. This is not an issue when the taxpayer has money to pay the tax balance due. However, when the taxpayer does not have the funds necessary to pay tax due some individuals would rather not file or file a tax return extension. …

Alizio Law PLLC Tax Attorney Holiday Wishes

Looking Forward to 2020

Peter E. Alizio News

Happy almost New Year!  We would like to wish our clients, friends, and family a happy holiday. We look forward to helping more taxpayers with tax problems in 2020.  As the year comes to an end it is time to take inventory and reflect.  In 2019 a client complained about calls going straight to voicemail and unable to talk to …

Sales Tax Law Update

Update to NY Sales Tax Law Affecting Responsible Person Assessments Against Certain Limited Liability Company Members

Peter E. Alizio Sales Tax

Part X of the NYS executive budget is the piece of the legislation that more or less codified NYSDTF administrative policy published in TSB-M-11(17)S.  The NYS Department of Taxation and Finance website now reads: TSB-M-11(17)S is obsolete and new guidance will be issued shortly. I read the provision which sets the stage for a more formal application process in which eligible individuals …

Should You File an Amended Tax Return?

Made a Mistake? Need to Amend a Previously Filed Tax Return?

Peter E. Alizio Income Tax

Amending My Income Tax Return, a short video from our friends at the IRS… Why would a taxpayer amend a tax return? Generally speaking the majority of taxpayers will amend their tax return if they omitted income or deductions on the originally filed tax return. However, taxpayers may file an amended tax return for various other reasons like to change the …

MFJ OR MFS?

Recently Married? Is it Better to File Jointly or Separately?

Peter E. Alizio Income Tax

Income Tax Return – MFJ vs MFS  This is a question every tax professional will get asked 5+ times a week during tax season.  I just got off the phone with my recently married friend (the wedding was nice) who inquired if it would be beneficial to file jointly or separately.  I have been getting asked this question over and …

How to File a Tax Return Extension

How to File a Tax Return Extension

Peter E. Alizio Income Tax

It is important for taxpayers to understand that a tax return extension is an extension of time to file your income tax return and not an extension of time to pay the tax.  Extensions are generally needed when information necessary to file a complete and accurate tax return is not available until after the filing deadline. This is an all …

s-corporation reasonable salary

S-Corporations and the Reasonable Salary

Peter E. Alizio S-CORP

The legal entity chosen by a business will define the legal and tax compliance requirements of the business.  That being said, “S-Corporations” are very popular in the small business community.  An “S-Corporation” is a corporation that has made a tax election to be treated for tax purposes as a flow-thru entity similar to that of a partnership. However, there is …

NY SALES TAX RESPONSIBLE PERSON

Are you a Responsible Person?

Peter E. Alizio Sales Tax

NYS – RESPONSIBLE PERSON ASSESSMENTS Not all business owners understand that sales tax money is NOT revenue when collected and a deduction when remitted to tax authorities.  In fact, any sales tax money collected does not belong to the businesses or owner at all.  When you register to collect sales tax (by applying for a certificate of authority) you become …

Driver License suspension for back tax debt

NYS Driver’s License Suspension Program

Peter E. Alizio NYS Collections

License Suspended for Unpaid Taxes (Long Island, NY) Since 2013 the Department of Taxation and Finance (“Tax Department”) and the Department of Motor Vehicles (“DMV”) have been working collectively in furtherance of a Driver’s License Suspension Program. This program takes the position that driving is a privilege and if you do not pay your taxes, you could lose that privilege. …

SMLLC DISREGARDED ENTITY

Accounting for LLC Conversions – Change in IRS Classification

Peter E. Alizio LLCs

I previously expressed my love for LLCs here.  I like that a Single-Member LLC (“SMLLC”) is a disregarded entity for income tax purposes and does not need to file a separate stand-alone tax return. If the SMLLC is owned by an individual the income and expenses of the LLC are reported on Form: 1040; Schedule C. This will save the …