FORM 1099-MISC

IRS FORM: 1099-MISC

Peter E. Alizio Income Tax

IT IS NOW TIME TO START PREPARING IRS FORM 1099-MISC NOTE: 2017 FORM 1099-MISC, reporting nonemployee compensation (box 7) is required to be filed on or before January 31, 2018. The IRS penalty for failing to file 1099(s) is now $250 for each incident. In addition, the following tax returns: 1065 (partnership return), 1120 (corporate return), 1120S (s-corporation return), 1040 …

Passport

OWE THE IRS $50,000 IN BACK TAXES LOSE YOUR PASSPORT

Peter E. Alizio IRS Collections

IRC Section 7345: “Revocation or Denial of Passport in case of Certain Tax Delinquencies” was added to the Internal Revenue Code about a year ago (December 2015).  This law gives the IRS the ability to certify taxpayers that owe: seriously delinquent tax debt*.  Once certified, the IRS will transmit a certificate to the Secretary of State that will have the …

Real Estate High Rise

Never Hold Real Estate in a Corporation

Peter E. Alizio LLCs, S-CORP

In my younger professional days I was told that real estate should never be held in a corporation. I would repeat this over and over again in my career until someone asked me to explain why real estate should not be held in a corporation.  This article will answer that question:  Why real estate should not be held in a corporation …

s-corp vs llc

Entity Selection: S-Corp vs LLC

Peter E. Alizio LLCs, S-CORP

This article will compare the federal tax effects of entity selection.  This article will be relevant to all taxpayers throughout the country but at times may point out New York State specific issues. I will further explain the pros and cons of both an S-Corporation and an LLC from a tax professional point of view. What is an S-Corp?  There …

New York LLC vs Delaware LLC

Should a New York Business be a Delaware LLC?

Peter E. Alizio LLCs

This article is written for the New York business community for informational purposes.  I have been asked numerous times: “Should my business be a Delaware LLC or a New York LLC?”  This is a popular question as many believe there are legal and/or tax benefits by incorporating in Delaware.  This article will compare the costs and filing requirements for a New York based business …

IRS Estimated Tax Payment Voucher

Self Employed – Estimated Tax Payments

Peter E. Alizio Income Tax

Congrats on being self-employed and making money (and paying taxes). When you are self-employed taxes are no longer being withheld from your paycheck. You are now solely responsible for your “withholding” situation! You have two options (1) do absolutely nothing (2) pay in quarterly estimated tax payments. (1) If you do nothing you will have to pay all your taxes …

scale-of justice-lawsuit-money-taxes

Income Taxes & Lawsuits

Peter E. Alizio Income Tax

Important Notice: This Article has not yet been updated to reflect the TCJA (Tax Cuts and Jobs Act) please contact Peter E. Alizio or consult with a tax professional to obtain more accurate information. I. Will a Lawsuit Award or Settlement be subject to Income Tax? The Internal Revenue Code defines gross income as income from whatever source derived unless …

NYS Sales Tax Restaurants

Read this before investing in a NY Restaurant

Peter E. Alizio Sales Tax

Update: The NYSDTF administrative policy of granting responsible person relief to certain minority members of LLCs has been codified into law by the New York State 2018-2019 budget signed 4/12/18. Read this before investing in a New York Restaurant All restaurants in New York will have the responsibility to collect and remit state sales tax. Regardless of the type of entity …