The Tax Lawyer Blog: Topical thinking from the lawyers at Moskowitz, LLP

Can I Deduct Summer Travel Expenses From My Taxes?

Posted on June 29, 2021July 12, 2021 by Moskowitz LLP State & Local Taxation,

Come tax season, it seems that Uncle Sam is always looking for new ways to dip his hand into your pocket. But that doesn’t mean you can’t make the most from your return. Business expenses are one example. The IRS permits filers to deduct “ordinary and necessary expenses” incurred during...

Making Sense of the California Comeback Plan

Posted on June 23, 2021July 12, 2021 by Moskowitz LLP Distressed Business/COVID-19,

As California and the rest of the nation emerge from the yearlong Coronavirus pandemic and its associated restrictions, many small business owners and individuals find themselves in a radically changed economic landscape. Small businesses that rely on foot traffic have been especially hard-hit by the pandemic, and many families are...

Employee Retention Credit – An Immediate Cash Infusion for Qualifying Employers

Posted on June 15, 2021July 7, 2021 by Moskowitz LLP Distressed Business/COVID-19,

Through the Employee Retention Credit (ERC), employers can receive upwards of $33,000 in tax credits per employee for tax years 2020 and 2021. This is a fully refundable federal employment tax credit, one of the largest federal incentives available for most businesses. Best of all, both essential and non-essential businesses...

2021 IRS Tax Audit and Investigation Priorities

Posted on June 15, 2021July 7, 2021 by Moskowitz LLP Tax: Audits, Litigation & Collection,

What are your chances of an IRS Audit? This quick read will give you the 2021 IRS Tax Audit and Criminal Tax Investigation Priorities. IRS Agency officials said last year they plan to increase audits on small businesses and investors by 50% in 2021. The result could be a surge...

The Ultra-Millionaire Tax And What It Means For Wealthy Taxpayers

Posted on June 8, 2021July 19, 2021 by Moskowitz LLP Tax: Audits, Litigation & Collection,

Significant legislation has been passed in efforts to get the national economy on its feet following the COVID-19 pandemic. Simultaneously there have been significant efforts at the national level to address what many call the wealth inequality in America. One proposed approach that has been gaining momentum is to increase...

Covid Tax Relief 2021 Ending

Posted on June 1, 2021June 8, 2021 by Moskowitz LLP Tax Planning & Compliance,

It’s hard to believe a little over a year ago the COVID 19 pandemic hit everyone. As things slowly turn back to normal, you need to be ready for the normalizing of the tax rules and adjusting to new ones. Here is how you can be prepared. Covid Tax Relief...

The Biden Tax Plans: Preparing for Capital Gains and Possible Estate Tax Changes

Posted on May 25, 2021June 2, 2021 by Moskowitz LLP Estate Planning & Taxation,

During his first 100 days in office, President Biden proposed a 3-part plan to bolster the American economy and to provide much-needed relief to families struggling in the wake of the COVID-19 pandemic. With part one, the American Rescue Plan, already in effect, attention now turns to other reforms, including...

Understanding President Biden’s Tax Plans

Posted on May 18, 2021June 2, 2021 by Moskowitz LLP Estate Planning & Taxation,

Since taking office in January, President Biden has taken decisive action on some of the most critical challenges facing the American economy in the wake of the COVID-19 pandemic. Biden’s proposals—some already enacted into law—make some important changes to tax law that could both significantly reduce or increase your federal...

Tax Filing Deadlines May 2021

Posted on May 11, 2021June 2, 2021 by Moskowitz LLP Tax Planning & Compliance,

Upcoming dates May 9 Mother's Day May 17 Individual income tax returns for 2020 are due May 31 Memorial Day When Are Tax Returns Due for Individuals? Tax day for individual tax returns (i.e., Form 1040) is Monday, May 17, 2021. This is the tax deadline to file your federal...

New Cryptocurrency Tax Tips

Posted on May 7, 2021May 13, 2021 by Moskowitz LLP Cryptocurrency Tax Assistance,

Previous Posts in this Series Part I: IRS Launches New Cryptocurrency Tax Evasion Detection Program Since the introduction of Bitcoin in 2009, new cryptocurrencies have opened vast new avenues to both personal and business investment. Virtual currencies such as LiteCoin, Cardano, and Polkadot have dramatically changed the way the world...

IRS Launches New Cryptocurrency Tax Evasion Detection Program

Posted on May 4, 2021May 27, 2021 by Moskowitz LLP Cryptocurrency Tax Assistance,

Other Posts in this Series Part II: New Cryptocurrency Tax Tips In March of this year, the IRS’s Office of Fraud Enforcement announced the kickoff of “Operation Hidden Treasure”—a program staffed by a dedicated team of IRS investigators trained in cryptocurrency and virtual currency tracking and focused on identifying taxpayers...

Are IRS Collection Activities Affected In Any Way By Politics Of Treasury Department Orders?

Posted on April 20, 2021July 23, 2021 by Moskowitz LLP Tax: Audits, Litigation & Collection,

The IRS does not ask the DOJ to file suits against all delinquent taxpayers and the DOJ does not always agree to do so when asked. Usually, there is a confluence of bad behavior plus a collection statute of limitations (10-years, including additional time for suspensions) about to run. The...

What Is Self Employment Tax?

Posted on April 13, 2021September 2, 2021 by Moskowitz LLP Tax Planning & Compliance,

The advent of the COVID-19 pandemic has resulted in some dramatic changes to the world’s workforce. One of the most profound effects has been the shift from an on-site to a work-from-home economy. One result of this shift is an increase in the number of workers operating as independent contractors....

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