If you received a check for the School Tax Relief (STAR) credit, you do not need to do anything on your New York State income tax return unless you itemiz...

Our mother added all of her adult kids to her property deed but now she is having to sell the house and move in with one of the kids. The house is paid fo...

H-1, TN, and O-1 visa holders are considered resident aliens once they meet the “substantial presence” test. Is a resident alien a resident? A resident al...

The basis limits are the first of three limitations that are applied to Schedule K-1 losses and deductions. After the basis limits are applied, the At-ris...

In other words, an LLC that is taxed as a partnership, with no business activity, will not be required to submit a partnership return unless there are cre...

If you made a purchase on the internet yesterday, you might have noticed something different: sales tax. Changes in sales tax compliance laws for remote s...

A recovery period is how long the asset can be expected to last and therefore, it’s time period for depreciation. Cars, computers and office equipment hav...

Generally, you don’t have to be entitled to claim the child as a dependent to claim the earned income credit based on the child being your qualifying chil...

A 1099 form is used to report miscellaneous income, such as gross rent, for US residents and businesses only, whereas a 1042-S (Foreign Person’s U.S. Sour...

The fallacy of the irrelevant reason is a type of inference where a reason is given in support of a conclusion but this reason is irrelevant to the truth ...