Hitting You Where You Live: The Hidden Tax Perils of New York’s Residency Rules

Posted May 2012 by Warren M. Bergstein, CPA, AEP® and Steven Finkelstein, CPA

U.S. citizens are taxed on all income, regardless of where that income is earned. New York State takes a similar approach to taxing its residents’ income. In addition, New York subjects nonresidents to taxation on certain categories of income sourced to New York. The state aggressively pursues taxpayers who have “resident” attributes while declaring a “nonresident” filing status. Consequently, certain nonresident taxpayers must take care not to run afoul of the complex rules New York uses to determine residency for tax purposes. Continue reading →

Posted in News

AKM 2011-2012 Tax Planning Guide

Posted February 2012 by AKMCPA Team

Mixed news for higher income taxpayers – The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 kept ordinary-income and long-term capital gains rates from increasing this year and established “patches” for the AMT that may help reduce or eliminate your 2011 AMT liability. The act also offers some enhanced estate planning opportunities. And it extends and expands a number of other tax breaks. That’s the good news.

But many provisions of the law — including the extensions of the lower income and capital gains tax rates — are set to expire at the end of 2012 unless Congress extends them again. In light of this uncertainty, minimizing your taxes over the next few years will require especially careful planning and timely action, as well as a thorough understanding of various tax-saving strategies. Continue reading →

Posted in Tax Guides

Beware of New Serious Fraudulent “IRS” Communication

Posted September 2011 by AKMCPA Team

A client of ours recently received, via facsimile, this document. The letter appears to be on IRS letterhead, signed by an official, asking for banking information and signatures. This is a fraudulent request. The IRS will never ask for this … Continue reading →

Posted in Alerts, News

Market Volatility and Portfolio Reviews

Posted September 2011 by AKMCPA Team

Given recent market volatility and uncertainty, we want to remind you that we offer portfolio review services through our Registered Investment Advisor, the AKM Consulting Group. Continue reading →

Posted in Bulletins, News

News Coverage: Jack Gold Widely Quoted on Christian Lopez Yankees Story

Posted July 2011 by AKMCPA Team

AKM Partner Jack Gold was widely quoted in a story about Christian Lopez, the Yankees fan who caught — and returned — Derek Jeter’s 3,000th hit. The team showered the lucky fan with gifts valued at upwards of $30,000, all … Continue reading →

Posted in Bulletins, News

AKM 2010-2011 Tax Planning Guide

Posted April 2011 by AKMCPA Team

Ongoing changes in tax laws, an unpredictable economy and uncertainty about the future have made minimizing taxes more difficult than ever. This is especially true for investments, because the 15% rate on qualified dividends and long-term capital gains is set to expire at the end of the year — but could be extended. To complicate matters, some new tax breaks have gone into effect this year, but only on a temporary basis. Also, income and estate tax rates are scheduled to go up in 2011 if Congress doesn’t act. Continue reading →

Posted in News, Tax Guides

New Cost Basis Reporting Rules Require New Attention from Investors

Posted March 2011 by Lawrence Katz, CPA, CFP®, PFS

Beginning in 2011, brokers will be required to report the cost basis of securities acquired and sold after January 1, 2011 to the Internal Revenue Service for taxable accounts (not retirement accounts). Up until that date, brokers were required to report only the gross proceeds on sales for taxable accounts. Cost basis is the original purchase price you paid for an investment, plus commissions and fees. Continue reading →

Posted in Alerts, News

December 2010 Client Information Bulletin

Posted December 2010 by AKMCPA Team

In This Bulletin – 1) One Management Style Does Not Fit All – Three Different Ways of Running a Business 2) The Clock is Ticking – 10 Last-Minute Tax Moves, 3) Highlights of the New Small-Business Law, 4) Reasonable Comp for a Dynamo, 5) Resume RMDs From Retirement Plans, 6) Facts and Figures Continue reading →

Posted in Bulletins, News

AKM passed a rigorous peer review

Posted November 2010 by AKMCPA Team

AKM passed a rigorous peer review by the American Institute of Certified Public Accountants (AICPA) Peer Review Committee Reporting Acceptance Body. Our next review will be in September 2013.

Posted in Bulletins, News

Do Not Respond to Email “from the IRS”

Posted October 2010 by AKMCPA Team

Many clients have reported receiving email “from the IRS.”  The subjects vary, but include: “You are due a refund.” “We could not verify your information.” “We suspect an unauthorized transaction on your account.” Do not respond to such messages. The … Continue reading →

Posted in Alerts, News