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Hitting You Where You Live: The Hidden Tax Perils of New York’s Residency Rules
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
Beware of New Serious Fraudulent “IRS” Communication
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
Market Volatility and Portfolio Reviews
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
News Coverage: Jack Gold Widely Quoted on Christian Lopez Yankees Story
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
AKM 2010-2011 Tax Planning Guide
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
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
December 2010 Client Information Bulletin
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
AKM passed a rigorous peer review
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.
Do Not Respond to Email “from the IRS”
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
2010 Small Business Jobs Act
The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business, paid for with various revenue raisers. Here’s a brief overview of the tax changes in the new law. Continue reading