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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - February 2012
OVDI is now open-ended. On January 9th, the IRS announced it would be extending the 2011 initiative indefinitely until further notice.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - April 2011
As you read this article, someone, somewhere in the world, is gathering strength. Hoping and working toward someday coming to America to seek out a better life.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - December 2009
How would you like to tell your clients that they owe a $350,000 penalty for failing to report the transfer of one million dollars to a foreign trust? And that they'll also owe $10,000 more for each additional 30 days that the tax return was past due.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - June 2009
Have any of your small business clients ever hoped and prayed for a really bad day, a day when no one comes to their store or place of business? Not a single customer. Chances are if they have, then they were likely undergoing a Sales Tax observation audit by the New York State Tax Department.
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By Eric L. Morgenthal, Esq., CPA
The Nassau Lawyer - December 2008
Every few years, state tax governments adopt amnesty programs to meet budget shortfalls by triggering the acceleraton of tax revenue. However, tax agencies know that amnesty programs convey a risky message... that the benefit of current revenue collection exceeds the cost to the system of allowing conduct to go unpunished.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - June 2007
As a lifelong Met fan, I've never been a big admirer of Roger Clemens.
However, I must admit he was typically skilled
in demonstrating a particular aspect of baseball.
. . the brushback pitch. For those who don't follow
baseball, pitchers throw a "brushback" pitch intentionally
close to the batter to keep them from crowding
home plate. It's a way to prevent the batter from
reducing the strike zone by overreaching and dominating
the area. Recently, the New York State Department
of Taxation and Finance was thrown a brushback
pitch because it seemed like they too were beginning
to overreach.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - November 2004
On October 22, the American Jobs Creation Act of 2004 (P.L. 108-357)
was signed into law. The new tax law addresses
the export tax regime, provides tax relief for
domestic manufacturers, U.S. multinationals, businesses
and individuals. The focus of this article is to
highlight the most important changes and additions
to the IRS tax collection procedures.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - June 2004
We've all heard it. Parents say it all the time. "You'd better not
do that....it will end up on your permanent record."
When I heard those words as a youth, I used to
shrug them off. I'd think to myself, "what record?
Do they honestly believe that an imaginary place
exists where anyone can look to review all of my
mistakes in life?" Well guess what....now there
is.
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By Eric L. Morgenthal, Esq., CPA
The Attorney-CPA
- March 2004
Asset Protection Advisors beware! Your entire world is about to turn
upside down, particularly if your clients have
properties in multiple states. Traditionally, property
ownership via tenancy by the entirety (TBE) has
provided a certain level of protection to married
couples. Currently, 26 jurisdictions recognize
property ownership by TBE. It should be noted that
New York State is one of those jurisdictions.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - February 2004
With signs of the recession still looming, small and large businesses
alike have been searching for ways to improve cash
flow. Slow revenue growth coupled with rising health
insurance costs has reduced available funds for
business owners to contribute toward retirement.
Now, new legislation passed on December 8 under
the Medicare Prescription Drug, Improvement and
Modernization Act of 2003 has introduced a hybrid
vehicle which enables business owners and individuals
to address both concerns with one consolidated
cost.
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By Eric L. Morgenthal, Esq., CPA
The Queens Bar Bulletin - November 2003
Many of us have clients that conduct business in the five boroughs.
If yours haven't been meeting their tax filing
obligations, then they may want to take advantage
of this limited time tax saving opportunity. In
light of the recent success obtained with the New
York State Tax Amnesty Program, the New York State
legislature has empowered the City of New York
to undertake its own amnesty arrangement.
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By Eric L. Morgenthal, Esq., CPA
The Nassau Lawyer - November 2003
Asset Protection Advisors beware! Your entire world is about to turn
upside down, particularly if your clients have properties in multiple
states. Traditionally, property ownership via tenancy by the entirety
(TBE) has provided a certain level of protection to married couples.
Currently, 26 jurisdictions recognize property ownership by TBE. It
should be noted that New York State is one of those jurisdictions.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - November 2003
Thanksgiving is only a few week away and the holidays are just around
the corner. Without fail, magazines and newspapers
will begin publishing a barrage of tax articles
entitled "Year-End Tax Tips." And like last year,
the same advice will probably be given... Accelerate
deductions. Defer income. Blah. Blah. Blah. So
here are a few useful year-end tips that you may
not find in your ordinary tax and investment publication.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - October 2003
Asset Protection Advisors beware! Your entire world is about to turn
upside down, particularly if your clients have properties in multiple
states. Traditionally, property ownership via tenancy by the entirety
(TBE) has provided a certain level of protection to married couples.
Currently, 26 jurisdictions recognize property ownership by TBE. It
should be noted that New York State is one of those jurisdictions.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - September 2003
In this month's column I would like to discuss two developments in
the field of Taxation. One takes place on the federal
level and the other is a state/local tax savings
program.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - June 2003
Here we go again. Congress has chosen to tweak the Internal Revenue
Code for the third time in as many years. And if
you want to sound trendy describing this one...
call it JAGTRRA (that's short for the Jobs and
Growth Tax Relief Reconciliation Act of 2003).
Signed into law on May 28, 2003, the changes behind
this $350 billion tax cut were not terrible complex;
however, the multiple expiration dates instituted
to bring the tax act within budget will complicate
tax planning.
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By Eric L. Morgenthal, Esq., CPA
The Suffolk Lawyer - January 2003
Taxpayers with outstanding New York State Tax Liabilities should strongly
consider taking advantage of the NYS Tax Amnesty
Program. Signed into law of May 29, 2002 as Chapter
85 of the Law of 2002, the Tax Amnesty program
provides an opportunity for taxpayers to settle
their outstanding liabilities with a two percent
reduction in the statutory interest rate and without
the imposition penalties.
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By Eric L. Morgenthal, Esq., CPA
Our economy has become increasingly global and the
Internet has enhanced this growth. “Recent estimates
suggest that global business-to-business e-commerce
will reach $1.3 trillion by the year 2003.” Traditional markets
are disappearing. The use of E-commerce as a means
of conducting business globally raises numerous international
tax issues. These issues relate primarily to sourcing
and characterizing electronic commerce income.
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