Gabor & Associates Certified Public Accountants

ATTN: CPA’S, ACCOUNTANTS AND BOOKKEEPERS:

Rapidly growing CPA firm seeks accountants at all levels, including PARTNERSHIP LEVEL accountants.
Remote work is ok.

email resume in confidence to [email protected]

What does Joe Biden’s win mean for your year-end tax planning? Here are two strategies to consider Tax Guy also weighs in on which of President-elect Joe Biden's tax proposals are likely to move forward.

For all of our friends and clients:

8 ways to avoid a tax scam - 8 ways to avoid a tax scam The IRS recently launched an educational campaign called “Taxes. Security. Together.” to raise awareness about how individuals can prevent their day-to-day actions from compromising their financial and tax data. Here are their suggestions on how to avoid becoming a tax-scam victim. (Source: Internal…

Congratulations to Jordan Paz, one of our senior tax consultants. He convinced the IRS that a client owning 2 homes with over $450,000 in equity that she could not afford to pay her taxes, and they will leave her alone notwithstanding a liability of over $60,000. great job Jordan!

If you have any tax issues, contact us for a free consultation.

BEHIND IN YOUR TAXES???

Just eliminated a client's total tax bill!!! Her email to me...

"You have been a godsend. Me and # # want to thank you and your staff for being nothing but kind and understanding of # # 's situation. He now has a chance to get back on his feet and feel good about it. I cannot thank you enough."

Great feeling to get a message like that.
What are you waiting for??? call 7183900555 or 2123491200

BEHIND IN YOUR TAXES???
We just settled an IRS bill on behalf of a client. Client owed $95,000. settled for $5,000 payable over 23 months. That was a discount of 95%!!! What are you waiting for? Call for your FREE consultation

BEHIND IN YOUR TAXES???
We just settled an IRS bill on behalf of a client. Client owed $95,000. settled for $5,000 payable over 23 months. That was a discount of 95%!!!

June 30 deadline approaches for VCSP TEE worker classification program

The IRS recently expanded its Voluntary Classification Settlement Program (VCSP) for employers that agree to reclassify their workers as employees for future pay periods. The expansion of the VCSP, first announced in 2012, is intended to make the VCSP available to more employers, including employers that have not filed the requisite Forms 1099 for their workers.

The VCSP Temporary Eligibility Expansion (VCSP TEE), the IRS reminded employers, is scheduled to end June 30, 2013. The regular VCSP, limited to employers that have filed all required Forms 1099 for the workers for the previous three years, has no scheduled termination date. Both VCSPs provide partial relief from past employment tax penalties in return for becoming and staying compliant. Once a business is under audit by the IRS for employment tax issues, however, the opportunity to qualify for a VCSP ends.

Background

The IRS launched the VCSP in 2011 as a voluntary program for employers to reclassify their workers as employees for employment tax purposes for future tax periods. To participate, an employer must have consistently treated the workers as independent contractors or other nonemployees, and must have filed all required Forms 1099 for the workers for the previous three years. In exchange, the IRS offered partial relief from federal employment taxes.

Employers that have not filed the required Forms 1099, however, may be accepted into the VCSP TEE if they agree to prospectively treat workers as employees for future pay periods. Employers also agree to pay 25 percent of the employment tax liability that would have been due on compensation paid to the workers for the most recent tax year, determined under the reduced rates of Code Sec. 3509(b).

Additionally, employers must furnish to the workers, and electronically file, all required Forms 1099 for the workers being reclassified for the previous three years, prior to executing the VCSP TEE closing agreement with the IRS. Employers also are required to pay a reduced, graduated penalty for unfiled Forms 1099 for the previous three years, for the workers being reclassified.

Under the VCSP TEE, the penalty for unfiled Forms 1099 is graduated. The maximum penalty is $500 for failure to file 1 to 25 forms; $3,675 for failure to file 26 to 49 forms; and $10,000 for failure to file 50 or more forms.

Application and Form 8952

Employers applying to enter the VCSP must file Form 8952, Application for Voluntary Classification Settlement Program (VCSP). Employers may also use Form 8952 to apply to participate in the VCSP TEE, provided they submit their application on or before June 30, 2013, the IRS explained. If you think your business might benefit from the VCSP or VCSP TEE programs, please contact this office for further details. 7183900555 or 2123491200

Partnership, LLC, and LLP annual filing fee Certain partnerships, limited liability companies (LLCs), and limited liability partnerships (LLPs) must pay an annual filing fee using Form IT-204-LL, Partnership, Limited Liability Company, and Limited Liability Partnership Filing Fee Payment Form.

WHO SHOULD PREPARE YOUR INCOME TAX RETURN?

I love the Turbo Tax commercial making fun of places like H&R Block, showing a plumber fixing the sink in the kitchen, and the homeowner asking him "don't I know you?", and the plumber replies "I did your taxes last week!". But consider this: would you handle your own real estate closing, or perform surgery or dental work on yourself? Your tax is possibly the biggest expense you have, and your tax refund could possibly be the biggest one check you receive during the year. Why not have your taxes prepared by a CPA/Tax Attorney, who takes continued tax courses at NYU School of Law, when the fee is probably less than H&R Block charges? Call me at 718-390-0555 or 212-349-1200 for a free consultation, and we will review your last years tax return for free.

Hope Scholarship, American Opportunity, and Lifetime Learning Credits

For tax years beginning in 2013, the Hope Scholarship Credit is an amount equal to 100 percent of qualified tuition and related expenses not in excess of $2,000 plus 25 percent of those expenses in excess of $2,000, but not in excess of $4,000.

Accordingly, the maximum Hope Scholarship Credit for tax years beginning in 2013 is $2,500.A taxpayer's modified adjusted gross income in excess of $80,000 ($160,000 for a joint return) is used to determine the reduction in the amount of the Hope Scholarship Credit otherwise allowable.

A taxpayer's modified adjusted gross income in excess of $53,000 ($107,000 for a joint return) is used to determine the reduction in the amount of the Lifetime Learning Credit otherwise allowable.

For more info call 7183900555 or 2123491200