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Month: April 2019

New York State Refund Notices

Recently, New York State has sent erroneous notices to numerous taxpayers regarding their 2018 personal income tax refunds. In this situation, the taxpayer has already received the refund requested on the taxpayer’s 2018 New York State personal income tax return.  However, after receiving the refund, the taxpayer receives a notice that indicates that the allowable refund for the 2018 tax ye...

Summarize Key Issues for Extensions

As practitioners prepare extensions for the upcoming filing due date, it is important to tell clients about estimates used in computing the amount due for the extension. For example, if a client has not yet received a Schedule K-1, it is important to tell the client that an estimate of the income from that missing K-1 was used to compute the amount due with the extension.  It is also importan...

Strategies for Expired Provisions

As discussed in our seminars, several tax provisions that affect individual taxpayers expired after 2017.  These provisions include, among others, the above-the-line deduction for higher education tuition/fees, the mortgage insurance premiums deduction on Schedule A, the exclusion of income on the discharge of up to $2 million of home acquisition indebtedness secured by a principal residence, an...