Seniors’ and Disabled Right to Part Ways With Their Landlord Update! The law was amended in June 2019 to include disabled persons. The New York State Legislature amended Real Property Law §227-a in 2019 to include “individuals with a disability” as additional covered persons under the statute. Under the amended statute, any individuals…
New Law Requires Transparency in Real Estate LLCs On September 13, 2019, Governor Cuomo signed into law a bill sponsored by Sen. James Skoufis which amends the state tax code to promote transparency in the ownership of limited liability companies (LLCs) that own residential real estate. In recent years, LLCs have become the business entity…
The Joint Ownership of Property and Life Insurance Many people believe that by owning property jointly with a trusted loved one they will be protected from, and will be able to avoid the need for their survivors to administer their estate through the court system while at the same time save their estate from having…
Health Care Decision-Making Quite often I am asked about the differences between a Health Care Proxy and a Living Will. A Health Care Proxy allows a “principal” to appoint someone else to act as his or her health care agent for purposes of making health care decisions. When executing a Health Care Proxy, a person…
How the New Tax Law May Affect Seniors For the 2018 income tax year, the fairly new Tax Cuts and Jobs Act (“Tax Act”) provides some important changes that will save seniors (or their accountants) money and aggravation while completing their 2018 income tax return. New Tax Brackets. To begin, the Tax Act keeps the…
Social Security Update Wage earners pay a percentage of their wages into the Social Security system. Those payments become part of the fund that is used to pay for people who have already retired, are disabled, or are survivors or dependents of workers who have died. Any unused portion of such payments become part of…
Three Reasons Why an Attorney-CPA is better than a CPA Like most people I am often asked what I do for a living. I sometimes explain that I am both a tax lawyer and a CPA, (Attorney CPA) whereupon I usually get a reply like: “Oh”, accompanied by a look of confusion. “So you could…
Drivers Licenses Suspended for Non-Payment of Taxes Taxpayers in New York can face a driver’s license suspension if the taxpayer owes $10,000 or more in taxes, penalties, or interest, and no resolution has been made to resolve the tax debt. When New York State identifies delinquent taxpayers, it sends a notice informing them that they…
What Are Your Options if You Owe Taxes? If you have received an IRS delinquency assessment you will generally be given a month to pay the owed amount in full or else the IRS will consider collection actions against you. No one will show up at your door but rather you will continue to receive…
PRO’S AND CON’S OF FILING CHAPTER 7 BANKRUPTCY Chapter 7 is the most commonly filed bankruptcy proceeding due to the fact that many people are drowning in credit card debt, medical bills and/or personal loans just to name a few. Robbing Peter to pay Paul has left both Peter and Paul broke. There are numerous…
