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Fazzio Law Offices

Tax Law and Foreclosure Law Blog

Our blog is where we provide advice, present client tips, and talk about the latest legal news in the area and across the nation.


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9/24/2018
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1099-C Cancelled Debt and Tax Court

In a recent Tax Court decision, a taxpayer was slammed for ignoring a Form 1099-C on canceled debt and failing to file a return.

Category: Tax Law

9/18/2018
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Bill Proposed to Halt Internet Sales Tax Under Wayfair

A group of bi-partisan legislators led by Jim Sensenbrenner (R-WI) proposed Bill (H.R. 6824) to limit the impact of the Wayfair decision.

Category: Tax Law

9/18/2018
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Top 3 Timely Tax Tips for September

Check Your Withholding, Make Your Sep. Quarterly Estimated Payments, and Go See Your Accountant and Get That Extension Filed to Avoid Penalties.

Category: Tax Law

9/13/2018
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IRS Private Debt Collectors Come Up Short, TIGTA Finds

The Treasury Inspector General for Tax Administration (“TIGTA”) just issued a report on the private tax debt collection (“PDC”) program rolled out by Congress.

Category: Tax Law

9/13/2018
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The “Everything Bubble” – What is It? When Will it Burst?

You’ve probably seen articles guessing at the timing of the next market collapse. The "Everything Bubble" is looming as the yield curve inverts.

Category: Tax Law

9/13/2018
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Tax Reform 2.0: Retirement, Education, and Innovation

The House Ways and Means Committee last Thursday provided Republicans with an updated version of Tax Reform 2.0 focused on retirement, education and innovation.

Category: Tax Law

9/4/2018
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Healthcare Options for 2019

Open enrollment begins Nov. 1, 2018 and ends on Dec. 15, 2018 and coverage begins Jan. 1, 2019. This is also the period for renewal and changing your plan.

Category: Tax Law

9/4/2018
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Tax Tips for Back to School

Have you been paying thousands of dollars to stow your little ones away at summer camp, so you could work during summer break? You may be due for a tax break.

Category: Tax Law

9/4/2018
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Vacation Home Rentals Under the TCJA

Just got back from a long weekend in your mixed-use vacation home? Thinking about buying a second-home and renting it. Learn the tax ramifications here.

Category: Tax Law

8/30/2018
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Proposed Bill Would Overhaul IRS and Regulate Tax Preparers

Senator Rob Portman (R-Ohio) and Senator Ben Cardin (D-Missouri) have introduced a new bi-partisan bill in the Senate that would overhaul the IRS.

Category: Tax Law

8/30/2018
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Wells Fargo Announces Layoffs as Business Enters Freefall

Wells Fargo announced it is cutting 638 mortgage jobs, due to a slowdown in business.

Category: Tax Law

8/30/2018
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Treasury Blocks SALT Tax Workarounds

The Treasury acted last Thursday to block high-tax blue states from passing laws to create SALT tax workarounds, focusing on charitable contributions.

Category: Tax Law

8/23/2018
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NYC Metro is Synonymous with High Tax Bills

As housing affordability declines nationally, Manhattan and its neighboring cities remain the most expensive and high tax area in the country to call your home.

Category: Tax Law

8/23/2018
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Wells Fargo Criminal Investigation of Low-Income Tax Credits

The U.S. Attorney’s Office in Miami has convened a Grand Jury for colluding with affordable housing developers to underbid for low-income tax credits.

Category: Tax Law

8/23/2018
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Offshore Tax Evasion Lessons from Paul Manafort Conviction

In U.S. v. Paul Manafort trial, the jury reached a partial verdict finding Paul Manafort guilty on five counts of tax fraud and failing to file FBARs

Category: Tax Law

8/15/2018
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Treasury Unveils New 20% QBI “Pass-Through” Regulations

On Wed. Aug. 8, 2018, the IRS released new “proposed” rules and regulations which give guidance on how the small business deduction will work

Category: Tax Law

8/15/2018
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Newark Passes $2bn Tax Incentive to Lure Amazon HQ

On Wednesday, Aug. 8, the Newark City Council passed a set of ordinances which offer Amazon a $1bn tax waiver of Newark’s 1% payroll tax and Property Tax Waiver

Category: Tax Law

8/15/2018
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Wells Fargo Faces Scandal for Illegal Foreclosing 400 Homes

In a quarterly report filed Friday, Wells Fargo disclosed it illegally foreclosed on 400 families after denying modifications to qualifying homeowners.

Category: Tax Law

8/5/2018
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2.3% Amazon Tax Rate in UK “An Insult” or the Midas touch?

Amazon has come under attack for an “insultingly small” payment of corporate taxes relative to its UK revenue and worldwide profits.

Category: Tax Law

8/5/2018
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Underwithholding Epidemic 2018: 21% of Taxpayers Owe IRS

The General Accounting Office (“GAO”) issued a July report that 21% of taxpayers are underwithholding and will owe significant amounts come tax-day.

Category: Tax Law

8/5/2018
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Taxing “Real Gains” – Indexing Capital Gains for Inflation

Treasury Secretary Steven Mnuchin plans to cut capital gains (indexing gains for inflation), and is prepared to institute the measure without Congress.

Category: Tax Law

7/31/2018
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Will Congress Act on Digital Sales Tax?

After Wayfair Congress, NCSL, MCT and other legislative and industry groups weigh how to react to the Supreme Court ruling and bring uniformity to SALT taxes

Category: Tax Law

7/31/2018
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Filed an Extension?  What to Do Now. 

Filed an Extension?  What to Do Now. Making sure you don't have a big tax bill for penalties and interest in October means a check-up with your accountant now

Category: Tax Law

7/31/2018
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House Committee Introduces Tax Reform 2.0

House Committee Introduces Tax Reform 2.0 Calling for Universal Savings Accounts for families and making tax breaks permanent.

Category: Tax Law

7/22/2018
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Applying for Currently Not Collectible Status

Currently Not Collectible (“CNC”) status is available to taxpayers who owe the IRS but can’t pay because they are suffering from an economic hardship.

Category: Tax Law