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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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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

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

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

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

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

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

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

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

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

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

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

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

7/22/2018
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Mid-Year Check-up: Tax Savvy Steps to Save in 2019

What can you do now, just past the midway point, to get ready for 2019?

Category: Tax

7/22/2018
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States Sue to Overturn $10,000 Cap on SALT Deduction

Four blue states have sued the U.S. Government seeking an injunction to stop the IRS from enforcing the allegedly unconstitutional cap on itemized deductions

Category: Tax

7/15/2018
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“Millionaires Taxes” Cause Wealthy to Flee Blue States

In an op-ed in the Wall Street Journal, prominent economists estimate 800,000 millionaires will leave New York and California over the next three (3) years.

Category: Tax

7/15/2018
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Write-Off Your Reps! Fitness Tax Break Passes House

On Thursday, July 12, 2018, The House passed a bill (H.R. 2167) (S. 482) allowing taxpayers to treat amounts paid for gym membership as medical expenses.

Category: Tax

7/15/2018
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How Will Brett Kavanaugh Rule on Taxes at Supreme Court?

Kavanaugh’s legal position is that challenges to tax statutes and regulations are limited to responding to deficiency suits or making a formal claim for refund.

Category: Tax

7/9/2018
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New Jersey Adopts ACA Individual Mandate Starting in 2019

On the heels of the repeal of the Affordable Care Act (“ACA”), New Jersey and other states pass the “individual mandate” into law in their states.

Category: Tax

7/8/2018
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Delinquent Taxpayers Get Big Tax Savings In NJ Tax Amnesty

On July 1, 2018, Gov. Phil Murphy signed into law a bill requiring the New Jersey Division of Taxation to raise revenues through a Tax Amnesty program.

Category: Tax

7/7/2018
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Bill Will Boost and Revitalize NJ Film and TV Industry

Gov. Phil Murphy signed a law Tuesday called the "Garden State Film and Digital Media Jobs Act" providing film and TV tax credits.

Category: Tax

7/6/2018
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New Jersey Raises Corporate Tax Rate 2nd Highest in Nation

New Jersey Raises Corporate Tax Rate to 2nd Highest in Nation, in Deal Averting Government Shutdown.

Category: Tax

6/30/2018
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DC Passes Uber and Lyft Tax to Fund the DC Metro

The D.C. Council unanimously voted Tuesday to impose a 5% tax-hike on ride-hailing services, raising the total rate to 6%

Category: Tax

6/30/2018
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Head Tax on Google Headed for the Ballot in Mountain View

Mountain View voters will decide this fall if Google and other Silicon Valley tech-giants will have to shoulder a “head tax” on their employee head count.

Category: Tax

6/30/2018
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Postcard Sized Tax Return

IRS unveils new postcard-sized tax return, but the simplified form is not usable by most taxpayers, due to the many 1040 schedules.

Category: Tax

6/30/2018
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Shutdown Standoff: NJ To Pass Highest Corporate Tax Rate

With shutdown looming Gov. Murphy's $39.4 bn budget looks dead on arrival. Different factions debate a 13% corporate tax versus a millionaire's tax.

Category: Tax