Blog

Good News For Home Buyers? Really?

Between low inventory of homes for sale, record high prices, bidding wars for homes and then mortgage interest rates that increased about twice what they had been in a year…there hasn’t been much good news for people looking to purchase a home on Long Island.

But…as incredible as it may seem there is some good news to report!

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Professional Real Estate Education

Have you ever thought about becoming a professional real estate salesperson?  Maybe you’ve recently bought or sold a home and have seen firsthand what the real estate salesperson does have wondered about it as full or part time occupation?

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401(k) and IRA Limits Raised by the IRS

The Internal Revenue Service recently announced increases to the amount that individuals can contribute to their 401(K) and IRAs.

For individuals who participate in 401(k), 403(b), most 457 plan or the federal government’s Thrift Savings Plan the contribution limit has increased to $22,500 (up from $20,500). For individuals with IRAs the limit on annual contributions has increased to $6,500 (up from $6,000).

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Discussing the Lender Attorneys’ Role with Chris Delisle, Esq.

One thing that all real estate loans have in common, regardless of the type of property or size of the loan, is that the lender will be represented by an attorney.  Knowing what the lender’s attorney does, the limits of their responsibility to the borrower and how best to coordinate with them will go a long way towards ensuring a smooth loan closing.   This month Long Island real estate attorney Joseph Beige is joined by Christopher Delisle, Esq. of Puleo Delisle, PLLC to discuss the lender’s attorney role and tips for making your next loan closing an enjoyable one.

Discussing the role of the Lender's Attorney

 

IRS Warns of Increase in Text Scams

The Internal Revenue Service announced today that the agency is seeing a tremendous increase in text message-based scams aimed at taxpayers.  IRS Commissioner Chuck Rettig referred to this increase as “phishing on an industrial scale” and warned that thousands of taxpayers may be at risk of receiving these scam messages.

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Discussing Security Systems with All Action Alarm Company

Perhaps no industry related to home or business ownership has undergone as much of a dramatic change in recent years than that of the security industry.  Gone are the days of a simple burglar alarm comprised of a few sensors and a ringing bell.  Today’s modern home security system is tech heavy, efficient and encompasses options well beyond theft prevention.  Watch as Long Island Real Estate attorney Joseph Beige discusses modern security systems with Craig Mele of All Action Alarm Company.

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IRS Announces Penalty Relief

The Internal Revenue Service announced that taxpayers affected by COVID-19 will receive relief from penalties for late filing of 2019 and 2020 tax returns.  The relief from late filing penalties is expected to apply to most individuals and businesses who filed late returns.

The IRS isn’t forgetting about those who have already been assessed a penalty and paid it either.

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Superstorm Sandy Tax Exemption

NYS has recently enacted legislation that extends the deadline to apply for a tax exemption for renovations or reconstruction of residential properties effected by Superstorm Sandy.

The deadline was extended by two years to March 1, 20024.

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Are More IRS Audit On The Way?

The Internal Revenue Service recently announced that it is in the process of hiring 470 new Revenue Agents.

These newly hired Revenue Agents will specialize in performing individual and business tax return audits and will be assigned to the agency’s Small Business Self Employed (SB/SE) division.  Here the Revenue Agents will use their knowledge of accounting and tax law to tax to audit returns, determine liability for both individual and business taxpayers including small corporations, partnerships, and fiduciaries. The Revenue Agents will also be responsible for identifying potential fraud, tax schemes and abusive tax shelters.

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Discussing Water Heaters with Scott Kolin of Waterheaters.com

Water heaters…possibly the most forgotten and ignored systems in our homes and businesses. That is until something goes wrong or a potential buyer raises questions about it.  Scott Kolin of Waterheaters.com joins Long Island real estate attorney Joseph Beige to shed some light on this often ignored but vital sub-system.

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