Blog

To Forgive Is Divine. But It May Be Taxable

While forgiveness may do wonders for the soul, it can inadvertently lead to an adverse tax situation for the recipient.

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Transfer on Death Deeds

Since July, 2024 New York property owners have had a new tool in their toolbox when it comes to estate planning……the Transfer on Death Deed.

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IRS Deadlines and the Government Shutdown

Recently with the government shut down in effect a number of our clients have been reaching out to us to ask how it affects them. As is common for any attorney directed question, the answer is “it depends.”

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Beige Law: Local Representation You Can Trust in Bohemia, Long Island

A Personal Approach to the Law

When people in Bohemia, Long Island think about where to turn for practical legal help, they often mention our law firm. Joseph Beige has become a familiar name in the community, working closely with clients on matters that impact their daily lives. At Beige Law, clients do not feel like just another file number. They meet directly with the attorneys handling their case, and more often than not, that attorney is Joseph himself.

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Discussing 1031 Exchanges with Todd Pajonas

Despite the tight real estate market and historically low inventories many Long Islanders do find themselves owning property besides their primary home.  Sometimes this is due to a dedicated plan to invest in real estate, other times as an adjunct to a business and still other times as a result of an inheritance.

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Discussing “reasonable development” with Islip Town Supervisor Angie Carpenter

One thing that every Long Islander has in common is real estate development. Whether you are an owner or tenant of residential real estate, a commercial property, business owner, or a real estate developer you are affected both locally and regionally by real estate development.  Or the lack of it.

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Good News For First Time Homeowners

If you have been in the market to purchase a new home the last few years good news may have been few and far between.  Prospective home buyers who had been faced with rapidly rising prices and heavy competition for available homes then got hit with equally rising mortgage interest rates.  For many there was not much positive news.

That is changing for those home buyers financing their purchases with FHA loans.

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Tax Implications of a Real Estate Transaction

Have you bought a new home this year!  Did you sell one?  Maybe you refinanced your current home? Buying, Selling and Refinancing real estate all can have an impact on your personal federal and state tax returns. Join Long Island Real Estate Attorney Joseph Beige and David Korcz, CPA discuss the tax implications of real estate transactions.  Learn about the effects these transactions can have on your personal tax returns, how to maximize your refunds and tips on important conversations to have with your tax preparer.

Tax Implications of RE Transactions

 

IRS Will Begin Direct Deposit For Amended Returns

The IRS has recently announced that taxpayers filing amended returns (Form 1040-X) will now be able to choose to have any refund directly deposited into their bank account.

Prior to this change taxpayers filing amended returns had to wait for a physical, paper check to be issued.  This added time to the process and delayed taxpayers in receiving their refunds.

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IRS Announces Start of 2023 Tax Season

The Internal Revenue Service has announced that it will begin accepting tax returns for tax year 2022 beginning January 23, 2023 thus commencing the 2023 tax season.   It was also announced that the filing deadline for 2022 returns will be April 18, 2023 due to holidays and weekends.

Taxpayers who have suffered the past three years with pandemic related customer service issues with the IRS have some good news.  The IRS announced it has hired more than 5,000 new telephone assistors and added more in-person staff to help support taxpayers and expects an improvement in taxpayer experience.

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