Katz Chwat, P.C.

Katz Chwat, P.C.

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Listening to Professor Katz explain the new Section 199A Regulations for Katz Tax Seminars 📚
Feeling nostalgic watching Kim Smith speak on Elder Law at Sachem Public Library!

At Katz Chwat, P.C. our mission is to provide our clients with the highest standards of professional legal service. Practicing in Tax, Estate Planning, Business Transactions, Estate & Trust Administration as well as Elder Law and Special Needs.

Katz Chwat, P.C. is a firm forged out of years of experience and commitment to high standards of client service and professional excellence. The firm’s partners joined together to bring their experience to a firm that can provide a comprehensive package of services to clients to protect their legacy and plan for their future, the future of their families and their businesses. We represent individu

Operating as usual

09/15/2021

As a reminder, our office will be closed on Thursday, September 16, 2021 in observance of Yom Kippur.

As a reminder, our office will be closed on Thursday, September 16, 2021 in observance of Yom Kippur.

09/15/2021

The acting Tax Commissioner has extended certain tax filing and payment deadlines occurring during the period beginning on or after September 15, 2021, and ending on or before October 2, 2021, for taxpayers who were directly affected by Hurricane Ida. The specifics can be found in Notice N-21-3.

Please read the notice carefully as it has detailed instructions as to which returns and payments are subject to the extension, who is eligible for the relief, and presents a few exceptions to the extended deadline. In any case, returns filed or tax payments made in accordance with these rules by those directly affected by the storm will not be subject to any late filing, late payment, or underpayment penalties or interest if received by December 14, 2021.

https://www.tax.ny.gov/pdf/notices/n21-3.pdf

The acting Tax Commissioner has extended certain tax filing and payment deadlines occurring during the period beginning on or after September 15, 2021, and ending on or before October 2, 2021, for taxpayers who were directly affected by Hurricane Ida. The specifics can be found in Notice N-21-3.

Please read the notice carefully as it has detailed instructions as to which returns and payments are subject to the extension, who is eligible for the relief, and presents a few exceptions to the extended deadline. In any case, returns filed or tax payments made in accordance with these rules by those directly affected by the storm will not be subject to any late filing, late payment, or underpayment penalties or interest if received by December 14, 2021.

https://www.tax.ny.gov/pdf/notices/n21-3.pdf

09/14/2021

SECOND UPDATE: Suffolk County Added to Disaster Area (9/14)

See the IRS website for additional details https://www.irs.gov/newsroom/irs-announces-tax-relief-for-new-york-victims-of-remnants-of-hurricane-ida

IRS provides tax relief to Ida victims in New York and New Jersey
The IRS has provided tax relief to victims of Hurricane Ida in parts of New York and New Jersey. Individuals and businesses in the disaster area now have until January 3, 2022, to file various individual and business tax returns and to make tax payments.

In New York, the disaster area includes:
1. Bronx
2. Kings
3. New York
4. Queens
5. Richmond
6. Westchester counties
7. Nassau (9/10)
8. Suffolk (9/14)

In New Jersey, the disaster area includes:
1. Bergen
2. Gloucester
3. Hunterdon
4. Middlesex
5. Passaic
6. Somerset counties

Note: Taxpayers who live or have a business outside the disaster area, but whose tax records are in the disaster area may also qualify for relief by contacting the IRS at 866-562-5227.

The relief provision allows individuals, residing in the designated areas, who have a valid extension to October 15, 2021 for the filing of their 2020 return, to postpone the filing of their return until January 3, 2022. The relief provision does not extend the deadlines for any tax payments related to 2020 returns as payment was due on May 17, 2021.

It appears that the postponement applies to Gift Tax Returns due October 15, 2021 where an extension was timely filed.

The following deadlines are also postponed to January 3, 2022:

• September 15, 2021 - the deadline for making quarterly estimated income tax payments;
• September 15, 2021 – the extended deadline for calendar-year partnerships and S corporations to file their 2020 returns;
• October 15, 2021 - the extended deadline for calendar-year C corporations to file their 2020 returns;
• November 1, 2021 - the deadline for quarterly payroll and excise tax returns;
• November 15, 2021 – the extended deadline for calendar-year tax-exempt organizations to file their 2020 returns;

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area, so taxpayers don't need to contact the IRS to get this relief.

New York State has yet to release any guidance as to whether they will be adopting the federally extended deadlines.

SECOND UPDATE: Suffolk County Added to Disaster Area (9/14)

See the IRS website for additional details https://www.irs.gov/newsroom/irs-announces-tax-relief-for-new-york-victims-of-remnants-of-hurricane-ida

IRS provides tax relief to Ida victims in New York and New Jersey
The IRS has provided tax relief to victims of Hurricane Ida in parts of New York and New Jersey. Individuals and businesses in the disaster area now have until January 3, 2022, to file various individual and business tax returns and to make tax payments.

In New York, the disaster area includes:
1. Bronx
2. Kings
3. New York
4. Queens
5. Richmond
6. Westchester counties
7. Nassau (9/10)
8. Suffolk (9/14)

In New Jersey, the disaster area includes:
1. Bergen
2. Gloucester
3. Hunterdon
4. Middlesex
5. Passaic
6. Somerset counties

Note: Taxpayers who live or have a business outside the disaster area, but whose tax records are in the disaster area may also qualify for relief by contacting the IRS at 866-562-5227.

The relief provision allows individuals, residing in the designated areas, who have a valid extension to October 15, 2021 for the filing of their 2020 return, to postpone the filing of their return until January 3, 2022. The relief provision does not extend the deadlines for any tax payments related to 2020 returns as payment was due on May 17, 2021.

It appears that the postponement applies to Gift Tax Returns due October 15, 2021 where an extension was timely filed.

The following deadlines are also postponed to January 3, 2022:

• September 15, 2021 - the deadline for making quarterly estimated income tax payments;
• September 15, 2021 – the extended deadline for calendar-year partnerships and S corporations to file their 2020 returns;
• October 15, 2021 - the extended deadline for calendar-year C corporations to file their 2020 returns;
• November 1, 2021 - the deadline for quarterly payroll and excise tax returns;
• November 15, 2021 – the extended deadline for calendar-year tax-exempt organizations to file their 2020 returns;

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area, so taxpayers don't need to contact the IRS to get this relief.

New York State has yet to release any guidance as to whether they will be adopting the federally extended deadlines.

09/13/2021

UPDATE: NASSAU COUNTY ADDED TO DISASTER AREA

IRS provides tax relief to Ida victims in New York and New Jersey
The IRS has provided tax relief to victims of Hurricane Ida in parts of New York and New Jersey. Individuals and businesses in the disaster area now have until January 3, 2022, to file various individual and business tax returns and to make tax payments.

In New York, the disaster area includes:
1. Bronx
2. Kings
3. New York
4. Queens
5. Richmond
6. Westchester counties
7. Nassau
*Suffolk County is notably absent; however, the disaster area is subject to change. Also, see the note below concerning taxpayers with tax records within the disaster area.

In New Jersey, the disaster area includes:
1. Bergen
2. Gloucester
3. Hunterdon
4. Middlesex
5. Passaic
6. Somerset counties

Note: Taxpayers who live or have a business outside the disaster area, but whose tax records are in the disaster area may also qualify for relief by contacting the IRS at 866-562-5227.

The relief provision allows individuals, residing in the designated areas, who have a valid extension to October 15, 2021 for the filing of their 2020 return, to postpone the filing of their return until January 3, 2022. The relief provision does not extend the deadlines for any tax payments related to 2020 returns as payment was due on May 17, 2021.

It appears that the postponement applies to Gift Tax Returns due October 15, 2021 where an extension was timely filed.

The following deadlines are also postponed to January 3, 2022:

• September 15, 2021 - the deadline for making quarterly estimated income tax payments;
• September 15, 2021 – the extended deadline for calendar-year partnerships and S corporations to file their 2020 returns;
• October 15, 2021 - the extended deadline for calendar-year C corporations to file their 2020 returns;
• November 1, 2021 - the deadline for quarterly payroll and excise tax returns;
• November 15, 2021 – the extended deadline for calendar-year tax-exempt organizations to file their 2020 returns;

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area, so taxpayers don't need to contact the IRS to get this relief.

New York State has yet to release any guidance as to whether they will be adopting the federally extended deadlines.

See Updated Information Here https://www.irs.gov/newsroom/irs-announces-tax-relief-for-new-york-victims-of-remnants-of-hurricane-ida

UPDATE: NASSAU COUNTY ADDED TO DISASTER AREA

IRS provides tax relief to Ida victims in New York and New Jersey
The IRS has provided tax relief to victims of Hurricane Ida in parts of New York and New Jersey. Individuals and businesses in the disaster area now have until January 3, 2022, to file various individual and business tax returns and to make tax payments.

In New York, the disaster area includes:
1. Bronx
2. Kings
3. New York
4. Queens
5. Richmond
6. Westchester counties
7. Nassau
*Suffolk County is notably absent; however, the disaster area is subject to change. Also, see the note below concerning taxpayers with tax records within the disaster area.

In New Jersey, the disaster area includes:
1. Bergen
2. Gloucester
3. Hunterdon
4. Middlesex
5. Passaic
6. Somerset counties

Note: Taxpayers who live or have a business outside the disaster area, but whose tax records are in the disaster area may also qualify for relief by contacting the IRS at 866-562-5227.

The relief provision allows individuals, residing in the designated areas, who have a valid extension to October 15, 2021 for the filing of their 2020 return, to postpone the filing of their return until January 3, 2022. The relief provision does not extend the deadlines for any tax payments related to 2020 returns as payment was due on May 17, 2021.

It appears that the postponement applies to Gift Tax Returns due October 15, 2021 where an extension was timely filed.

The following deadlines are also postponed to January 3, 2022:

• September 15, 2021 - the deadline for making quarterly estimated income tax payments;
• September 15, 2021 – the extended deadline for calendar-year partnerships and S corporations to file their 2020 returns;
• October 15, 2021 - the extended deadline for calendar-year C corporations to file their 2020 returns;
• November 1, 2021 - the deadline for quarterly payroll and excise tax returns;
• November 15, 2021 – the extended deadline for calendar-year tax-exempt organizations to file their 2020 returns;

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area, so taxpayers don't need to contact the IRS to get this relief.

New York State has yet to release any guidance as to whether they will be adopting the federally extended deadlines.

See Updated Information Here https://www.irs.gov/newsroom/irs-announces-tax-relief-for-new-york-victims-of-remnants-of-hurricane-ida

09/11/2021

Remembering our loved ones and honoring our heroes.

Remembering our loved ones and honoring our heroes.

09/10/2021

IRS provides tax relief to Ida victims in New York and New Jersey

The IRS has provided tax relief to victims of Hurricane Ida in parts of New York and New Jersey. Individuals and businesses in the disaster area now have until January 3, 2022, to file various individual and business tax returns and to make tax payments.

In New York, the disaster area includes:

1. Bronx
2. Kings
3. New York
4. Queens
5. Richmond
6. Westchester counties
*Nassau and Suffolk Counties are notably absent; however, the disaster area is subject to change. Also, see the note below concerning taxpayers with tax records within the disaster area.

In New Jersey, the disaster area includes:

1. Bergen
2. Gloucester
3. Hunterdon
4. Middlesex
5. Passaic
6. Somerset counties

Note: Taxpayers who live or have a business outside the disaster area, but whose tax records are in the disaster area may also qualify for relief by contacting the IRS at 866-562-5227.

The relief provision allows individuals, residing in the designated areas, who have a valid extension to October 15, 2021 for the filing of their 2020 return, to postpone the filing of their return until January 3, 2022. The relief provision does not extend the deadlines for any tax payments related to 2020 returns as payment was due on May 17, 2021.

It appears that the postponement applies to Gift Tax Returns due October 15, 2021 where an extension was timely filed.

The following deadlines are also postponed to January 3, 2022:

• September 15, 2021 - the deadline for making quarterly estimated income tax payments;

• September 15, 2021 – the extended deadline for calendar-year partnerships and S corporations to file their 2020 returns;

• October 15, 2021 - the extended deadline for calendar-year C corporations to file their 2020 returns;

• November 1, 2021 - the deadline for quarterly payroll and excise tax returns;

• November 15, 2021 – the extended deadline for calendar-year tax-exempt organizations to file their 2020 returns;

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area, so taxpayers don't need to contact the IRS to get this relief.

New York State has yet to release any guidance as to whether they will be adopting the federally extended deadlines.

See IR 2021-179 https://www.irs.gov/newsroom/irs-tax-relief-now-available-to-ida-victims-in-new-york-and-new-jersey-oct-15-deadline-other-dates-extended-to-jan-3

IRS provides tax relief to Ida victims in New York and New Jersey

The IRS has provided tax relief to victims of Hurricane Ida in parts of New York and New Jersey. Individuals and businesses in the disaster area now have until January 3, 2022, to file various individual and business tax returns and to make tax payments.

In New York, the disaster area includes:

1. Bronx
2. Kings
3. New York
4. Queens
5. Richmond
6. Westchester counties
*Nassau and Suffolk Counties are notably absent; however, the disaster area is subject to change. Also, see the note below concerning taxpayers with tax records within the disaster area.

In New Jersey, the disaster area includes:

1. Bergen
2. Gloucester
3. Hunterdon
4. Middlesex
5. Passaic
6. Somerset counties

Note: Taxpayers who live or have a business outside the disaster area, but whose tax records are in the disaster area may also qualify for relief by contacting the IRS at 866-562-5227.

The relief provision allows individuals, residing in the designated areas, who have a valid extension to October 15, 2021 for the filing of their 2020 return, to postpone the filing of their return until January 3, 2022. The relief provision does not extend the deadlines for any tax payments related to 2020 returns as payment was due on May 17, 2021.

It appears that the postponement applies to Gift Tax Returns due October 15, 2021 where an extension was timely filed.

The following deadlines are also postponed to January 3, 2022:

• September 15, 2021 - the deadline for making quarterly estimated income tax payments;

• September 15, 2021 – the extended deadline for calendar-year partnerships and S corporations to file their 2020 returns;

• October 15, 2021 - the extended deadline for calendar-year C corporations to file their 2020 returns;

• November 1, 2021 - the deadline for quarterly payroll and excise tax returns;

• November 15, 2021 – the extended deadline for calendar-year tax-exempt organizations to file their 2020 returns;

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area, so taxpayers don't need to contact the IRS to get this relief.

New York State has yet to release any guidance as to whether they will be adopting the federally extended deadlines.

See IR 2021-179 https://www.irs.gov/newsroom/irs-tax-relief-now-available-to-ida-victims-in-new-york-and-new-jersey-oct-15-deadline-other-dates-extended-to-jan-3

09/03/2021

In observation of the upcoming holidays please see our schedule below

Sending our best wishes to all!

In observation of the upcoming holidays please see our schedule below

Sending our best wishes to all!

Cryptocurrency: Decoding the Taxation Policies - Katz Chwat, PC Long Island 08/27/2021

Cryptocurrency: Decoding the Taxation Policies - Katz Chwat, PC Long Island

Cryptocurrency, now synonymous with virtual currency, has been in the news as of late due to increased retail investor interest, volatility, and overall mainstream visibility. In addition, public figures, such as Elon Musk, have made significant investments in cryptocurrencies through their business holdings which has created even more interest in cryptocurrency trading. The increased mainstream visibility of Cryptocurrency has led to heightened concern by government regulatory bodies, including the IRS, the Treasury Department, and the Department Of Justice. Therefore, before investing in cryptocurrency it is prudent that we review the Federal taxation of cryptocurrencies.

Read the full blog on our website, follow the link below.

https://katzchwat.com/cryptocurrency-decoding-the-taxation-policies/?fbclid=IwAR2JKK0gylD3FKUibA2KD0U4Io2x3bqLYM23Y_UuT9RvW2mKwqIDj-Jkun8

Cryptocurrency: Decoding the Taxation Policies - Katz Chwat, PC Long Island Updated March 11, 2021 Cryptocurrency, now synonymous with virtual currency, has been in the news as of late due to increased retail investor interest, volatility, and overall mainstream visibility. In ...

Our Story

BRIDGING THE GAP BETWEEN GENERATIONS
Recognized for our experience in Tax, Estate and Succession Planning, Diverse Business Agreements and Transactions, Elder Law and Special Needs Planning.

Neil began his legal career in 1991 when he joined his father, Robert Katz, and his partner, Ed Bernstein, at Katz & Bernstein, a firm known for its services in tax, estate and succession planning. Neil practiced in the areas of tax, estate planning and strategic business planning and transactions and broadened the firm’s corporate legal services. He later became the managing partner in the firm, which then became known as Katz, Bernstein & Katz, and continued to foster the firm’s analytical approach to problem solving.

Lara R. Chwat joined Katz, Bernstein & Katz in 2000, and helped to grow the firm’s practices even more. She provided technical expertise in all areas of Federal, New York State and New York City taxation, and her knowledge of complex business transactions allowed for further development of the firm’s small business transaction practice. Lara also handled many of the firm’s probate and administration matters with compassion and understanding of the needs of people facing a difficult time in their lives.

Together, through our new firm, we can provide clients with practical, down-to-earth advice and tools, as well as an array of services to meet our client’s tax, business and planning needs for themselves and their loved ones.

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175 Broadhollow Road, Suite 130
Melville, NY
11747

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm
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Bruno, Gerbino, Soriano & Aitken, LLP Bruno, Gerbino, Soriano & Aitken, LLP
445 Broadhollow Rd Ste 220
Melville, 11747

We are a full service law firm providing services to both insurance companies and individuals on a wide variety of issues.