Tax preparation and planning in Scarsdale, Westchester

If you are purely an employee, realistically no. If you own a business or hold a partnership interest, the New York pass through entity tax is the main route and it is worth modeling on your own numbers, because the benefit varies a great deal depending on the entity and the income mix.

The timing of income recognition and whether withholding covers it, which it frequently does not at supplemental rates. For incentive stock options the alternative minimum tax on exercise is the one that produces unpleasant surprises, and the fix is to model the exercise before you do it rather than after.

Possibly the Unincorporated Business Tax, even though you owe no city resident income tax. UBT applies to an unincorporated business carried on within the city regardless of where the owner lives. It catches more Westchester consultants than you would think.

Not a problem, but it is a reporting obligation and often a treaty question. Foreign pensions, foreign accounts and foreign mutual funds, which are usually PFICs, each have their own forms and the penalties are weighted toward non filing rather than non payment.

Any time other than April. Moving mid-year gives us room to fix the books and act on what we find before the year closes. Moving in filing season means we file what already happened and start planning for next year.

Yes. Prior-year and delinquent returns are routine. Filing voluntarily before the IRS contacts you nearly always produces a better outcome than waiting, both on penalties and on what options remain open.

Yes, including exchange activity, staking and the reporting that follows. Bring whatever transaction history you can export. Reconstructing it later costs more than keeping it as you go.

As a nonresident, no New York City resident income tax. The nonresident earnings tax was repealed in 1999 and the partial version was struck down in 2000. But if you carry on an unincorporated business within the city, the Unincorporated Business Tax can still apply regardless of where you live. Westchester residents with city clients are the usual case.

Yes. Foreign income, international reporting and FBAR filings for foreign accounts. The penalties for missing an FBAR are disproportionate to the effort of filing one, so it is worth checking even if you think you are under the threshold.