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Stay informed with the latest updates on tax strategy, accounting compliance, and financial best practices from the Clarity Tax Group team.
If you’ve formed a single-member LLC (SMLLC) and don’t plan to hire employees, you might be wondering whether you’re required to get an Employer Identification Number (EIN). The short answer is: no, it’s not mandatory—but in many cases, it’s strongly recommended.
Read articleAn Employer Identification Number (EIN)—also known as a Federal Employer Identification Number (FEIN)—is a unique nine-digit number assigned by the IRS to identify business entities for tax purposes. While not every business needs an EIN, there are clear scenarios in which having one is required by law.
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Once an estate exceeds federal thresholds, filing IRS Form 706—the United States Estate (and Generation-Skipping Transfer) Tax Return—is part of the process. For estates that also satisfy the New York State Estate Tax Return requirements, both federal and state filings might be necessary.
Read articleIt should be understood that the estate tax threshold in New York State is $7.16 million. In 2025, it means that if the total value of a deceased individual’s estate exceeds that amount, a New York State Estate Tax Return—specifically Form ET-706—should be filed.
Read articleSmart planning practices are fundamental for estates approaching or exceeding the current New York estate tax thresholds—$7.16 million in 2025—in order to minimize or fully prevent state estate tax liability. Unlike inheritance tax, which New York does not impose, estate tax is calculated on the total value of the decedent’s estate before assets are allocated.
Read articleIt is true that handling the estate of someone who passed away in New York has more than just asset distribution in the process—it generally necessitates filing a New York State Estate Tax Return. There is a threshold. In the case that the value of the estate exceeds the New York estate tax thresholds, this filing is a must. The NY estate tax filing requirements should be acknowledged to prevent delays and establish full compliance with state tax law.
Read articleManaging taxation processes upon someone’s passing is not easy. However, recognizing specific obligations early can present aid in the context of correct submission. In New York, the executor or personal representative of the estate is generally the one responsible for managing final tax filings.
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If individuals are managing the affairs of someone who passed away in New York, they may naturally wonder whether an estate tax return is necessary. The answer varies in accordance primarily with the value of the estate and whether the decedent owned property in the state.
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During a compilation, a CPA assists management in presenting financial information in the form of financial statements without providing any assurance on that information. The accountant reads the compiled financial statements to look for any inaccuracies or material errors based on the information supplied.
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Managing an HOA requires ensuring financial accuracy and compliance to protect the community and build trust. At Dimov Audit, we guide board members and managers through this often complex process. This guide covers everything you need to know about HOA audit requirements, including triggers, preparation, and the value of expert CPA support.
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Nonprofits face immense scrutiny to prove financial integrity. While audits build trust and compliance, the process can be overwhelming. Dimov Audit specializes in simplifying this challenge. This guide helps you prepare for and navigate your nonprofit audit with confidence.
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Cryptocurrency use is widespread, but so is IRS scrutiny. Navigating 2025 crypto tax rules is complex and crucial for investors, traders, and businesses. Dimov Audit specializes in crypto tax compliance, helping you stay compliant and avoid IRS issues.
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