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How a Buffalo Exchange’s deal with the IRS could affect your taxes

July 1, 2021 Comments Off on How a Buffalo Exchange’s deal with the IRS could affect your taxes By admin

An exchange that helps customers of a Buffalo-based brokerage company get tax-free money has received a federal tax refund from the Internal Revenue Service.

The IRS is not releasing the refund, but the IRS provided a letter to the brokerage, the Buffalo Exchange, that included a copy of a letter from the tax agency that was sent last week to the Buffalo-headquartered brokerage company.

The letter said that while the IRS will not refund the brokerage’s account, it will take action against the brokerage for not disclosing the refund.

The Buffalo Exchange did not respond to a request for comment.

Buffalo Exchange, a Buffalo, New York-based company, was founded in 2005 and has a total of more than $4.3 billion in assets under management.

The brokerage is one of several small businesses that have struggled with the tax treatment of the federal estate tax, a penalty that is levied on estates of more $5.49 million or more.

The tax applies to taxable estates valued at more than 10% of the value of a taxpayer’s taxable estate, which is $10.1 million or less.

The penalty is the highest in the nation and can be assessed on a net worth exceeding $2.9 million.

In 2018, the IRS imposed a $2,000 penalty on the Buffalo Exchanges’ $1.9 billion in taxable assets, and the IRS also announced that it will begin taking actions against the company in 2018 for failing to properly report the estate tax refunds to the IRS.

In 2019, the tax penalty is set to increase by $2 to $5,000, and it is estimated that there will be additional penalty penalties from the IRS and the Treasury Department in the future.