New York City Tax Attorneys
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New York Tax Law Blog
Three triggers that increase the risk of a tax audit
When you look at the numbers, it appears your risk of getting a tax audit are relatively low. In fact, with the reported average rate of federal tax audits in 2019 being 0.45%, you may think your odds of avoiding scrutiny are pretty good. In many cases this is true,...
Earn over $100,000? The IRS is reviewing your returns.
The Internal Revenue Service (IRS) recently announced it will take a closer look at tax returns for those who earn over $100,000. The agency’s efforts will focus on those who the agency believes has wrongly failed to file a tax return. The agency stated those in this...
IRS shows no mercy, sends young father to prison for 34 months
A young man made a bad choice. He admitted his error, requested leniency and worked to show he had learned from his mistake. When the man presented the court with evidence of his changed ways, the prosecution argued it was not enough. The prosecution continued to...
Recent data shows IRS made millions using collection companies
The Internal Revenue Service (IRS) recently reported that its use of third-party debt collection companies has thus far proven successful. These companies have reportedly collected millions from taxpayers. Is this a new way to collect taxes? It is and it is not. The...
Two thoughts before giving up U.S. citizenship to save on taxes
Tax obligations in the United States are going through constant change. Just last year the Tax Cuts and Jobs Act (TCJA) led to major tax reform that impacted citizens throughout the country. States are looking to make changes to help navigate these new laws and some...
New York tightens vaping regulations with another tax
The New York State Department of Taxation and Finance has a new 20% supplemental sales tax on retail sales of vapor products in the state. The law, which went into effect December 1, 2019, applies to the sale of e-liquid as well as e-liquid units with battery and...
Did New Yorkers leave the state to avoid tax increases in 2019?
After the Tax Cuts and Jobs Act (TCJA) became a reality, financial experts throughout the country predicted New Yorkers and others from high tax states would flee the state in search of a more tax friendly alternative. Well, 2019 has come to a close and there has been...
IRS to crypto holders: 10,000 letters were “just the start”
The Internal Revenue Service (IRS) sent a message last year when it sent out 10,000 letters to those who own cryptocurrency. The letters provided information on how to come into compliance with tax laws for this asset. Although the directions may have been confusing,...
Online state sales tax: New York authorities provide guidance
Last June, the Supreme Court of the United States (SCOTUS) extended the ability of state governments to collect sales and use taxes. In South Dakota v. Wayfair, an online vendor asked SCOTUS to review whether or not South Dakota could collect a sales tax on businesses...
Centralized Partnership Audit Regime: To elect or not to elect?
The Centralized Partnership Audit Regime (CPAR) is, essentially, a new take on how the Internal Revenue Service (IRS) would conduct an audit on a partnership. Lawmakers designed the process to make it easier for the agency to conduct audits on partnerships. This piece...
