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Goldburd McCone LLP
New York City Tax Lawyers

December 2017 Archives

Large holiday gifts can be subject to taxation

The holidays are a time of goodwill and generosity in gift giving for many families. This year could be a time in which you're ready to surprise a loved one with that big, memorable gift they have always wanted. Maybe you're a grandparent who wants to pay off your grandchild's school tuition bill or maybe you want to buy a car for your parents and present it with a bow on top, just like in the commercials.

Responding to an IRS audit

According to the Tax Foundation, 1.2 million Americans had their taxes audited by the Internal Revenue Service in 2015. Predicting who will be audited and why is difficult because tax law changes every year. Additionally, the IRS could change their focus from one group to another annually as new issues emerge.

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