The Internal Revenue Service (IRS) or the New York Department of Taxation and Finance may send business owners a letter requesting additional information to support tax returns. When this happens, an organized set of records can help to better ensure the process goes smoothly.
Tax Day has passed, but some taxpayers may have missed an important form. In certain situations, the government requires taxpayers to file additional paperwork. One example: foreign accounts. The Internal Revenue Service (IRS) recently published an announcement reminding taxpayers that fall into this category to report foreign bank accounts and other financial interests.
The Tax Cuts and Jobs Act (TCJA) limited the SALT deduction to $10,000. This change limited taxpayers in the amount of taxes they could deduct for payments to cover property, income and sales tax obligations at the state level.
New York officials recently released information on the arrest of eight individuals charged with tax crimes. The charges include filing fraudulent tax returns and failing to pay personal income taxes. The accused face financial penalties as well as potential prison time ranging from a sentence of one to 15 years.