Investors often take steps to diversify their assets to better ensure a strong portfolio. In addition to various stocks, bonds, savings accounts and real estate, more and more investors are turning to cryptocurrency as another option to add to the mix. According to a...
How long does the IRS have to conduct a tax audit?
One of the first things a taxpayer who gets a mailing from the Internal Revenue Service (IRS) stating they are the subject of a tax audit should do is check to see which taxes the IRS is auditing. The rules and regulations that come with taxes apply to the IRS, just...
I moved from NY to FL. Will NY still try to send me a tax bill?
Whether moving before the pandemic or as a result of the pandemic, those who left New York for Florida or other warmer pastures often find themselves asking this question. Is my move legit? Will the New York taxing authorities try to send me a tax bill and expect me...
Is that really the IRS trying to contact me? Or is it a scam?
The Internal Revenue Service (IRS) recently published a news release encouraging taxpayers to proceed with caution when they get a contact claiming to be from the feds. The agency states that it is continuing to deal with scammers and that these scammers are becoming...
IRS gears up for big audit year
The Internal Revenue Service (IRS) recently hired hundreds of new agents. The move is predicted to signal a surge in audits in coming years and a recent congressional bill supports this concern. The bill is a bipartisan infrastructure investment plan that, if passed,...
Taxpayers beware, feds call on IRS to fund American Families Plan
President Biden’s American Families Plan calls for an influx of hundreds of billions of dollars. The plan outlines opportunities to increase the educational offerings available for young children in our country and expand paid family leave options for workers. But how...
Three things to know about timeshares and taxes in Florida
Whether enjoying the sunny weather and relaxed atmosphere of a beach town or looking to spend more time at a popular amusement park, a timeshare provides an opportunity to make the most out of a destination you enjoy. Like any large purchase, it may impact your taxes....
Where is “home” when it comes to my taxes?
Taxpayers generally have to pay taxes to at least two authorities: the Internal Revenue Service (IRS) for their federal tax obligations and state authorities for whichever state they call home. But what is home? Why does the definition of “home” even matter? To put it...
Feds set sites on taxpayers who earn more than $100,000
The Internal Revenue Service (IRS) recently announced that, as of 2020, it would prioritize high-income non-filers for additional review. The agency appears to be putting its money where its mouth is, shifting funds to resources that focus on aggressively pursuing...
What happens in Vegas, doesn’t always stay in Vegas
An evening at the casino is an entertaining way to spend time. In some cases, those who stop in may leave with big winnings. Those who win at the casino may wonder if they can simply walk away with a little extra money lining their pockets, or if they need to report...