Taxpayers continue to leave New York and claim residence in another state to lower their tax burden. Although a smart financial move, it is not an easy one. Aside from rebuilding a sense of home and starting over in a new state, those who make the move must do so...
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Tax Audits
I received notification of an IRS tax audit. How will this end?
Walking out to check our mailbox is not what it used to be. Back in the day, we might be excited to find a card from a loved one or a letter from a friend. Now, more often than not, our mailboxes are full of political mailings and bills. If we are very unlucky, we...
Three important lessons from recent EIDL fraud case
The COVID-19 pandemic was a difficult time for small business owners. In an effort to help entrepreneurs survive these economically difficult times, the government offered various financial incentives. Some were in the form of tax incentives, others loans. One example...
Changes are coming: 3 tax changes to watch for in 2024
Navigating tax law is a lot like trying to do a very difficult puzzle. Just when taxpayers think they have it figured out, lawmakers change the pieces, adding or adjusting the tax code in ways that can result in serious consequences for those who are not paying...
3 things to know about whistleblowers and tax audits
Businesses that face whistleblower claims can find themselves facing huge financial losses. These claims generally involve a former employee or contractor who discloses information that they believe the government could use to build a case against the business for a...
Is that DM from the IRS legit?
Few evolve with the times faster than those looking to take advantage of the unsuspecting. The Internal Revenue Service (IRS) recently noted that this is true when it comes to tax fraudsters who try to take advantage of taxpayers. The latest tool for their scams:...
IRS Forms and Notices: A Quick Glossary and Guide
The IRS is confusing enough, let alone sifting through the dozens of forms and letter names. At Goldburd McCone, we pride ourselves on maintaining an up-to-date knowledge of changes and important letters and notices for taxpayers to look out for. If you received any...
3 steps to establish domicile in another state
The New York State Department of Taxation and Finance is aggressive when it reviews filings for a taxpayer that claims to no longer live in the state for tax purposes. The agency will use skilled income tax auditors to meticulously review filings and the movements of...
IRS’ Dirty Dozen: Offer in Compromise Mills
Each year, the Internal Revenue Service releases a list of known scams and tax concerns for taxpayers to watch for. Included on this list in 2024 is Offer in Compromise Mills, but what are offer in compromise mills?
IRS update on ERC claims: Agency will deny thousands and may pursue charges against small business owners
The Internal Revenue Service (IRS) has made it clear that it is coming after anyone that took advantage of the Employee Retention Credit (ERC) during and after the COVID-19 pandemic. Although their goal is noble — to make sure tax cheats are not bilking the system —...