On behalf of Goldburd McCone LLP | Sep 21, 2020 | Tax Audits
As noted in our previous post, available here, the Internal Revenue Service (IRS) has announced that it will target high-income taxpayers in its future enforcement efforts. Within this focus, the agency has further clarified it will specifically target those who...
On behalf of Goldburd McCone LLP | Sep 1, 2020 | Tax Audits
The Internal Revenue Service (IRS) recently announced it will resume enforcement efforts — but what does this mean? The tax agency, like many other businesses throughout the country, drastically cut back its efforts over the past few months as a result of the COVID-19...
On behalf of Goldburd McCone LLP | Aug 21, 2020 | Tax Audits
Tax return preparers are now at an increased risk of getting a federal tax audit. The Internal Revenue Service (IRS) recently announced it will focus on this group of taxpayers during the current fiscal year. Why the focus on tax return preparers? The announcement...
On behalf of Goldburd McCone LLP | Jul 15, 2020 | Tax Audits, Tax Collection
It all started with the Tax Cuts and Jobs Act (TCJA). This monumental piece of tax reform led to changes that impacted every taxpayer in the country in some way. One of the biggest hits for high tax states with the limitation on the State and Local Tax (SALT)...
On behalf of Goldburd McCone LLP | Jul 13, 2020 | Tax Audits
The Internal Revenue Service (IRS) is attempting to increase efficiency. It is using various types of software to help determine which tax filings warrant additional scrutiny and to help let the agency know when to conduct audits. Although this may sound like a great...
On behalf of Goldburd McCone LLP | Jul 10, 2020 | Tax Audits
The Internal Revenue Service (IRS), like many offices throughout the world, cut back on operations as a result of the current coronavirus pandemic. This reduction in in-house workforce had a direct impact on taxes. Some beneficial, like the extended July 15 tax...
On behalf of Goldburd McCone LLP | Jun 15, 2020 | Tax Audits, Tax Collection
This is the third part in our series delving into how laws passed in response to the coronavirus pandemic have impacted tax obligations. The first addressed net operating losses (NOL) and the second discussed real estate qualified improvement property (QIP). This post...
On behalf of Goldburd McCone LLP | Apr 27, 2020 | Firm News, Tax Audits
Like many offices throughout the country, the Tax Court has closed its buildings. The move was the result of President Donald Trump’s emergency declaration due to the coronavirus pandemic. During this time, the Tax Court is holding standard mail sent to its offices....
On behalf of Goldburd McCone LLP | Mar 25, 2020 | Tax Audits
The question on many taxpayers’ lips every year, “Will I be audited by the IRS?,” could just as easily translate to “How can I avoid or increase my chances of avoiding an IRS audit?” At Goldburd McCone LLP in New York City, we are always eager to share facts with our...
On behalf of Goldburd McCone LLP | Mar 18, 2020 | Tax Audits
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,...
