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,...
On behalf of Goldburd McCone LLP | Mar 6, 2020 | Firm News, Tax Audits, Tax Collection
The Internal Revenue Service (IRS) recently announced it will take a closer look at tax returns for those who earn over $100,000. The agency’s efforts will focus on those who the agency believes has wrongly failed to file a tax return. The agency stated those in this...
On behalf of Goldburd McCone LLP | Jan 23, 2020 | Tax Audits
After the Tax Cuts and Jobs Act (TCJA) became a reality, financial experts throughout the country predicted New Yorkers and others from high tax states would flee the state in search of a more tax friendly alternative. Well, 2019 has come to a close and there has been...
On behalf of Goldburd McCone LLP | Jan 16, 2020 | Tax Audits
The Internal Revenue Service (IRS) sent a message last year when it sent out 10,000 letters to those who own cryptocurrency. The letters provided information on how to come into compliance with tax laws for this asset. Although the directions may have been confusing,...
On behalf of Goldburd McCone LLP | Dec 20, 2019 | Tax Audits
Last June, the Supreme Court of the United States (SCOTUS) extended the ability of state governments to collect sales and use taxes. In South Dakota v. Wayfair, an online vendor asked SCOTUS to review whether or not South Dakota could collect a sales tax on businesses...
