The envelope bearing the IRS logo arrives unannounced, bringing with it a wave of apprehension: you are the subject of an official tax audit. Such news can send a chill down the spine of even the most diligent taxpayer. An Internal Revenue Service (IRS) audit is not...
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Tax Audits
Tax collection in the Big Apple: How New York’s aggressive strategies affect taxpayers
Culture, diversity, and a great transportation system lure many to call New York home. But what happens when the Big Apple no longer feels like home? Those who decide to move and make another state home may face more than the steep bill from a moving company after...
What should remote workers know about their tax obligations?
The pandemic shifted how we do work. It forced us to transition to a work from home or remote status. For some, the shift was painful, and we returned to the office as soon as we were able. For others, the new setup had benefits. We found we enjoyed the ability to...
Will the IRS use AI in tax audits?
Internal Revenue Service (IRS) Commissioner Daniel Werfel recently announced he intends to make use of Artificial Intelligence (AI) to aid in tax audits. The agency is motivated to make use of this new tech as the IRS continues to struggle to deliver on promised audit...
IRS to focus audit efforts on large corporations and hedge funds in 2023
Will artificial intelligence (AI) take over society? That seems unlikely. But we will see AI play an expanded role in tax operations. The Internal Revenue Service (IRS) recently announced that it plans to use AI to help refine its auditing process. The agency noted...
What should I do if I am the subject of a New York state tax audit?
The first reaction when you get a mailing from a taxing authority is generally one of apprehension. After all, unless you are expecting a tax refund, the news is unlikely to be good. If the mailing is a notification of an audit, the authorities are likely looking for...
Will the IRS target millionaires in 2023?
The Internal Revenue Service (IRS) plans to use funding from the Inflation Reduction Act to focus on millionaire and billionaire taxpayers in the United States. Critics point to the historically low rate of audits for those in these tax brackets as proof that an...
I got notification of a tax audit. Should I worry?
The thrill of getting mail in our mailboxes is not what it once was. Years ago, our mail often included notes from loved ones and cards from friends. Nowadays, these communications are generally sent through social media platforms or email. Actual written mail often...
Do I really need to report my earnings from online wagers?
Online gambling has increased in recent years. The reason reaches back to a Supreme Court case from 2018. In that case, the highest court in the country decided that states could determine whether online betting, like sports wagers, was legal or not. Since that...
IRS announces new shift in policy and focus on safety
The Internal Revenue Service (IRS) warns taxpayers of various scams to watch out for throughout the year. In addition to issuing these warnings, the agency also takes steps to help mitigate the risk of these scams. The agency recently released information about one...