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:...
Tax Audits
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 Will Deny Thousands of ERC Claims
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 —...
2021 ERC: IRS Initiates Recapture Letters
The Internal Revenue Service (IRS) has reportedly initiated processes for sending out recapture letters on ERC claims in the year 2021. The receipt of this letter does not necessarily mean that an invalid claim was filed, but simply that there was a flagged discrepancy, and the claim is being audited. It is best to contact a tax professional to understand your letter, and prepare next steps.
IRS and the biggest tax evasion case ever
The federal government recently accused a Texas entrepreneur of over $2 billion in tax evasion. The case, if successful, will mark the biggest tax evasion case against a U.S. citizen in the country’s history. The government has a 39-count indictment against the...
Preparing for a residency audit? Tips to track days spent in New York.
Many taxpayers used the pandemic as incentive to move out of New York or other high tax states, like California. This can catch the state taxing authority’s attention when these moves involve an executive or other high-earning taxpayer who shifts to remote work and...
IRS takes aggressive approach during ERC audits: 3 things to know
The Internal Revenue Service (IRS) has made it clear that it will aggressively pursue those it claims “erroneously” attempt to take advantage of the Employee Retention Credit (ERC). As of March 15, the agency reported over 22,000 improper claims. #1: What is the ERC?...
AI and the IRS: How did the IRS use this new tool, and how did it go?
The Internal Revenue Service (IRS) was clear about its intentions: it was going to use artificial intelligence (AI), and AI was going to help the agency track down tax cheats. April 15, Tax Day, has come and gone and now we wonder: did it work? Will we see any major...