New York has a reputation for high tax rates. Not surprisingly, many savvy professionals have chosen to relocate to lower tax states to reduce their tax burden. Unfortunately, many make the move only to find that they still owe taxes in New York. It is extremely...
Tax Audits
If I file an amended tax return, do I increase the risk of an audit?
Mistakes happen. Maybe you chose the wrong filing status, forgot to include income, or need to change deductions claimed in your original filing. Whatever the reason for the error, those who catch a mistake on a tax return can file an amended return. Taxpayers who are...
The emotional impact of IRS audits: Coping with financial scrutiny
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...
NY’s Aggressive Tax Collection Strategies Explained
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 Focuses Audits on Large Corporations
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...