Tax law is an area that is evolving. We saw changes a couple of years ago with the Tax Cuts and Jobs Act (TCJA) back in 2017. This law made changes that included adjustments to tax rates and the thresholds for income tax brackets. More recently, the Inflation...
Tax Audits
Don’t forget the dog! State taxing authorities and residency audits.
Dog owners can range from those who pamper their pets with groomers and speciality training to those who consider it a win to get their furry family member out for a walk. Wherever you fall on the spectrum of dog ownership one thing is true: you love your pet. If not,...
Changing Your “Home” State for Taxes
There was a time when it seemed those who wished to change their home state for tax purposes could simply spend six months or more in another state and call it good. Those days are long gone. High tax states like New Jersey and New York no longer allow those who leave...
What happens when authorities accuse a tax prep professional of fraud?
Those who prepare tax returns on the behalf of others need to know a lot about the law. They need to stay current on changes at the federal, state, and local levels and make sure the filings are in line with the government’s expectations. A failure to do so can result...
How do I survive an IRS tax audit?
Getting a mailing from the Internal Revenue Service (IRS) can come with some pretty serious questions. The feds may have questions about your return, may accuse you of providing false information, and may even push for you to respond with additional information ASAP....
The IRS is looking for these three red flags when it comes to audits
The Internal Revenue Service (IRS) has all sorts of tricks up its sleeve when it comes to auditing taxpayers. The feds will use technology to help narrow the field of potential taxpayers, searching for those who will ultimately become targets of an audit. How does...
Avoid these five audit triggers
An audit is an official review of tax filings. Those who believe they are the subject of an audit likely have a lot of questions. Some of the more common are discussed below. How will I know if the audit is an official tax audit? Be wary of a text message, email, or...
3 tips to establish residency in Florida for tax purposes
It is no surprise that residents of high-income tax states are choosing to relocate to other locations that have little to no income tax. Those who choose to take the plunge can find themselves saving thousands in tax obligations. But there is a catch: the state...
NY Ruling: Vacation Home Residency Guidance
New York taxing authorities have a reputation for coming down hard on those who try to get out of state income tax obligations. The taxing authorities will investigate anyone they believe falsely claims not to live in the state and if they find the taxpayer does meet...
Did the IRS wrongly target subjects of recent audit wave?
Is the Internal Revenue Service (IRS) impartial? That question is currently circulating in Washington and throughout the country. The question was fueled by the recent audit selection of two high ranking government officials who spoke out against former President...