On behalf of Goldburd McCone LLP | Jul 15, 2020 | Tax Audits, Tax Collection
It all started with the Tax Cuts and Jobs Act (TCJA). This monumental piece of tax reform led to changes that impacted every taxpayer in the country in some way. One of the biggest hits for high tax states with the limitation on the State and Local Tax (SALT)...
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 | Jun 11, 2020 | Business Tax, Tax Collection
The United States government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law to help provide financial stability during these uncertain times. The piece of legislation led to many changes — changes that could directly impact tax returns...
On behalf of Goldburd McCone LLP | May 28, 2020 | Criminal Tax Issues, Tax Collection
Government agencies are making announcements about incentives to help people as we navigate the COVID-19 crisis. The Internal Revenue Service (IRS) recently unveiled its effort to help taxpayers, called the People First Initiative. What is the People First Initiative?...
On behalf of Goldburd McCone LLP | Apr 23, 2020 | Firm News, Tax Collection
Taxpayer identity theft occurs when another fraudulently uses stolen personal information to get a taxpayer’s refund or stimulus check. This form of theft can be frustrating for many reasons, including the fact it can take weeks or even months to realize you are a...
On behalf of Goldburd McCone LLP | Apr 15, 2020 | Tax Collection
Can a Bankruptcy Court discharge unmanageable tax debt? The answer, like many things in the legal world, is maybe. The Bankruptcy Court will consider many things when determining whether or not to forgive tax debt. In a recent case, the court showed how the lifestyle...
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 | Feb 27, 2020 | Firm News, Tax Collection
The Internal Revenue Service (IRS) recently reported that its use of third-party debt collection companies has thus far proven successful. These companies have reportedly collected millions from taxpayers. Is this a new way to collect taxes? It is and it is not. The...
On behalf of Goldburd McCone LLP | Feb 20, 2020 | Tax Collection
The New York State Department of Taxation and Finance has a new 20% supplemental sales tax on retail sales of vapor products in the state. The law, which went into effect December 1, 2019, applies to the sale of e-liquid as well as e-liquid units with battery and...
On behalf of Goldburd McCone LLP | Nov 8, 2019 | Tax Collection
The Internal Revenue Service (IRS) recently announced a new payment option for taxpayers who are behind on their tax bill or who otherwise find themselves facing a large, unmanageable tax debt. According to the agency, taxpayers can now elect to have debit cards...
