Investors often take steps to diversify their assets to better ensure a strong portfolio. In addition to various stocks, bonds, savings accounts and real estate, more and more investors are turning to cryptocurrency as another option to add to the mix. According to a...
I moved from NY to FL. Will NY still try to send me a tax bill?
Whether moving before the pandemic or as a result of the pandemic, those who left New York for Florida or other warmer pastures often find themselves asking this question. Is my move legit? Will the New York taxing authorities try to send me a tax bill and expect me...
Is that really the IRS trying to contact me? Or is it a scam?
The Internal Revenue Service (IRS) recently published a news release encouraging taxpayers to proceed with caution when they get a contact claiming to be from the feds. The agency states that it is continuing to deal with scammers and that these scammers are becoming...
What do I need to know about NY’s residency requirements?
Taxpayers generally have to worry about two bills: the federal bill to the Internal Revenue Service (IRS) and the state bill to the state taxing authority in the state they call home. But, in recent years, this generally clear-cut rule has gotten complicated. In the...
How are New York tax officials handling remote workers?
The COVID-19 pandemic has changed how we work. The need to social distance and reduce unnecessary contact with people to help lower the risk of spreading the virus back in 2020 forced many employers to shift to a remote workforce. Instead of coming into the office,...
Feds target cryptocurrency to look for tax evasion
Uncle Sam wants a piece of your cryptocurrency, and he is not afraid to put some effort into getting his share. At least that was the message of a recent report released by the United States Treasury Department. According to the release, the feds are investing in...
Can the IRS limit my travel if I have a tax bill?
The United States Tax Code is a complicated and powerful set of laws. It provides the government with various tools to better ensure compliance. One example: the ability to restrict travel. In some cases, the government can restrict international travel if the...
Taxpayers face headaches as IRS funding shrinks
The Internal Revenue Service (IRS) has faced funding cuts that have led to a decrease in staff. This, paired with the impact of the pandemic, has created an environment that, as noted in a recent piece in ProPublica, “is failing our taxpayers.” The agency is late in...
Three things to know about timeshares and taxes in Florida
Whether enjoying the sunny weather and relaxed atmosphere of a beach town or looking to spend more time at a popular amusement park, a timeshare provides an opportunity to make the most out of a destination you enjoy. Like any large purchase, it may impact your taxes....
IRS’ latest crypto efforts focus on $20,000 or more in transactions
The Internal Revenue Service (IRS) has made its focus on cryptocurrency clear in recent years. The feds expect taxpayers to report and, when applicable, pay taxes on these transactions — and they are not afraid to get aggressive to gather information on who is trying...