The Internal Revenue Service (IRS) recently announced, in no uncertain terms, that it is focusing in on high-income taxpayers who fail to file their tax returns. The agency notes that although this group was always a priority, this year it has shifted considerable...
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Taxpayers beware, IRS falsely sending out delinquency notices
Lawmakers are asking the Internal Revenue Service (IRS) some tough questions. Two representatives from the tax committee are wondering why this agency is sending out delinquency notices to taxpayers when the agency has not finished processing its massive backlog of...
You may not owe a federal estate tax, but what about the state level?
The federal estate tax, in 2020, is set to tax the transfer of estates valued over $11.58 million, or $23.16 million for a married couple. Although most families do not need to take steps to help preserve this level of wealth, there is still the possibility of a state...
How long does the IRS have to collect taxes?
The Internal Revenue Service (IRS) must follow guidelines when it comes to the collection of taxes. What does this mean? A general rule of thumb: the IRS 10 years to collect taxes. Of course, this general rule does not always apply. There are exceptions and other...
How long does the IRS have to collect my taxes?
The Internal Revenue Service (IRS) has a time limit on when they can collect taxes. This time limit, referred to in the legal world as a statute of limitations, is generally set at ten years from the date the federal government assess the taxpayer’s tax bill. It is...
IRS offers additional relief for taxpayers facing COVID-19 struggles
COVID-19 continues to make life difficult for taxpayers throughout the country. In response, the Internal Revenue Service (IRS) recently published a notice outlining new relief options for taxpayers who are struggling due to COVID-19. The agency is also encouraging...
Court puts limits on prosecutorial discretion for criminal tax charges
In 2018 the Supreme Court of the United States (SCOTUS) has essentially narrowed the ability of prosecutors to pursue criminal tax charges. The change was part of a recent holding, Marinello v. United States, where SCOTUS stated that obstruction charges for these...
NY man sentenced to 18 months imprisonment for tax evasion
A local court recently sentenced a businessman with a thriving law practice in New York to over one-year imprisonment for tax evasion. The government accused the businessman, who specialized in bankruptcy and criminal defense matters, of tax evasion in both his...
Will coronavirus complicate NY versus Florida residency fight?
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)...
Coronavirus laws trigger need to review taxes: Part 3
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...