As tax professionals, we often hear from clients who have been defrauded in various scams, wondering if they can claim a “theft loss deduction” on their tax returns. The IRS issued Chief Counsel Advice (CCA 202511015) on January 17, 2025, clarifying how taxpayers who...
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Tax Strategies
IRS Forms and Notices: A Quick Glossary and Guide
The IRS is confusing enough, let alone sifting through the dozens of forms and letter names. At Goldburd McCone, we pride ourselves on maintaining an up-to-date knowledge of changes and important letters and notices for taxpayers to look out for. If you received any...
3 steps to establish domicile in another state
The New York State Department of Taxation and Finance is aggressive when it reviews filings for a taxpayer that claims to no longer live in the state for tax purposes. The agency will use skilled income tax auditors to meticulously review filings and the movements of...
IRS’ Dirty Dozen: Phishing & Smishing
The IRS releases a list called the Dirty Dozen each year. In 2024, this list includes Phishing and Smishing scams – but, what is phishing? What is smishing? Here’s what you need to know, and how to report scams to the IRS.
Do I need to pay taxes for my nanny?
Hiring a nanny to care for your children is a significant decision that not only affects your family dynamics but also your tax responsibilities. The key as to how this impacts your tax responsibilities is often whether the nanny is a household employee or not. What...
Two thoughts before giving up U.S. citizenship to save on taxes
Tax obligations in the United States are going through constant change. Just last year the Tax Cuts and Jobs Act (TCJA) led to major tax reform that impacted citizens throughout the country. States are looking to make changes to help navigate these new laws and some...
IRS defeats NY’s attempt to work around SALT cap
The United States government hit New Yorkers and other residents of high tax states hard with the new tax law. The Tax Cuts and Jobs Act (TCJA) included a provision that put a limit on the state and local tax deduction. This limit meant residents of high tax states...
Does the IRS’s use of PDCs leave taxpayers susceptible to scams?
In 2015 Congress passed a law that required the Internal Revenue Service (IRS) to use private collection agencies (PDCs) to collect outstanding tax bills. The Government Accountability Office (GAO) conducted a review of the IRS’ PDC program and has found some...
New Yorkers question property assessment after tax changes
The Tax Cuts and Jobs Act (TCJA) limited the SALT deduction to $10,000. This change limited taxpayers in the amount of taxes they could deduct for payments to cover property, income and sales tax obligations at the state level. The Treasury Inspector General for Tax...
Is that charity organization really tax exempt?
The holidays are a time in which you might feel the need to give to those who are less fortunate. As the season of good tidings approaches, you realize that you’ve had a blessed year for your family and business, and now you want to contribute money, food or toys to a...