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It is tempting to think that a mistake on one’s tax returns can lead to no more than a slap on the wrist and maybe a fine. In some cases, this is true. In others, the feds could push hard to pursue criminal charges and the accused can face imprisonment and millions of...
Identity theft and other tax scams are commonplace. As a result, it is important for taxpayers to know how to protect themselves from bad actors that are trying to steal their information. The first step toward protection is to know how the Internal Revenue Service...
New York’s Pass-Through Entity Tax (PTET) is an optional tax available for partnerships and S corporations. When used wisely, election of the PTET may help to bypass the Tax Cuts and Jobs Act’s (TCJA) $10,000 state and local tax (SALT) limitation. How does this work?...
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...
One of the first things a taxpayer who gets a mailing from the Internal Revenue Service (IRS) stating they are the subject of a tax audit should do is check to see which taxes the IRS is auditing. The rules and regulations that come with taxes apply to the IRS, just...
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...
The Internal Revenue Service (IRS) defines tax fraud as an intentional wrongdoing to evade a tax bill. In order to build a case against a taxpayer, the government must generally establish both that there was a tax due and that the taxpayer had the intention of...
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...
The Internal Revenue Service (IRS) recently hired hundreds of new agents. The move is predicted to signal a surge in audits in coming years and a recent congressional bill supports this concern. The bill is a bipartisan infrastructure investment plan that, if passed,...
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...