Internal Revenue Service (IRS) Commissioner Daniel Werfel recently announced he intends to make use of Artificial Intelligence (AI) to aid in tax audits. The agency is motivated to make use of this new tech as the IRS continues to struggle to deliver on promised audit...
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U.S. Tax Law Blog
New York finds business liable for $15 million in franchise taxes
Entrepreneurs can use various tax tools to their advantage. When done wisely, this can result in tax benefits and financial gain, but a misstep can result in serious consequences. In a recent example, business owners attempted to use a business entity to purchase...
Lottery winning and tax fraud: Can I go to prison if I don’t report?
It is easy to see winning the lottery or leaving a weekend in Vegas with a bit of extra change in your pocket as extra cash. We may dream of using the money to splurge, to buy something we wouldn’t normally consider purchasing, but it is wise to take a moment to think...
Should I change residency to save on taxes before selling my business?
Truly successful entrepreneurs are more than just business savvy — they are financially savvy. They know how to build capital and invest wisely; they know when a move could signal a better market or financial reward. This later part, the potential for a move, has...
IRS to focus audit efforts on large corporations and hedge funds in 2023
Will artificial intelligence (AI) take over society? That seems unlikely. But we will see AI play an expanded role in tax operations. The Internal Revenue Service (IRS) recently announced that it plans to use AI to help refine its auditing process. The agency noted...
What should I do if I am the subject of a New York state tax audit?
The first reaction when you get a mailing from a taxing authority is generally one of apprehension. After all, unless you are expecting a tax refund, the news is unlikely to be good. If the mailing is a notification of an audit, the authorities are likely looking for...
IRS targets small business owners hit by the pandemic
The COVID-19 pandemic hit businesses hard. In an effort to reduce the risk that the pandemic would result in business closures and bottom out our economy, the government approved various federal programs. These ranged from loans and funding opportunities to tax...
Why does the IRS care which business structure I chose?
Entrepreneurs have innovative ideas and a passion to get those ideas for inventions or services out into the public. When done wisely, this process can not only make the community a better place but can also lead to financial gain for the innovator behind the idea....
Will the IRS target millionaires in 2023?
The Internal Revenue Service (IRS) plans to use funding from the Inflation Reduction Act to focus on millionaire and billionaire taxpayers in the United States. Critics point to the historically low rate of audits for those in these tax brackets as proof that an...
Supreme Court provides guidance on FBAR reporting.
We live in a global world. Some of us travel frequently for work, have family that live abroad, have business interests in other countries, or simply retain accounts in foreign nations to diversify our financial portfolios. Whatever the reason for having these foreign...