The government started the federal Paycheck Protection Program (PPP) to help businesses struggling to keep their doors open during the worst of the COVID-19 pandemic. This program essentially provided qualified businesses with funds to cover certain expenses, such as...
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U.S. Tax Law Blog
What tools does the IRS use to exchange tax information with other countries?
The Internal Revenue Service (IRS) uses many tools to gather tax information about financial holdings United States citizens have in other countries. One of the most notable is the Foreign Account Tax Compliance Act (FATCA). This federal law essentially requires...
Is that DM from the IRS legit?
Few evolve with the times faster than those looking to take advantage of the unsuspecting. The Internal Revenue Service (IRS) recently noted that this is true when it comes to tax fraudsters who try to take advantage of taxpayers. The latest tool for their scams:...
IRS announces Dirty Dozen, leading taxpayers to wonder if their tax planning strategy might be bogus
For more than twenty years, the Internal Revenue Service (IRS) has released a list of top tax issues for the year in an effort to help keep taxpayers from falling victim to potential scams. This year, one of the top scams the agency is calling involves promotors...
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...
Who is liable for the tax bill if my tax preparer makes a mistake?
The laws that govern tax obligations in the United States are enough to make even the most seasoned of businessmen question their returns. Did they take advantage of all possible credits and deductions? Did they provide enough documentation to support the claims?...
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.
IRS’ Dirty Dozen: The Fuel Tax Credit
The fuel tax credit is a refundable tax credit created to provide relief to eligible taxpayers for federal taxes paid on fuel used for certain purposes – as part of the Dirty Dozen list, many taxpayers misunderstand and misuse this credit. If you’re considering taking advantage of the Fuel Tax Credit, here’s what you need to know.
IRS’ Dirty Dozen: Offer in Compromise Mills
Each year, the Internal Revenue Service releases a list of known scams and tax concerns for taxpayers to watch for. Included on this list in 2024 is Offer in Compromise Mills, but what are offer in compromise mills?