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The Centralized Partnership Audit Regime (CPAR) is, essentially, a new take on how the Internal Revenue Service (IRS) conducts audits of partnerships. Lawmakers designed the process to make it easier for the IRS to audit partnerships and collect any resulting tax....
Attorney General Letitia James (AG) recently accused famous New York camera shop, B&H, of failing to pay its fair share in taxes. The local camera specialty shop is fighting back, stating the AG is unfairly targeting their store. What was the basis for the tax...
A federal tax audit can involve a thorough review of one’s tax filings. The exact period of time the Internal Revenue Service (IRS) can “look back” through tax records is generally three years. But, like everything with taxes, the answer is not always as clear as we...
The end of the year is approaching, which means tax season is also on the horizon. As taxpayers make end-of-year tax preparations, they may find themselves questioning the audit process. What leads to an audit? Why do some tax filings move forward without question,...
The Internal Revenue Service (IRS) recently announced a new payment option for taxpayers who are behind on their tax bill or who otherwise find themselves facing a large, unmanageable tax debt. According to the agency, taxpayers can now elect to have debit cards...
It all began when the Internal Revenue Service (IRS) notified a relatively small, local business that it would be subject to a federal tax audit. The business cooperated, and the auditor returned findings of serious tax errors. Errors that could result in substantial...
Figuring out the best entity for your business’ success is about more than luck. Business owners are wise to put in some due diligence to figure out the best option to meet their needs. Tax rules that lead to the benefits and risks with each option can change, as was...
The Department of Justice (DOJ) has continued its crackdown on tax crimes. The agency will review allegations of wrongdoing wherever they may lead—even to Hollywood. In the most recent example, the DOJ recently charged Todd and Julie Chrisley with tax-related...
When it comes to tax obligations, there is a difference between independent contractors and employees. The Internal Revenue Service (IRS) explains that, in general, a worker is an independent contractor when they have independence over their work. When the payer can...
New Yorkers have voiced concern the new tax law would have a negative effect on real estate transactions within the state. More specifically, a provision within the Tax Cuts and Jobs Act (TCJA) capped the amount of state and local taxes taxpayers could deduct on their...