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New York state tax auditors are coming down hard on those who may owe state taxes, even if they reside in another state. Why? In part, because changes to federal tax law have tempted NY residents to leave the state, at least for tax purposes. The Tax Cuts and Jobs Act...
The Internal Revenue Service (IRS) will have to change the notification process used to inform taxpayers that it intends to reach out to a third-party. The contact may be used to ask questions to help the IRS determine the taxpayer’s tax obligations. Tax law generally...
The Internal Revenue Service (IRS) recently warned taxpayers they might receive a letter in their mailbox that looks like an official document from the federal agency. The correspondence is the latest work of scam artists trying to steal your money. The group behind...
Getting an inheritance can come with certain obligations. In some cases, these obligations can include filing paperwork with the Internal Revenue Service (IRS). But what happens if you do not? The answer depends on the details of the situation. A recent case provides...
President Donald Trump recently signed into law the Taxpayer First Act. This law results in “an overhaul” of the Internal Revenue Service (IRS). One change that will affect small business owners: the RESPECT Act. What is the RESPECT Act? This portion of the Taxpayer...
The Internal Revenue Service (IRS) is notorious for showing up whenever money changes hands — selling your business? Do not forget to pay a portion to Uncle Sam. Are you getting divorced? If you do not follow the rules, the IRS could take a cut of your assets. Are you...
Governments are struggling with how to manage virtual currency. The Internal Revenue Service (IRS) and Department of Treasury continue to struggle to find the right way to handle this asset and have taken different stances. Digital currency has similarities to other...
The United States government takes tax evasion very seriously. Two separate agencies, the Internal Revenue Service (IRS) and the Department of Justice’s (DOJ) Tax Division work to hold those who attempt to avoid their tax obligations accountable. These agencies...
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...
Filing taxes for the 2018 tax year was a bit more difficult than previous years. The main reason: this year was the first year the Tax Cuts and Jobs Act (TCJA) was essentially in full effect. This year, taxpayers had to navigate the new tax law and many found...