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The Tax Cuts and Jobs Act (TCJA) has led to many changes in tax law. We are just starting to experience the full impact of these changes, as many of the new provisions went into effect for the recent tax filing for the 2018 tax year. One specific impact tax experts...
In 2015 Congress passed a law that required the Internal Revenue Service (IRS) to use private collection agencies (PDCs) to collect outstanding tax bills. The Government Accountability Office (GAO) conducted a review of the IRS’ PDC program and has found some...
The Internal Revenue Service (IRS) or the New York Department of Taxation and Finance may send business owners a letter requesting additional information to support tax returns. When this happens, an organized set of records can help to better ensure the process goes...
Tax Day has passed, but some taxpayers may have missed an important form. In certain situations, the government requires taxpayers to file additional paperwork. One example: foreign accounts. The Internal Revenue Service (IRS) recently published an...
The Tax Cuts and Jobs Act (TCJA) limited the SALT deduction to $10,000. This change limited taxpayers in the amount of taxes they could deduct for payments to cover property, income and sales tax obligations at the state level. The Treasury Inspector General for Tax...
New York officials recently released information on the arrest of eight individuals charged with tax crimes. The charges include filing fraudulent tax returns and failing to pay personal income taxes. The accused face financial penalties as well as potential prison...
New York state legislature just agreed to increase the tax bill for high value properties in the state. The law, known as the “progressive mansion tax,” requires property owners that purchase a property with a value at or above $1 million to pay a larger tax bill. How...
New York state taxes are some of the highest in the nation. As such, those with the means often spend significant portions of their year in other states. Florida is a prime example. There is no income tax or estate tax in Florida. As a result, wealthy New Yorkers...
Sweeping tax reform can be a good thing — or not. Many Americans throughout the country have found themselves facing a surprising and even unmanageable tax bill. What to do? In most cases, you should still file your tax returns. A failure to file can result in...
Filing tax returns is difficult and often stressful. Arguably, the only thing even more stressful is getting contacted by the Internal Revenue Service (IRS) or New York Department of Taxation and Finance with questions about your return. How will these agencies...