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The thought of getting a notification that your tax filings are under review by the Internal Revenue Service (IRS) may cause you to break out into a cold sweat. But how common are these reviews? How worried should you be? Overall, the IRS only audits approximately 1...
A failure to file tax returns with the Internal Revenue Service (IRS) does not always lead to criminal charges, but when it does the IRS is a fierce adversary. The agency can interrupt or even shut down a business to conduct an investigation. The IRS can take...
The new tax law has had a big impact on taxpayers throughout the country. This is particularly true for high-income earners in high tax states. These individuals are hit hard by a higher personal income tax bill. As a result, high tax states like New York could lose...
The end of tax season brings relief to tax professionals and filers alike, but it can be just the beginning of dread for one million more. According to Accounting Today, the Internal Revenue Service will audit more than one million Americans this year. Many people are...
The Supreme Court of the United States (SCOTUS) has tackled a case that questions online state sales taxes. More specifically, the court will answer when an online business is required to apply a state sales to tax to an online transaction. How have state sales taxes...
Article after article on the Internet states that the odds of a federal audit by the Internal Revenue Service (IRS) are extremely low. Unfortunately, these stories overestimate the rate of audits conducted by the IRS. The stories often quote the follow statistic: only...
Those who choose to pay their taxes in quarterly installments will face double the bill, and double the headache, on April 17, 2018. Why? In addition to paying for the final quarter of 2017, you will also need to pay the Internal Revenue Service (IRS) for the first...
Long stereotyped as the generation too coddled to leave home, Millennials are finally growing up as they as they gain employment, pay rent, buy homes, get married and have kids. That is to say: they're making adult decisions and contributing to the economy in new ways...
The Tax Cuts and Jobs Act of 2017 is set to bring on many changes. Not only will the taxes you pay to the federal government change, but your state taxes could change too as the gears of federalism shift in response. What changes are in store for New York? According...
There’s no question that the Tax Cuts and Jobs Act of 2017 will have a wide-reaching impact on businesses and families of every type. You might understand a few aspects of the new law, but determining exactly what is in the law and how it will impact your bottom line...