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The Internal Revenue Service (IRS) was clear about its intentions: it was going to use artificial intelligence (AI), and AI was going to help the agency track down tax cheats. April 15, Tax Day, has come and gone and now we wonder: did it work? Will we see any major...
New York has a reputation for high tax rates. Not surprisingly, many savvy professionals have chosen to relocate to lower tax states to reduce their tax burden. Unfortunately, many make the move only to find that they still owe taxes in New York. It is extremely...
Mistakes happen. Maybe you chose the wrong filing status, forgot to include income, or need to change deductions claimed in your original filing. Whatever the reason for the error, those who catch a mistake on a tax return can file an amended return. Taxpayers who are...
New York income tax is one of the most high and aggressive. In fact, the state is one of the few that will tax employees even if they do not work in New York. The employer test allows officials to achieve this reach. They achieve this reach through use of the...
Hiring a nanny to care for your children is a significant decision that not only affects your family dynamics but also your tax responsibilities. The key as to how this impacts your tax responsibilities is often whether the nanny is a household employee or not. What...
Small businesses form the backbone of the American economy, providing jobs, services, and innovation. Business owners must balance the perks that come with owning a small business with the downsides. One example: complex tax regulations. When businesses fall behind on...
The envelope bearing the IRS logo arrives unannounced, bringing with it a wave of apprehension: you are the subject of an official tax audit. Such news can send a chill down the spine of even the most diligent taxpayer. An Internal Revenue Service (IRS) audit is not...
Small businesses are often the lifeblood of the economy, yet they face unique challenges when it comes to taxes. The complexity of tax law, combined with the diverse nature of small business operations, can lead to errors or omissions that attract the attention of the...
Culture, diversity, and a great transportation system lure many to call New York home. But what happens when the Big Apple no longer feels like home? Those who decide to move and make another state home may face more than the steep bill from a moving company after...
It is not uncommon for the allure of aggressive tax strategies to lead well-intentioned taxpayers astray. For high net-worth individuals and small business owners, the line between legitimate tax savings and illicit tax evasion can sometimes seem blurred. Here are...