Whether enjoying the sunny weather and relaxed atmosphere of a beach town or looking to spend more time at a popular amusement park, a timeshare provides an opportunity to make the most out of a destination you enjoy. Like any large purchase, it may impact your taxes....
What happens in Vegas, doesn’t always stay in Vegas
An evening at the casino is an entertaining way to spend time. In some cases, those who stop in may leave with big winnings. Those who win at the casino may wonder if they can simply walk away with a little extra money lining their pockets, or if they need to report...
IRS announces resumption of enforcement efforts
The Internal Revenue Service (IRS) recently announced it will resume enforcement efforts — but what does this mean? The tax agency, like many other businesses throughout the country, drastically cut back its efforts over the past few months as a result of the COVID-19...
Will Tax Courts offer extended deadlines?
Like many offices throughout the country, the Tax Court has closed its buildings. The move was the result of President Donald Trump’s emergency declaration due to the coronavirus pandemic. During this time, the Tax Court is holding standard mail sent to its offices....
Three triggers that increase the risk of a tax audit
When you look at the numbers, it appears your risk of getting a tax audit are relatively low. In fact, with the reported average rate of federal tax audits in 2019 being 0.45%, you may think your odds of avoiding scrutiny are pretty good. In many cases this is true,...
Did New Yorkers leave the state to avoid tax increases in 2019?
After the Tax Cuts and Jobs Act (TCJA) became a reality, financial experts throughout the country predicted New Yorkers and others from high tax states would flee the state in search of a more tax friendly alternative. Well, 2019 has come to a close and there has been...
IRS to crypto holders: 10,000 letters were “just the start”
The Internal Revenue Service (IRS) sent a message last year when it sent out 10,000 letters to those who own cryptocurrency. The letters provided information on how to come into compliance with tax laws for this asset. Although the directions may have been confusing,...
Online state sales tax: New York authorities provide guidance
Last June, the Supreme Court of the United States (SCOTUS) extended the ability of state governments to collect sales and use taxes. In South Dakota v. Wayfair, an online vendor asked SCOTUS to review whether or not South Dakota could collect a sales tax on businesses...
Centralized Partnership Audit Regime: To elect or not to elect?
The Centralized Partnership Audit Regime (CPAR) is, essentially, a new take on how the Internal Revenue Service (IRS) would conduct an audit on a partnership. Lawmakers designed the process to make it easier for the agency to conduct audits on partnerships. This piece...
How far back can the IRS go when they conduct an audit?
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...