The Internal Revenue Service (IRS) has made its focus on cryptocurrency clear in recent years. The feds expect taxpayers to report and, when applicable, pay taxes on these transactions — and they are not afraid to get aggressive to gather information on who is trying...
New IRS program could help those who need to disclose taxes
Government agencies are making announcements about incentives to help people as we navigate the COVID-19 crisis. The Internal Revenue Service (IRS) recently unveiled its effort to help taxpayers, called the People First Initiative. What is the People First Initiative?...
Tips to avoid taxpayer identity theft
Taxpayer identity theft occurs when another fraudulently uses stolen personal information to get a taxpayer’s refund or stimulus check. This form of theft can be frustrating for many reasons, including the fact it can take weeks or even months to realize you are a...
New York tightens vaping regulations with another tax
The New York State Department of Taxation and Finance has a new 20% supplemental sales tax on retail sales of vapor products in the state. The law, which went into effect December 1, 2019, applies to the sale of e-liquid as well as e-liquid units with battery and...
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,...
S corporations, C corporations & taxes: What you need to know.
Figuring out the best entity for your business’ success is about more than luck. Business owners are wise to put in some due diligence to figure out the best option to meet their needs. Tax rules that lead to the benefits and risks with each option can change, as was...
Has the new tax law impacted NY real estate deals?
New Yorkers have voiced concern the new tax law would have a negative effect on real estate transactions within the state. More specifically, a provision within the Tax Cuts and Jobs Act (TCJA) capped the amount of state and local taxes taxpayers could deduct on their...
IRS warns taxpayers of latest scam
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...
IRS and DOJ warn Bitcoin investors: Report or face consequences
On behalf of Goldburd McCone LLP posted in Tax Collection on Thursday, July 18, 2019. 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...
What is the mansion tax?
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...
