Large Firm Skills
With Small Firm Service
Any time the IRS contacts you about a tax dispute is nerve wracking. But if the IRS accuses you of tax fraud, your anxiety likely escalates significantly. The penalties for committing tax fraud are very stiff. Those found guilty of tax fraud may have to pay fines of...
In principle, you pay your income taxes in the state where you earned the income. When people work in one state but live in another, that could result in two tax returns being filed -- one for your state of residence and one where you earn your money. A network of...
A new report from the Treasury Inspector General for Tax Administration (TIGTA) makes several recommendations to the IRS on how it could reduce improper retirement deductions by self-employed individuals. The report suggests that some self-employed people may claim...
This year, a lot of people are facing financial troubles. The good news is some lenders have been willing to work with debtors to relieve some of their debts. Unfortunately, that could result in a taxable event. Generally, debt that is freely forgiven, such as through...
In a recent ruling, the IRS has determined that daily fantasy sports, which allows you to renew your roster every week, is not a game of skill. Instead, the agency found that it is gambling. The good news is that, according to PLR 202042015, daily fantasy sports (DFS)...
Virtual currencies, also known as cryptocurrencies, are treated as property for the purposes of your federal income taxes. That means that gains or losses are subject to the capital gains rules. Unfortunately, that can mean you will need to keep very detailed books....
If you used to work at a company location but are now working from home, that could have tax consequences. There are a couple of situations to consider. You may have incurred some home office expenses that your company did not reimburse. Or, you may have received...
Opening up that letter from the Internal Revenue Service (IRS) can make your heart skip a beat. The federal agency has contacted you to let you know that you are the subject of a tax audit. At first you are concerned. You worry that you may have made a mistake. But...
Even though the tax season has officially come to a close (finally), some New York residents may still worry about how the IRS will handle their tax information. In particular, they may have concerns about facing a potential audit. Even if individuals report...
Most New York residents want to avoid dealing with the IRS more than they absolutely have to. As a result, the majority of taxpayers want to do their best to avoid an audit. While a closer look at a person's tax return could happen for a variety of reasons, knowing a...