According to Accounting Today, the New York Tax and Finance Authority sent out thousand of notices since the filing season ending in May to individuals earning as little as $100,000 a year. What do these individuals have in common? They have claimed to have left the state during the COVID-19 pandemic and New York wants… Read more »
Posts Tagged: tax audits
Why Aren’t the Rich Being Audited?
According to the New York Times, the rich are not being audited by the IRS because the I.R.S. is not being provided with the resources it needs to chase offshore accounts and tax cheats. Questions: Why do the authors of this article submit that taxing ultramillionaires is not the problem? Over what period of time… Read more »
Tough Times for the IRS
Audits and criminal referrals are down sharply by the IRS since Congress cut the tax agency’s budget and management changed priorities. Questions: 1. How many cases did the IRS’s criminal division bring last year? 2. How many cases did the IRS’s criminal division bring in 2010? 3. According to the IRS’s estimates, how much in… Read more »