Davidson News

Davidson News

New York Auditors Clamp Down on Tax Evasion by Wealthy Out-of-State Residents

New York Auditors Clamp Down on Tax Evasion by Wealthy Out-of-State Residents

New York State is intensifying efforts to combat tax evasion by wealthy individuals who claim residency elsewhere to avoid state income taxes. The exodus of millionaires from New York has raised concerns about the state’s revenue, prompting authorities to scrutinize residency claims rigorously. The Department of Taxation and Finance has deployed a team of 300 … Read more

IRS Expects $561 Billion Increase in Tax Revenues by 2034 with Enhanced Enforcement

The IRS is anticipating a significant surge in tax revenues, expecting to collect up to $561 billion more in overdue and unpaid taxes from 2024 to 2034. This projection comes as a result of bolstered enforcement efforts fueled by funding from the Democrats’ Inflation Reduction Act (IRA). The IRA, which was signed into law in … Read more