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Stay informed with the latest updates on tax strategy, accounting compliance, and financial best practices from the Clarity Tax Group team.
If you are a New York homeowner waiting for your annual property tax relief — you are likely referring to the STAR Credit check (School Tax Relief). Unlike the older STAR Exemption — which is a reduction on your tax bill — the STAR Credit is a direct payment issued by the state. Here is a guide to understanding where your check is and how to check its status.
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If you have filed your tax return and are anxiously awaiting a refund or a special government-issued tax rebate, the good news is that both federal and state tax agencies provide user-friendly online tools to track its status. Knowing when your money is on its way can help with personal budgeting and financial planning.
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Many taxpayers hesitate to file an amended tax return because they fear it will automatically alert the IRS and lead to an audit. While this concern is common, amending a return does not automatically trigger an audit. However, certain factors within the amended return can increase scrutiny. Understanding how amended returns work—and when they may raise red flags—can help you make informed decisions and correct your tax filings with confidence.
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In New York State, not all purchases are subject to sales or use tax. Certain goods and services are exempt from taxation, allowing consumers and businesses to save money. Knowing what items are tax-free helps you plan purchases effectively and ensures compliance with state tax laws.
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Many taxpayers assume that once several years have passed, the IRS can no longer review their old returns. While there is some truth to this, the answer isn’t always straightforward. In most situations, the IRS cannot audit you after seven years—but there are important exceptions that can extend the audit window. Understanding these rules helps you know when a past tax year is officially “safe” and when it may still be subject to scrutiny.
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Many taxpayers dealing with old IRS debt wonder whether the government can continue collecting indefinitely. Fortunately, the IRS does not have unlimited time. Under federal law, the IRS generally has 10 years to collect unpaid taxes. This deadline is known as the Collection Statute Expiration Date (CSED). However, the rules surrounding the 10-year limit can be complicated, and several actions can extend—or “pause”—the clock.
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When tax season ends, many taxpayers breathe a sigh of relief—until they start wondering whether the IRS might come back years later with an audit. The truth is that the IRS has specific rules governing how far back it may examine tax returns, but the timeline varies depending on the circumstances. Understanding these audit lookback periods can help you stay compliant, minimize stress, and know when old tax years are officially “safe.”
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New York State applies sales and use tax to most tangible goods and select services. Businesses must collect and remit this tax, while consumers are responsible for use tax on out-of-state purchases. Understanding these rules is vital for staying compliant and avoiding penalties.
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Non-taxable merchandise refers to items that are exempt from New York State sales and use tax. When you purchase these items, you do not pay the sales tax that normally applies to most goods and some services. These exemptions are designed to reduce the tax burden on essential items, encourage economic activity, and support certain organizations. Not all products are taxed equally, and knowing which items are non-taxable can help both consumers and businesses avoid unnecessary costs.
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For many taxpayers, one of the biggest concerns during tax season is the possibility of an IRS audit. While the IRS does not publish exact formulas for selecting returns, certain income levels statistically have higher audit rates. Understanding how income affects your chances of being audited can help you file more confidently and avoid unnecessary red flags.
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Sales tax is a tax collected by retailers when you purchase goods or certain services within a state. In New York, for example, the statewide sales tax rate is 4%, and local counties or cities may add additional taxes, resulting in combined rates of up to 8.875% in areas like New York City.
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Inflation refund checks are meant to counteract the increased cost of living and are distributed by the states. These checks do not come from the IRS, rather, they are a result of state budget surplus, taxpayer relief programs, and/or one-off legislative actions. To put it simply, these are meant to be refunds to qualified residents. The amounts differ from state to state and are subject to legislative approval. These refunds are not guaranteed, and thus payments are not issued yearly.
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