May 13, 2025 | Tax Fraud Tax Relief Uncategorized
New York Tax Evasion Attorney for Federal IRS Charges If your tax account gets referred to the IRS Criminal Investigation (CI) Unit, then you’re in a precarious position. Statistics from 2023 showed that the IRS’s CI team investigated around 2,676 cases and obtained an astonishing... CONTINUE READING
May 12, 2025 | Tax Issues Uncategorized
What if I Didn’t Report Cryptocurrency on My Taxes? Not reporting your cryptocurrency gains or losses will impact you in the same way that not reporting gains or losses from stocks affects you. In other words, if you have losses, you miss out on tax benefits, and if you have gains, you will incur penalties or other consequences due to failure to report income. As of 2025, around one in five US adults is... CONTINUE READING
May 12, 2025 | Tax Audits Unfiled Tax returns
What Happens If You Don’t File Taxes? Look at the Risks and Consequences of Not Filing Tax Returns. Not filing your taxes can have significant consequences, even if you don’t think you owe a balance to the IRS. Failure to file can cause you to lose tax refunds or subject you to harsh penalties and collection actions. To help you un... CONTINUE READING
April 20, 2025 | tax collections Uncategorized
Statute of Limitations on NY State Tax Debt—How Long Can They Collect? After state taxes have been assessed, the Department of Taxation and Finance (DTF) can only collect taxes for a set period of time. In New York State, the statute of limitations is generally 20 years. However, there are exceptions, and the starting point for the 20 years depends on the specific details of your tax situation. This limit differs for each state, and as a New York resident... CONTINUE READING
April 20, 2025 | Tax Compliance Tax Penalties Uncategorized
Understanding New York State Tax Penalties: A Comprehensive Guide If you fall behind on your New York State taxes, file incorrectly, or engage in fraud, the Department of Taxation and Finance (DTF) may add a wide range of penalties to your tax bill. By understanding the penalties you may be charged and learning more about the Department’s expectations for taxpayers, you can stay compliant with all state tax requirements and... CONTINUE READING
April 20, 2025 | Payment Plans Uncategorized
IRS Form 433-A: Guide to Qualifying for IRS Relief If you’re requesting certain forms of tax relief from the IRS, they may want to verify your financial information. Depending on the type of relief you are asking for, they either want to see if you are able to make the monthly payments you’re requesting or if you have enough financial need for the assistance you are asking for. To determine this, the IRS will ask you to complete Form 433-A. Accuracy and... CONTINUE READING
March 8, 2025 | payroll tax
Summary 1. IRS Letter 5857 is sent to taxpayers who have fallen behind on their employment tax deposits, notifying them of an impending phone call from a Revenue Officer to discuss the issue. 2. The IRS prefers to resolve tax issues early and may offer payment arrangements or other relief options. 3. Ignoring the letter can lead to escalating collection efforts, including in-person meetings, liens, levies, and the Trust Fund Recovery Penalty (TFRP), which can hold in... CONTINUE READING
March 8, 2025 | Tax Audits
Summary 1. Failing an IRS audit means you cannot provide enough documentation to support the claims on your tax return. 2. There are three potential outcomes of an audit: no change, you agree with the IRS’s proposed changes, or you disagree with the changes. 3. Penalties related to failed audits include accuracy-related penalties, failure to file or pay penalties, erroneous claim for refund or credit penalties, and civil fraud penalties. 4. Other implicatio... CONTINUE READING
March 8, 2025 | payroll tax
Summary 1. The failure to deposit penalty is assessed when a company fails to collect and transfer payroll taxes, including federal income taxes, Social Security taxes, and Medicare taxes. 2. The penalty is based on the number of days the deposit is late and can range from 2% to 15% of the unpaid amount. 3. This penalty can add up quickly, especially if it’s part of an ongoing issue with late or missed deposits. 4. The IRS also charges interest on penalties... CONTINUE READING
February 9, 2025 | Tax Debt Tax Notices
What is the Difference Between an IRS Revenue Officer and an IRS Revenue Agent? When an IRS representative contacts you directly to discuss your taxes—whether it’s a specific return, the results of an audit, or a past-due tax debt—it’s important to know the scope of their work and what they are legally allowed to do in regards to your tax debt. While some peopl... CONTINUE READING
New York Tax Evasion Attorney for Federal IRS Charges If your tax account gets referred to the IRS Criminal Investigation (CI) Unit, then you’re in a precarious position. Statistics from 2023 showed that the IRS’s CI team investigated around 2,676 cases and obtained an as...
