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Four Different Ways to Settle the IRS Tax Debts

December 18, 2020 | Tax Debt

Tax Debt SettlementNo taxpayer wants to get into the IRS tax debt and need a tax debt settlement. Still, every year thousands of taxpayers get into it due to different reasons. And once they get into it, their tax debts keep increasing day-by-day with the addition of penalties and interests. At some point, if the IRS tax debts are not paid, they get double and become an unwanted burden for the taxpayers. They have to pay this at any cost.... CONTINUE READING

The Facts You Need to Know About Unfiled Taxes and Paying Penalties

November 28, 2020 | Unfiled Tax returns

The Facts You Need to Know About Unfiled Taxes and Paying Penalties For most IRS taxpayers, April 15, 2021, is the annual deadline for filing their federal income tax returns and other due taxes for the preceding financial year. It is very important for every taxpayer of the United States of America to file their tax returns before or on the annual deadline of filing tax returns as the consequences of late filing can be harsh for them. Many harsh penalti... CONTINUE READING

Things You Need to Know About FBAR Reporting

November 11, 2020 | FBAR

Things You Need to Know About FBAR Reporting FBAR stands for Foreign Bank Account Report or Report of Foreign Bank and Financial Accounts. As the name suggests, it refers to reporting certain foreign bank accounts to the Treasury Department of the United States of America.  In extended terms, under the Bank Secrecy Act, FBAR is the legal procedure that needs to be complied with by eve... CONTINUE READING

Find out If You Are at Higher Risk of IRS Tax Audit in the Upcoming Year?

October 11, 2020 | Tax Audits

Find out If You Are at Higher Risk of IRS Tax Audit in the Upcoming Year? The biggest fear in the mind of Americans is being audited by the Internal Revenue Services (IRS), but the chances of going through the IRS audit process are very less. Studies have shown that 95% of taxpayers in the United States believe that it is their civic responsibility to pay their taxes and 87% of them have mentioned that it is unacceptable on their part to cheat on thei... CONTINUE READING

When Should You Approach a NYC Tax Attorney?

September 25, 2020 | Tax Audits

When Should You Approach a NYC Tax Attorney? The Internal Revenue Service's, the New York State Tax Department and the NYC Department of Finance tax systems are very complicated and large, especially for those taxpayers who are filing their tax returns for the first time or who don't have enough knowledge, understanding, and experience in dealing with the IRS, NYS Tax Department or NYC Finance Department with tax matters when they have a tax problem. These are all very large organizati... CONTINUE READING

Apply For Offer In Compromise to Settle Your Tax Debts

September 11, 2020 | Offer in Compromise

Apply For Offer In Compromise to Settle Your Tax Debts Tax debts are always an unwanted headache for taxpayers. They are a specific amount of tax that is payable to the Internal Revenue Service. They increase over time with the addition of interest and penalties. If they are not paid as soon as possible, they get double and that hurts more.  Tax debts are due to not paying tax... CONTINUE READING

Why Should You File Your Due Returns Now?

August 29, 2020 | Late Filed Returns

Why Should You File Your Due Returns Now? The Internal Revenue Service (IRS) sends one or more notices to you when you fail to file your tax returns on time. These notices contain detailed information about your past due returns and some guidelines that tell you what you need to do further to fill your due returns. If you get these notices from the IRS, then you should file your due returns as soon as possible ot... CONTINUE READING

All You Need to Know About Economic Impact Payment

August 14, 2020 | Tax Issues

All You Need to Know About Economic Impact Payment The ongoing outbreak of COVID 19 has badly affected each and every person all over the world. Despite the passing of dark days of five months, it has continued to do damages. As of now, the world has nothing to prevent and eliminate it. That means there is uncertainty about how long it will last. The individuals have been struggling for jobs, businesses and organizations are in a huge loss, and government bo... CONTINUE READING

Be Prepared For Your Next Sales Tax Audit

July 31, 2020 | Tax Audits

It is certain, as an owner of a company or business, at some point of time you will be selected for a sales tax audit by the taxation department. You will get an official mail from the taxation department about your sales tax audit. You will get comprehensive details of your audit in the mail, and you will be obliged to follow all the instructions explained in the mail. Whether your business is a startup or has been around for years, you can be selected for a sales tax audit anytime in... CONTINUE READING

Know Your Fundamental Rights As the IRS Tax Payers

July 17, 2020 | Tax Issues

Know Your Fundamental Rights As the IRS Taxpayers Obligations are obvious for the IRS taxpayers but at the same, every taxpayer has a set of fundamental rights they must be aware of. A very few taxpayers in the United States know all of their fundamental rights for dealing with tax returns and tax audits with the IRS. While they must... CONTINUE READING