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    Form 433-B Collection Information Statement for Businesses

    February 7, 2023 | Payment Plans

    You may need to complete Form 433-B if you're applying for a payment plan or hardship status for a business. To apply for an offer in compromise for a business, you need to complete Form 433-B (OIC). Both versions of this six-page form request detailed information about your business finances, but the OIC version takes you through calculating a settlement offer on your taxe... CONTINUE READING

    NYS Voluntary Disclosure Program

    January 27, 2023 | Tax Debt

    When taxpayers do not file their returns, the New York Voluntary Disclosure may help them. If you fail to file, at some point the New York State’s Department of Taxation and Finance will realize that returns are unfiled and back taxes are due.  For this reason, it is important for taxpayers to be proactive and contact a New York tax settlement attorney if they have unfiled returns and owe back taxes to examine whether a New York Voluntary Disclosure program may assist them.  Th... CONTINUE READING

    Trust Fund Penalty Guide

    January 15, 2023 | Tax Penalties

    The Trust Fund Recovery Penalty is the penalty you incur as an employer responsible party, if you withhold income tax, Medicare, and Social Security taxes from your employees’ wages, but don’t send the money to New York State or the IRS. The penalty is basically these unpaid monies imposed against you perso... CONTINUE READING

    What Happens If You Owe the IRS More Than $10,000?

    January 7, 2023 | Tax Debt

    A lot of people call our office and say, "I owe 10k in taxes what should I do?" First, it's important to note that you are definitely not alone. A lot of people owe $10,000 or more in back taxes, and the IRS has programs available to help you resolve your tax debt. However, it's also important to note that the IRS takes this level of debt very seriously. You won't go to jail, but you will face other collection actions.... CONTINUE READING

    Taxpayer’s Guide to IRS Partial Payment Installment Agreement

    December 10, 2022 | Payment Plans

    Settle Tax Debt With an IRS Partial Payment Installment Agreement If a taxpayer cannot afford to pay their full tax bill, the IRS will sometimes agree to settle some of the taxes owed. This can happen in a few different ways, including offers in compromise, currently not collectible status, and partial payment installment agreements. This guide looks at the IRS Partial Payment Installment A... CONTINUE READING

    NY State Tax Warrant: What to Expect and How to Resolve

    December 4, 2022 | Tax Debt Tax Help

    What Is a Tax Warrant in NY? How to Resolve New York Tax Liens The New York Department of Taxation and Finance (NYS DTF) can file a tax warrant against you if you have delinquent income tax, sales tax, or other New York State taxes. This is the first collection action taken by the state, and it creates the legal pathway for the NYS DTF to seize your wages, bank accounts, and property. If New... CONTINUE READING

    What Is IRS Form 433-F Used for? Tips and Instructions

    December 1, 2022 | Tax Debt Tax Help

    IRS Form 433-F Instructions and When to File The Internal Revenue Service uses IRS Form 433-F to gather detailed financial information about taxpayers who apply for certain tax relief programs. This form requires a financial information statement, and it helps the IRS decide if you qualify for non-traditional types of payment plans such as partial payment installment agreements and payment p... CONTINUE READING

    How Your Unfiled Taxes Won’t Let You Sleep Soundly?

    November 23, 2022 | Late Filed Returns Tax Debt

    No one likes to carry any kind of debt on them, especially when it is the debt of unfiled taxes for which you might have to pay huge penalties and even go to jail (in very limited cases). So, it is never too late to correct your mistakes and speedily file the tax returns and get the situation under control. Often, you might need the help of a tax lawyer to reduce penalties and make the process go smoothly and reach a solution you can afford to pay... CONTINUE READING

    IRS Tax Audit Procedure- Selection, Notification, Examination, And Appeals

    November 18, 2022 | Tax Audits

    An Internal Revenue Service (IRS) tax audit is a review or examination of a taxpayer’s financial information and accounts to check if the reported information is correct as per the tax laws and regulations. It is processed by the IRS officers appointed by the government. In the IRS tax audit help, the IRS officers check and analyze every single detail of the financial information of taxpayers to find out if there is any incorrect informatio... CONTINUE READING

    IRS Financial Criteria for IRS Payment Plans

    November 10, 2022 | Tax Help

    Once you owe taxes to the IRS, they have very specific IRS financial criteria of what expenses they will allow over the long term when they determine how much they will ask you to pay back per month to repay the debt through a IRS payment Plan. To understand the process the IRS uses, it is important to realize they are trying to collect as mush as possible from you, and it does not always matter how much you can afford to pay. From the taxpayers perspective, the goal is to reach a... CONTINUE READING

    What Does IRS Notice CP501 Mean & What to Do?

    CP501 is one of the first notices that you will receive if you owe taxes to the IRS. Usually, the agency sends out CP501 notices to taxpayers whose accounts are in the automated collection system (ACS)....