August 14, 2024 | Tax Notices
If the IRS wants information from you, they will simply request it, but if you don't comply, they may issue a formal summons. The IRS has the legal right to issue summons to taxpayers and to third parties that have info about taxpayers. For example, if you are going through a tax audit... CONTINUE READING
August 14, 2024 | Tax Help Tax Penalties
Yes, the IRS can legally seize your primary residence for unpaid taxes if you owe over $5,000, but this rarely happens. The IRS only turns to home seizure in cases where it has exhausted other options, and the agency must get approval from a district court judge or go through the state's foreclosure process. Most people who owe back taxes never have to worry about losing their home, just as they don't have to wor... CONTINUE READING
August 14, 2024 | Tax Help Tax Issues
Summary 1. A free consultation with a tax attorney allows individuals to assess their needs, determine if they require an attorney, and evaluate the law firm's expertise and approach. 2. Law firms offer free consultations to attract potential clients and showcase their expertise. 3. Free consultations focus on getting to know the client's problems and goals. 4. To prepare effectively for a free consultation, individuals should gather relevant documents... CONTINUE READING
July 22, 2024 | FBAR Tax Help Tax Issues
Living outside the United States while still a citizen can be challenging, as you still have legal obligations and requirements you must fulfill with the U.S. government. It’s easy to fall behind on tax filings and other legal obligations, and in fact, many people don’t even realize they have these obligations until they have lived abroad for years. Luckily, the IRS understands that errors resulting from non-willful co... CONTINUE READING
July 11, 2024 | Tax Issues Tax Notices
Millions of dollars have been completely lost over the years as a result of professional tax scams, so it makes sense to be a little skeptical if you receive a notification from the IRS in the mail. This type of letter might also cause some anxiety, too, which is completely normal. ... CONTINUE READING
June 9, 2024 | Sales Tax Tax Audits
Restaurant Sales Tax New York State — Rules and Failed Compliance Complex tax rules govern when, how, and for which products New York restaurants and bars can collect sales tax. It is crucial that restaurant owners understand these intricate requirements and their own obligations before going into business. Mistakes can lead to heavy penalties. Learn more about sales tax on food in New York... CONTINUE READING
June 9, 2024 | Tax Audits
What Is the IRS Information Document Request (IDR) Form 4564? If you’re going through a tax audit, you have a lot on your plate, not to mention stress about what the final outcome will be. Audits happen for a variety of reasons for both businesses and individuals, and some may seem random. The goal is for audits to get resolved as fast and as easily as possible. You’ll need to become familiar with IRS Form 4564 if youâ... CONTINUE READING
June 9, 2024 | Tax Levy
What to Expect from an IRS Notice of Intent to Levy Meeting your tax obligations each year is hard enough. What if you start receiving notices from the IRS? This may happen if you make a mistake on your return or you can’t afford to pay your tax debt. Whatever the reason, IRS notices need to be taken seriously. If you’ve struggled to pay your taxes, you may eventually receive something called a notice of IRS levy. T... CONTINUE READING
May 5, 2024 | Tax Debt Tax Notices
What is an IRS Notice of Deficiency? An IRS Notice of Deficiency is an official letter you receive from the IRS if the tax agency determines that you owe them more money after you’ve already filed your yearly income tax return. This claim will happen if the IRS makes a legal determination that you owe additional income tax. This notice will note the unpaid tax debt plus interest and could potentially include penalties, too. The IRS might determ... CONTINUE READING
May 5, 2024 | Tax Relief Unfiled Tax returns
IRS Form 15103: Why Did I Get This Form and How Do I Complete It? Sometimes, it can be hard to know if you are required to file a tax return or not. However, if you don't file a return and the IRS thinks that you should have filed, the agency will send you a notice. This often comes in the form of a CP59, CP516, CP518, or similar notice, along with Form 15103. If this happens, are you in trou... CONTINUE READING
Summary The IRS has 10 years to collect unpaid taxes, which is called the Collection Statute Expiration Date (CSED). The CSED is triggered when the IRS assesses taxes or a tax return is filed. Certain events, like filing for bankruptcy or applying for an Offer in Compromise (OIC), can t...
