September 8, 2023 | Tax Notices
Taxpayer's Guide to the IRS CP503 Notice IRS Notice CP503: Second Reminder of Unpaid Taxes If you owe taxes, the IRS sends out numerous reminders and demands for payments. The CP503 notice is generally the second notice that the IRS sends, and it comes after the CP501. If you don't respond to CP503, the IRS will send CP504, which gets much more severe. Tired of... CONTINUE READING
September 1, 2023 | Tax Notices
Help! I Received IRS Notice CP504 What to Do If You Receive Notice CP504 Receiving notices from the IRS can be stressful. The letters often use confusing language and outline all of the scary things the IRS can do if you don't pay. When you have an unpaid tax debt, the IRS usually sends a few letters to remind you about the balance, and then the agency starts sending more serious le... CONTINUE READING
August 5, 2023 | tax collections
The Taxpayer’s Guide to IRS Letter 9297 If you receive IRS Letter 9297 (Summary of Taxpayer Contact), that means an Internal Revenue Service (IRS) revenue officer is working on your account, and the agency needs your financial information. The IRS typically assigns accounts to revenue officers when taxpayers have compliance issues, a substantial back tax balance, or the agency’s automated approach has failed to collect payment. You likely have several questions... CONTINUE READING
July 25, 2023 | Tax Debt
What to Expect If You Owe the IRS Over $100,000 Owing money to the IRS can be extremely stressful, but the situation is even more stressful when you owe into the six figures. When you owe this level of tax debt, you may be worried that the IRS is going to come after you, and there's a pretty significant possibility of that happening. Even if the IRS doesn't contact you right away, the agency will eventually do everything possible to collect that money. The IRS can take very severe c... CONTINUE READING
July 2, 2023 | Tax Audits
What to Expect With a New York State Tax Audit No one wants to be selected for a tax audit. Even if you filed a correct return, sending in documents and talking with the auditor can take a lot of time. And if you filed an incorrect return or made a lot of estimates, the process can be a lot more harrowing. Facing an audit? Worried about an audit? Then, you're in the right spot. This guide explains what to expect. Note that this post specifically covers audits on... CONTINUE READING
June 22, 2023 | Payment Plans
New York State Tax Payment Plan You May Qualify to Pay Your Tax Debt in Monthly Installments If you can't afford to pay your New York state income or business taxes, you may be able to set up a payment plan. To help you figure out if you qualify, this post outlines the rules and application process. Then it explains what to expect when making payments on a state tax debt. To get... CONTINUE READING
June 11, 2023 | Tax Help Tax Issues
Tax ID Theft It has been become very common to hear news about identity theft where confidential information is being stolen and used to steal a person’s money by taking over the identity of that person. Most often the start of that process begins when sensitive data is stolen by a data breach. There are many forms of identity theft. For tax purposes, this occurs when a person or entity obtains your social security... CONTINUE READING
June 3, 2023 | Tax Debt Tax Help
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). In contrast, other notices, such as the CP14, may come from the ACS or a revenue officer. This notice is a demand for payment. It doesn't threaten any advanced collection... CONTINUE READING
June 3, 2023 | Tax Issues Tax Levy Tax Liens Tax Relief
If you don't pay your tax bill, you will eventually receive notice CP14. As of May 2023, the IRS has announced that it is going to be sending out millions of these notices. This is part of the agency's plan to ramp up collection activities after going relatively dormant during the COVID pandemic and its aftermath. The agency also plans to start sending more CP501 notices from its automated collection system. What does this m... CONTINUE READING
June 1, 2023 | Tax Issues Tax Laws Tax Notices
Taxpayer's Guide to IRS Notice CP2000 What to Expect if You Receive a Notice About Underreported Income The IRS sends out Notice CP2000 to taxpayers who have underreported their incomes. This notice makes changes to your tax return, and if you don't respond, you will incur a tax bill. Wondering what to expect? Not sure why you got this notice? Then, keep reading for an overview. To get help now, contact us at The Timothy S. Hart Law Group, P.C., toda... CONTINUE READING
FBAR Penalties: What to Expect If You Don't Report Foreign Bank Accounts Nothing’s quite as alarming as finding out you’re in violation of a law that you didn’t know existed. If you have foreign bank or financial accounts, you may be required to file an FBAR every year. Failing to do...
