our legal blog

What If the IRS Sends a Notice of Intent to Levy?

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

IRS Notice of Deficiency and Form 5564

May 5, 2024 | Tax Debt Tax Notices

Summary An IRS Notice of Deficiency (Notice 3219A) is an official letter stating that you owe additional tax, which may include penalties and interest. It outlines the proposed adjustments and gives you 90 days to respond. Typically, you’ll receive IRS notice CP2000 first about a possible discrepancy. Form 5564, a waiver, comes with Notice 3219A. You can sign and return it if you agree with the IRS proposal. If you disagree, Yo... CONTINUE READING

Willful and Non-Willful Failure to File FBAR Penalties

April 8, 2024 | FBAR Tax Audits Tax Compliance

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 so could mean paying tens of thousands of dollars in penalties. However, you do have options. Depending on your circumstances, how far behind you are in your filings, and whether or not you paid a... CONTINUE READING

When the IRS Files for You: Substitute for Return (SFR)

April 8, 2024 | Tax Help Unfiled Tax returns

IRS Substitute for Return: What Happens When the IRS Files a Return for You? Statistics from 2023 show that individual taxpayers collectively owe over $316 billion to the IRS in overdue taxes. Many of these taxpayers failed to ever report their taxes, and in these situations, the IRS has the right to generate a substitute for return on their behalf. These tax return estimates often greatly over... CONTINUE READING

IRS Automated Collection System (ACS)

April 7, 2024 | Payment Plans tax collections Tax Help Tax Issues

What to Expect When the IRS's Automated System Tries to Collect Your Back Taxes If you have outstanding tax debts your account is typically sent to the IRS Automated Collection System (ACS). The ACS is a system used to manage the collection of outstanding IRS tax debts from individual taxpayers and businesses. If you have received a notice from IRS ACS and are unsure what to expect, here’s everything you need to know. What is the IRS Automated Collection System?... CONTINUE READING

Understanding Reduced Tax Refunds: How the Treasury Offset Program Works

April 7, 2024 | Tax Debt

Tax season is often met with anticipation as individuals eagerly await their tax refunds. However, some taxpayers may find that their refunds are less than expected or even reduced to zero. This occurrence may be attributed to the Treasury Offset Program (TOP), a mechanism through which the Department of Treasury's Bureau of the Fiscal Service (BFS) can intercept refunds to offset certain debts owed by taxpayers. Let's delve into the details of how this program operates and what taxpayers can... CONTINUE READING

When Does the IRS Come for Back Taxes?

March 9, 2024 | Late Filed Returns Tax Debt Uncategorized

How Long Until the IRS Comes After You for Back Taxes? Navigating federal back taxes can be daunting, to say the least. If you’ve got unpaid or unfiled taxes to deal with, it’s natural to feel some stress about the possible repercussions. The first step forward is understanding how long it takes for the IRS to initiate collection actions for back taxes. From there you can get a look at the bigger picture of your own situation. As of early 2024, the IRS has recently begun... CONTINUE READING

Comprehensive Guide to New York Sales Tax for Businesses

February 8, 2024 | Sales Tax Uncategorized

Summary This article explains sales tax in New York. It covers how it works, how to file and pay, and the consequences of failing to comply. Businesses selling taxable products or services in New York must register with the Department of Taxation and Finance and collect sales tax from customers. Taxable sales generally include tangible personal property and certain services. Sales tax rates combine the state rate (4%) and local rates, which vary by jurisdiction. Businesses must collect... CONTINUE READING

Decoding IRS & NYS Tax Complexity: A Blueprint for Small Business’ Success

February 4, 2024 | Tax Compliance

Introduction: In the intricate landscape of business operations, small business owners face a daunting challenge – navigating the complexities of IRS and NYS tax obligations. It's not merely a puzzle; it's a dynamic challenge that requires constant attention and strategic navigation. The ever-evolving nuances of tax laws, regulations, and compliance requirements create a landscape where the missteps of noncompliance can have profound financial and legal consequences. I... CONTINUE READING

Mastering Tax Filing: A Comprehensive Guide to Correcting Errors in Your Tax Return

January 27, 2024 | Tax Help Tax Issues

Introduction: Filing taxes annually is an inevitable task that often induces anxiety, compounded by the fear of making errors that can add an extra layer of stress. Despite one's diligent efforts, mistakes can manifest on a tax return, ranging from simple math miscalculations to more intricate issues. Swiftly addressing these errors is paramount to avoid potential repercussions. This article delves into the nuanced impact of tax errors and provides a co... CONTINUE READING