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

August 16, 2024 | Tax Debt

Summary People who owe the IRS $10,000 or more in unpaid taxes have several options to resolve their tax debt. The IRS offers several programs, such as installment agreements, penalty abatement, and offer-in-compromise, to help taxpayers pay off their balances. If you owe over $50,000 in taxes, you may face additional penalties and enforcement actions, including a higher chance of a wage garnishment, bank levies, asset seizures, and passport revocation. It's important to seek pr... CONTINUE READING

What to Do When the IRS Summons Records From You

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

Can the IRS Take My House for Unpaid Taxes?

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

Tax Attorney Free Consultation & What to Expect | NY Tax Attorney

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

A Deep Dive Into Form 14653

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

IRS Notice CP59: What to Do and How to Respond

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

Understanding NY Restaurant Sales Tax Compliance

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

Dealing with IRS Form 4564: Information Document Request

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

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