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    our legal blog

    How to file back taxes?

    November 28, 2013 | Late Filed Returns

    How to file back taxes? Often, the first question I am asked as a NY Tax Attorney by a client is "Am I in criminal trouble" for not filing my tax returns, and the second question is how to file back taxes?. The first step to resolving this tax issue is to determinate the  number of tax years that have back taxes owed. The only way to det... CONTINUE READING

    Can you file Bankruptcy on IRS Debt?

    November 17, 2013 | Tax Debt

    Can you file Bankruptcy on IRS Debt? Under the tax law, filing for bankruptcy is one way to reduce or even eliminate your tax liabilities, but often it is not the best solution for our clients. In response to the question can you file bankruptcy on IRS debt? In general, there are two different types of bankruptcy, liquidation or “straight bankruptcy” (Chapter 7) and reorganization (Chapter 11 or Chapter 13). Liquidation or straight bankruptcy will res... CONTINUE READING

    Innocent Spouse Relief

    November 12, 2013 | Tax Relief

    Innocent Spouse Relief There are various favorable tax related reasons to file joint tax returns, but did you know that by doing this you and your spouse are each jointly 100% liable for the entire amount of the tax? This tax law is referred to as joint and several liability. This can certainly present problems, if one of the spouses understates income or misuses deductions, for example, without the knowledge of the other spouse. It is common in many marr... CONTINUE READING

    Foreign Account Tax Compliance Act – FATCA

    November 2, 2013 | FBAR

    Foreign Account Tax Compliance Act - FATCA In March of 2010, the Foreign Account Tax Compliance Act - FATCA was enacted as part of the tax law Hiring Incentives to Restore Employment Act. The purpose of this act is to target United States taxpayers with foreign accounts that are not tax compliant and are using... CONTINUE READING

    Petitioning the U.S. Tax Court

    October 27, 2013 | Tax Laws

    Petitioning the U.S. Tax Court A taxpayer may petition the United States Tax Court (www.ustaxcourt.gov) if they have received a Notice of Deficiency, a Notice of Determination Concerning Collection Action, or a Notice of Determination of Worker Classification from the IRS. Once the IRS issues a Notice of Deficiency, for instan... CONTINUE READING

    NYS Voluntary Disclosure Program

    October 21, 2013 | Tax Debt

    NYS Voluntary Disclosure Program New York’s Voluntary Disclosure Program is designed to encourage taxpayers who have not filed and paid their taxes to voluntarily file their back tax returns and pay what taxes they owe. This program applies to all taxes administered by the NY State Tax Department including income tax, corporate tax, and sales taxes. It also applies to taxes handled by the NYC Finance Department. The significant advantage to this program... CONTINUE READING

    How a Federal Tax Lien affects you.

    October 6, 2013 | Tax Liens

    How a Federal Tax Lien affects you A federal tax lien may be a serious consequence resulting from a failure to pay taxes. If a taxpayer fails to pay overdue taxes within ten days of receiving notice from the IRS of the unpaid taxes due, a tax lien can result. The lien is placed on all of the taxpayer’s property including both their real estate and personal prop... CONTINUE READING

    Defaulting on a IRS or NYS Tax Installment Agreement

    September 30, 2013 | Tax Debt

    Defaulting on a IRS or NYS Tax Installment Agreement Many of our clients that owe the IRS or NYS for unpaid back taxes had us create tax installment agreements which are paid monthly to satisfy the tax debt. The terms of the installment agreement require that the taxpayer stay in compliance by paying all taxes owed on time, and filing all tax returns on time, and not incurring a new unpaid tax liability. As sometimes happens in tough economic time... CONTINUE READING

    Violation of FATCA Law

    September 21, 2013 | FBAR

    Violation of FATCA Law In the last few years the US government has made it a top priority to crack down on overseas accounts that are not reported on US tax returns by passing the FATCA law. The current trend changed in 2009 when the US government went after UBS (a Swiss Bank) for facilitating fore... CONTINUE READING

    Tax Attorney, A few reasons to hire one

    September 10, 2013 | Tax Laws

    Tax Attorney, A few reasons to hire one Based upon our experience, these are the most common reasons why our clients hired a tax attorney. 1. You are afraid to deal with the New York State Tax Department or the Internal Revenue Service about your tax issue and you want a tax attorney to handle the matter. Our clients have the peace of mind knowing their case is being handled by a licensed professional with a tax law firm that has a A+ BBB rating.... CONTINUE READING

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      First-Time Penalty Abatement Policy

      The First-Time Penalty Abatement Policy applies if all of your tax returns have been filed, and you have either paid or arranged to pay all tax currently due (for example, by setting up an Installment Agreement and staying current with monthly payments), you may qualify for penalty relief under t...