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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

Tax Help and the IRS Currently Not Collectible Status

January 16, 2024 | Tax Relief

Tax Help and the IRS Currently Not Collectible Status Title: "Unraveling Tax Complexities: An In-Depth Guide to Navigating IRS’ Currently Not Collectible (CNC) Status"   Introduction Obtaining hardship status with the IRS, also known as Currently Not Collectible (CNC) or status 53, becomes more than a mere convenience – it transforms into a crucial necessity for those genuinely grappling with fina... CONTINUE READING

Navigating ERC Repayment, Correcting Errors, and Understanding Consequences: A Comprehensive Guide

January 12, 2024 | ERC Tax Compliance

The Internal Revenue Service (IRS) has recently introduced significant measures aimed at addressing potential issues related to the Employee Retention Credit (ERC), a vital pandemic-relief tax credit. This comprehensive guide explores the IRS's new voluntary repayment option, delves into the consequences associated with incorrect ERC claims, and outlines proactive steps businesses can take to rectify errors and ensure compl... CONTINUE READING

Understanding ERC Audit Penalties & Fraud Risks

December 5, 2023 | ERC

Penalties & Consequences for Erroneous ERC Claims During COVID, the ERC credit, as well as many other government incentives, helped many businesses keep their doors open, but these programs were also rife with abuse. Now, the IRS is paying special attention to ERC audits, and at the time of writing, the agency has stopped processing new ERC claims and issued several warnings about ERC fraud. ... CONTINUE READING

Comprehensive Guide to IRS Payroll Tax Penalties

December 5, 2023 | payroll tax

Unpaid Payroll Taxes: Penalties, Personal Liability, and More An overwhelming 70% of all revenue collected by the IRS comes directly from employee wages. That said, the tax agency puts a lot of weight on payroll taxes and ensuring that businesses pay the right amount... CONTINUE READING

Can You Go to Jail for Not Paying or Filing Taxes?

December 5, 2023 | Tax Laws

Can You Go to Jail for Unfiled or Unpaid Taxes? Tax time is one of the most dreaded times of the year. Even though it’s relatively easy to file your taxes with the help of accountants and online tools, many people put off filing until the last possible moment. In extreme cases, people may choose not to file at all.    If this is the situation you find... CONTINUE READING

Guide to Navigating IRS Voluntary Disclosure & Form 14457

November 7, 2023 | FBAR Tax Compliance

IRS Criminal Investigation Voluntary Disclosure Practice and Form 14457 If you suspect you may be investigated for a criminal tax matter, the best thing to do may be to come clean with a voluntary disclosure. The IRS's Voluntary Disclosure Practice may be able to help you prevent or reduce criminal prosecution for past actions related to IRS code violations. However, you should never take this step without consulting with an attorney — to get help now, contact us today at the Timo... CONTINUE READING

Letter 725-B Means the IRS Wants to Meet With You

November 7, 2023 | Tax Debt

Letter 725-B: The IRS Wants to Meet With You When it comes to taxes, one of the few things that is worse than getting an unexpected letter is getting an unexpected visit from the IRS at your home or place of business. If you're not prepared, a surprise visit from someone you like can be unsettling. Now, imagine a visit from an IRS employee who wants to review your financial records and c... CONTINUE READING

What to Do After Receiving an IRS CP523 Notice

November 7, 2023 | Payment Plans Tax Debt

Summary The IRS sends a CP523 notice to taxpayers who have defaulted on their installment agreements, which are monthly payment plans set up to pay off tax debt. This can happen for a variety of reasons, including missed payments, failure to file tax returns, unpaid taxes, or not responding to IRS requests for financial information. If you receive a CP523 notice, you have 30 days to respond and rectify the situation to avoid further action. It is crucial to read the notice carefully... CONTINUE READING