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Taxpayer’s Guide to the IRS CP504 Notice

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 seriou... CONTINUE READING

What Happens If You Owe the IRS Over $100,000?

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... CONTINUE READING

New York Tax Audit? What to Expect With a NYS State Audit

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

New York Tax Payment Plan

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

Tax Identity Theft and the IRS IP PIN

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

What Does IRS Notice CP501 Mean & What to Do?

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

What to Expect If You Receive IRS Notice CP14

June 3, 2023 | Tax Issues Tax Levy Tax Liens Tax Relief

Summary CP14 is a notice from the IRS demanding payment for unpaid taxes, interest, and penalties. You may receive this notice for various reasons, including filing a tax return without full payment, IRS adjustments leading to additional tax liability, or unpaid taxes due to an audit. CP14A is a balance due notice sent to those with existing installment agreements, requiring no additional action unless the balance is incorrect. If you receive a CP14 notice, verify the information's ac... CONTINUE READING

What Does IRS Notice CP2000 Mean? What to Do?

June 1, 2023 | Tax Issues Tax Laws Tax Notices

Summary IRS Notice CP2000 is sent to taxpayers who have underreported their income, resulting in additional tax liability. This may be due to unreported income, errors, or identity theft. If the notice is correct, taxpayers should pay the tax or contact the IRS for payment arrangements. If incorrect, they should contact the IRS with supporting documents. Ignoring the notice leads to finalized changes and collection processes. Tax professionals can assist with navigating CP2... CONTINUE READING

Recordkeeping for Individual Taxpayers

May 20, 2023 | Tax Compliance

Recordkeeping for Individual Taxpayers Every month I am contacted by a new client who has a tax issue from the 1990's, or early or late 2000's. That makes having a tax records retention policy a very important issue since the tax issue can be very old.  You may wonder if it is even possible to have a tax issue going back that far in time. The answer is Yes. I hate to say this since if you did not a tax return, the IRS will not start the statute of limita... CONTINUE READING

Taxpayer’s Guide to IRS Notices and Letters

May 10, 2023 | Tax Notices

Help! What Does This IRS Notice Mean? Receiving a notice from the IRS can be stressful and confusing. These notices are often intimidating and hard to understand, but to help you out, we've put together resources on the most common IRS notices. To learn more, check out the following links or contact us directly. At the Timothy Hart Law Group, we are devoted to helping clients deal with their IRS and state tax issues. We can help you decipher your notice and deal with your ta... CONTINUE READING

Alter Ego Liens and Levies: How to Protect Your Assets

What Is an Alter Ego Levy and How to Protect Your Assets? An alter ego levy is when the IRS seizes assets owned by your alter ego to cover your tax debt. If you've received notice of an alter ego lien or levy, you need to take action – this is not routine tax debt co...