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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

Guide to Completing Form 433-D to Set Up Monthly Payments

October 10, 2023 | Payment Plans

Summary Form 433-D, Installment Agreement, is a single-page form that outlines the terms of an installment agreement between an individual or business and the IRS. It is used to finalize installment agreements, including streamlined, non-streamlined, direct debit, financially verified, and partial payment installment agreements. To complete the form, the taxpayer provides personal and tax-related information, including the amount of tax owed, monthly payment amounts and... CONTINUE READING

Pay Your NYS Taxes Right: Online, Mail & More Options

October 10, 2023 | Payment Plans

Ways to Pay New York State Taxes and Consequences if You Don’t You may have more options for paying your New York State tax bill than you realize. Whichever option you choose, don’t wait too long. Here’s what you should know. Paying your New York State taxes on time is essential, but knowing how to make a payment or figuring out what to do if you can’t pay in full isn’t always easy. Thankfully, the New York State Department of Tax and Finance (DTF) offers several options f... CONTINUE READING

How to Appeal Collection Actions With Form 9423

October 9, 2023 | Tax Relief

Summary The Collection Appeals Program (CAP) allows taxpayers to appeal certain IRS collection actions, such as liens, levies, and installment agreements. It is available for disagreements concerning levies, seizures, liens, and installment agreements, but only at certain points during each collection action. CAP cannot be used to appeal most IRS decisions or actions concerning jeopardy levies, offers in compromise, trust fund recovery penalties, penalty appeals, audit reconsiderat... CONTINUE READING

What to Do If You Get IRS Notice CP503

September 8, 2023 | Tax Notices

Taxpayer's Guide to the IRS CP503 Notice IRS Notice CP503: Second Reminder of Unpaid Taxes If you owe taxes, the IRS sends out numerous reminders and demands for payments. The CP503 notice is generally the second notice that the IRS sends, and it comes after the CP501. If you don't respond to CP503, the IRS will send CP504, which gets much more severe. Tired of... CONTINUE READING

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