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Two uses of the IRS form 433-A, 433-B or 433-F

June 2, 2016 | Tax Debt

Two uses of the IRS form 433-A, 433-B or 433-F While involved with an IRS collection case, for matters over $50,000 the IRS will ask for a 433-F form to be completed, which is a financial disclosure of your assets and income, or a form 433-A/B form (a variety of the 433-F form) if an IRS Revenue Officer is assigned to your case. From the clients perspective they... CONTINUE READING

When is an Offer In Compromise a means for penalty relief?

May 10, 2016 | Offer in Compromise

When is an Offer In Compromise a means for penalty relief? I had a recent client that owed about $30,000 to the NYS Tax Department. The taxes related to late filed income tax returns for a few years, where he sold a sizable asset. We went through the normal procedure of filing the unfiled tax returns, and once the tax assessments were received we attempted to get the penalties abated. It was somewhat hopeless (to be honest). I felt bad since the client on... CONTINUE READING

Innocent Spouse Relief Tax Rules

March 1, 2014 | Tax Relief

Innocent Spouse Relief In September 2013, the tax law was revised to greater benefits for those who are seeking tax relief related to debts incurred when they signed a joint tax return was an ex-spouse. The new tax law increases the chance that the Internal Revenue Service will hold that the ex-spouse is not liable for the sins of the other. Clients who are seeking this type of relief would benefit greatly from an attorneys assistance in correctly documen... CONTINUE READING

NY Tax Lawyer- IRS First-Time Abatement

February 15, 2014 | Tax Issues

IRS First-Time Abatement The IRS First-Time Abatement Policy can be a very useful tool to lower an outstanding tax bill. It is most helpful when someone made a one-time mistake (late filing of return, late payment of tax, etc.) and the IRS penalized the taxpayer for this lateness. If you have filed all of your tax returns, and have made arrangements (such as an installment agreement) to pay whatever tax is owed, you can ask the IRS to abate the pe... CONTINUE READING

IRS Tax Help

January 26, 2014 | Tax Help

IRS Tax Help Many New York City and New York State Capital District residents know that tax season is right around the corner and it is not on top of their wish list of pleasurable activities. After all, the filing of income tax returns is a time consuming process, and the complex tax laws are sometimes confusing. For most of us, we wished there was a simpler way. While the process can be painful, it does not compare to the hardship you will poten... CONTINUE READING

Amending Same Sex Couple’s Tax Returns

January 11, 2014 | Tax Issues

Amending Same Sex Couple's Tax Returns In 2011 we represented a client who had unfiled tax returns, and we created for him a tax payment plan. The client was a spouse in a same sex marriage. We prepared and filed the income federal income tax returns as single for the Internal Revenue Service,... CONTINUE READING

FBAR IRS – Foreign Bank Records

December 22, 2013 | FBAR

FBAR IRS - Foreign Bank Records Recently the Court of Appeals for the Fourth Circuit affirmed a lower district court, and ruled that two US taxpayers are required to supply foreign account bank statements under a FBAR IRS subpoena. This ruling is consistent with other Courts around the country who have held that one can not invoke your fifth amendment rights to avoid producing the documents... CONTINUE READING

Help Back Taxes

December 15, 2013 | Late Filed Returns

Help Back Taxes Help back Taxes That is a common call for help that we hear as New York Tax Attorneys & CPA's. In most cases the problem is compounded with a threat of an income tax levy by the IRS, or an income execution by New York State. In some cases once the tax returns are prepared no taxes are owed, but in most cases taxes are owed a... CONTINUE READING

IRS Debt Relief Program

December 6, 2013 | Tax Debt

IRS Debt Relief Program The ability to qualify for a IRS debt relief program is contingent upon meeting certain criteria set by the tax law and IRS administrative tax rules. The two types of IRS debt relief programs are a 1) part pay installment agreement, and the second is an Offer in Compromise. Both of these programs require that all unfiled tax returns have been filed, and that you are current with the current period tax liabilities. The first... CONTINUE READING

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

When Does the IRS Come for Back Taxes?

How Long Until the IRS Comes After You for Back Taxes? Navigating federal back taxes can be daunting, to say the least. If you’ve got unpaid or unfiled taxes to deal with, it’s natural to feel some stress about the possible repercussions. The first step forward is understanding how lon...