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
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
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
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
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
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
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
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
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... CONTINUE READING
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
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...
