Category: Offer in Compromise

Overcoming NY State Back Taxes: Relief and Consequences

12 March, 2023 | Offer in Compromise Tax Debt Tax Issues Tax Relief

Get Help With New York Tax Problems Relief Options and Consequences of Unpaid Taxes or Unfiled Returns in New York If you get behind on your tax payment or filing obligations in New York, the Department of Taxation and Finance (DTF) may issue tax warrants, garnish your wages, or seize your assets. You will also incur penalties and interest if you don't file or pay your taxes. Being in this situation can be very stressful, but there are many ways to get relief. At The Timot... CONTINUE READING

New York State offer in compromise program

30 October, 2022 | Offer in Compromise

The New York State offer in compromise program allows taxpayers to lower the amount of tax debt they owe the State when they can't afford to pay it all when the taxes are owed. It goes beyond just needing a few months or years to pay, they need long term relief. The program was developed to help insolvent New York taxpayers in need of tax debt relief because paying the full tax debt would create an undue economic hardship. With th... CONTINUE READING

Apply For Offer In Compromise to Settle Your Tax Debts

13 September, 2021 | Offer in Compromise

Apply For Offer In Compromise to Settle Your Tax Debts Tax debts are always an unwanted headache for taxpayers. They are a specific amount of tax that is payable to the Internal Revenue Service. They increase over time with the addition of interest and penalties. If they are not paid as soon as possible, they get double and that hurts more. Tax debts are due to not paying taxes by the deadline. And this happens due to many different reasons such as inability to pay taxes, fa... CONTINUE READING

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

10 May, 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

IRS Notice of Deficiency and Form 5564

What is an IRS Notice of Deficiency? An IRS Notice of Deficiency is an official letter you receive from the IRS if the tax agency determines that you owe them more money after you’ve already filed your yearly income tax return. This claim will happen...