12 May, 2025 | Tax Audits Unfiled Tax returns
What Happens If You Don’t File Taxes? Look at the Risks and Consequences of Not Filing Tax Returns. Not filing your taxes can have significant consequences, even if you don’t think you owe a balance to the IRS. Failure to file can cause you to lose tax refunds or subject you to harsh penalties and collection actions. To help you un... CONTINUE READING
8 March, 2025 | Tax Audits
Summary 1. Failing an IRS audit means you cannot provide enough documentation to support the claims on your tax return. 2. There are three potential outcomes of an audit: no change, you agree with the IRS’s proposed changes, or you disagree with the changes. 3. Penalties related to failed audits include accuracy-related penalties, failure to file or pay penalties, erroneous claim for refund or credit penalties, and civil fraud penalties. 4. Other implicatio... CONTINUE READING
9 June, 2024 | Sales Tax Tax Audits
Restaurant Sales Tax New York State — Rules and Failed Compliance Complex tax rules govern when, how, and for which products New York restaurants and bars can collect sales tax. It is crucial that restaurant owners understand these intricate requirements and their own obligations before going into business. Mistakes can lead to heavy penalties. Learn more about sales tax on food in New York... CONTINUE READING
9 June, 2024 | Tax Audits
What Is the IRS Information Document Request (IDR) Form 4564? If you’re going through a tax audit, you have a lot on your plate, not to mention stress about what the final outcome will be. Audits happen for a variety of reasons for both businesses and individuals, and some may seem random. The goal is for audits to get resolved as fast and as easily as possible. You’ll need to become familiar with IRS Form 4564 if you... CONTINUE READING
8 April, 2024 | FBAR Tax Audits Tax Compliance
FBAR Penalties: What to Expect If You Don't Report Foreign Bank Accounts Nothing’s quite as alarming as finding out you’re in violation of a law that you didn’t know existed. If you have foreign bank or financial accounts, you may be required to file an FBAR every year. Failing to do so could mean paying tens of thousands of dollars in penalties. However, you do have options. Depending on your circumstances, how far behind you are in your filings, and whether or not you paid a... CONTINUE READING
2 July, 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
18 November, 2022 | Tax Audits
An Internal Revenue Service (IRS) tax audit is a review or examination of a taxpayer’s financial information and accounts to check if the reported information is correct as per the tax laws and regulations. It is processed by the IRS officers appointed by the government. In the IRS tax audit help, the IRS officers check and analyze every single detail of the financial information of taxpayers to find out if there is any incorrect informatio... CONTINUE READING
1 August, 2022 | Tax Audits
Usually, the most panicked and upset clients call me and when they have not filed their tax returns in many years, and are extremely worried that by this inaction they will be arrested, or worse thrown in prison. Evading tax is a crime, but usually not failing to file a tax return. Therefore, criminal issues- unfiled tax returns is not a common occurrence. Occasionally, clients are audited for non-tax problems ( for example workman’s payment insurance, highway permits) by the IRS or State o... CONTINUE READING
25 May, 2021 | Tax Audits
When Should You Approach a NYS Tax Attorney? The Internal Revenue Service's, the New York State Tax Department and the NYC Department of Finance tax systems are very complicated and large, especially for those taxpayers who are filing their tax returns for the first time or who don't have enough knowledge, understanding, and experience in dealing with the IRS, NYS Tax Department or NYC Finance Department with tax matters when they have a tax problem. These are all very large organizati... CONTINUE READING
9 January, 2021 | Tax Audits
It is certain, as an owner of a company or business, at some point of time you will be selected for a sales tax audit by the taxation department. You will get an official mail from the taxation department about your sales tax audit. You will get comprehensive details of your audit in the mail, and you will be obliged to follow all the instructions explained in the mail. Background Whether your business is a startup or has been around for years, you can be selected for... CONTINUE READING
New York Tax Evasion Attorney for Federal IRS Charges If your tax account gets referred to the IRS Criminal Investigation (CI) Unit, then you’re in a precarious position. Statistics from 2023 showed that the IRS’s CI team investigated around 2,676 cases and obtained an as...
