Tax Compliance Archives

How Far Back Can the IRS Go for Unfiled Taxes?

12 April, 2026 | Tax Compliance Tax Relief

How Far Back Can the IRS Go for Unfiled Taxes? There is no limit to how far the IRS can go back for unfiled taxes. A lot of people think the IRS can only go back 10 years, but that applies to collections after a return has been filed. If you haven't filed, the agency can go back indefinitely, but luckily, if you want to catch up, the IRS typically only requires the last six years of returns. If you have unfiled returns, you are at risk until you get back into compliance. The IRS can us... CONTINUE READING

New York State Tax Filing Tips

8 January, 2026 | Tax Compliance

Filing a New York State income tax return can seem straightforward until a taxpayer runs into one of the issues that repeatedly cause mistakes: residency questions, New York City or Yonkers tax, part-year residency, missing schedules, incorrect withholding entries, or confusion about whether a federal filing step also takes care of the state return. A good filing process starts with one simple principle: New York State tax filing should be handled deliberately, using the right form, the right... CONTINUE READING

What If You Forget to Report Cryptocurrency on Your Taxes?

12 May, 2025 | Tax Compliance Tax Issues

What if I Didn’t Report Cryptocurrency on My Taxes? Not reporting your cryptocurrency gains or losses will impact you in the same way that not reporting gains or losses from stocks affects you. In other words, if you have losses, you miss out on tax benefits, and if you have gains, you will incur penalties or other consequences due to failure to report income. As of 2025, around one in five US adults is... CONTINUE READING

New York State Tax Penalties for Individuals and Businesses

20 April, 2025 | Tax Compliance Tax Debt Tax Penalties

Understanding New York State Tax Penalties: A Comprehensive Guide If you fall behind on your New York State taxes, file incorrectly, or engage in fraud, the Department of Taxation and Finance (DTF) may add a wide range of penalties to your tax bill. By understanding the penalties you may be charged and learning more about the Department’s expectations for taxpayers, you can stay compliant with all state tax requirements and... CONTINUE READING

Can You Go to Jail for Not Paying Taxes?

13 October, 2024 | Tax Compliance Tax Debt Tax Fraud Tax Penalties

Summary Individuals who intentionally evade taxes can face criminal charges and potentially go to jail. Tax fraud and tax evasion are felonies, with penalties including fines and imprisonment. Nearly two-thirds of people convicted of tax fraud receive prison sentences, averaging 16 months. The IRS Voluntary Disclosure Program allows taxpayers to file back taxes and avoid prosecution if they voluntarily disclose their failure... CONTINUE READING

Willful and Non-Willful Failure to File FBAR Penalties

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

Decoding IRS & NYS Tax Complexity: A Blueprint for Small Business’ Success

4 February, 2024 | Tax Compliance

Introduction: In the intricate landscape of business operations, small business owners face a daunting challenge – navigating the complexities of IRS and NYS tax obligations. It's not merely a puzzle; it's a dynamic challenge that requires constant attention and strategic navigation. The ever-evolving nuances of tax laws, regulations, and compliance requirements create a landscape where the missteps of noncompliance can have profound financial and legal consequences. I... CONTINUE READING

Navigating ERC Repayment, Correcting Errors, and Understanding Consequences: A Comprehensive Guide

12 January, 2024 | ERC Tax Compliance

The Internal Revenue Service (IRS) has recently introduced signiﬁcant measures aimed at addressing potential issues related to the Employee Retention Credit (ERC), a vital pandemic-relief tax credit. This comprehensive guide explores the IRS's new voluntary repayment option, delves into the consequences associated with incorrect ERC claims, and outlines proactive steps businesses can take to rectify errors and ensure compl... CONTINUE READING

Guide to Navigating IRS Voluntary Disclosure & Form 14457

7 November, 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

Recordkeeping for Individual Taxpayers

20 May, 2023 | Tax Compliance

Recordkeeping for Individual Taxpayers Every month I am contacted by a new client who has a tax issue from the 1990's, or early or late 2000's. That makes having a tax records retention policy a very important issue since the tax issue can be very old. You may wonder if it is even possible to have a tax issue going back that far in time. The answer is Yes. I hate to say this since if you did not a tax return, the IRS will not start the statute of limita... CONTINUE READING

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