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    Category: Tax Compliance

    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

    What Happens If You Can’t Afford to Pay Taxes?

    8 September, 2022 | Tax Compliance

    The goal of IRS and state tax agencies is to get the tax money that is owed to them. Toward this end, they offer programs to make it easier for people who can’t afford to pay their taxes in a single lump sum to be able to pay what they owe. If this describes your situation, you may qualify for such a program that will allow you to pay your full tax debt off over time or to pay less than you owe in taxes. Keep in mind, though, that even if you don’t have the money to pay your ta... CONTINUE READING

    Can You Go to Jail for Not Paying Taxes?

    4 May, 2022 | Tax Compliance Tax Debt Tax Fraud Tax Penalties

    The short answer to the question of whether you can go to jail for not paying taxes is “yes.” Whether a person would actually go to jail for not paying their taxes depends upon all the details of their individual tax circumstances. Sometimes people make errors on their tax returns or are negligent in filing, but they are not intentionally trying to avoid paying taxes. It is a long-standing policy of the Internal Revenue Service (IRS) not to pursue prosecution of individuals who fai... CONTINUE READING

    Form 1040X: The Amended Tax Return

    6 June, 2013 | Tax Compliance

    Form 1040X: The Amended Tax Return Having your tax lawyer revising your Form 1040, U.S. Individual Income Tax Return, is done if information reported on the form is incorrect and changes the tax calculation.  Filing an amended return is the correct action to take if your original return is incorrect in the amount of income, filing status, number of dependents, deductions, or credits.  Taxpayers should also file an amended return to remove deductions and... CONTINUE READING

    Itemizing vs. Standard Deduction

    1 April, 2013 | Tax Compliance

    Itemizing vs. Standard Deduction Each tax season taxpayers have to choose to between standard and itemized deductions. It is smart to compare the two methods, and pick the one that gives you the largest tax benefit. The following are some tax tips to help you choose. Know what the standard deduction is. If you choose not to itemize, you will automatically be given the standard deduction. The standard deduction amount is determined by your filing s... CONTINUE READING

    The Internal Revenue Service Disallows Child Tax Credits

    14 March, 2013 | Tax Compliance

    The Internal Revenue Service Disallows Child Tax Credits The Internal Revenue Services is strict when it reviews child tax credits.  The tax law allows a deduction for each dependent the taxpayer is supporting.  A dependent is defined as a qualifying child or qualifying relative under Section 152 (a). Section 152 sets strict standards as to who can be claimed as a qualifying child or qualifying relative. One of the requirements to be a qualifyin... CONTINUE READING

    New York State Filing Tips

    8 March, 2013 | Tax Compliance

    New York State Filing Tips According to the New York State Department of Taxation and Finance, taxpayers tend to make several common mistakes every year.  The following list is a way for you to double check so you can hopefully avoid simple filing errors with this tax help.   Always file.  Avoid the penalties and interest that occur when you file late.  Taxpayers who believe that they cannot file a return by the 15th... CONTINUE READING

    Mileage Logs: Keeping records is not enough to guarantee tax deductions

    21 January, 2013 | Tax Compliance

    Mileage Logs: Keeping records is not enough to guarantee tax deductions Every year the Internal Revenue Service issues optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.  Starting on January 1, 2013, the stand mileage rates for the use of an automobile are: 56.5 cents per mile for business miles driven 24 cents per mile driven fo... CONTINUE READING

    What Does IRS Notice CP501 Mean & What to Do?

    CP501 is one of the first notices that you will receive if you owe taxes to the IRS. Usually, the agency sends out CP501 notices to taxpayers whose accounts are in the automated collection system (ACS)....