Category: Tax Debt

Letter 725-B Means the IRS Wants to Meet With You

7 November, 2023 | Tax Debt

Letter 725-B: The IRS Wants to Meet With You When it comes to taxes, one of the few things that is worse than getting an unexpected letter is getting an unexpected visit from the IRS at your home or place of business. If you're not prepared, a surprise visit from someone you like can be unsettling. Now, imagine a visit from an IRS employee who wants to review your financial records and c... CONTINUE READING

What to Do After Receiving an IRS CP523 Notice

7 November, 2023 | Payment Plans Tax Debt

Taxpayers’ Guide to the IRS CP523 Notice How to Deal With a Terminated IRS Installment Agreement Dealing with the Internal Revenue Service is enough to cause even the calmest person to worry, and panic is nearly guaranteed when you receive certified mail from the IRS. This is especially true if you get a CP523 notice. This letter says that the IRS is terminating your installment agreement, and you must pay in full now.   Although this letter may feel threatening, you do... CONTINUE READING

What Happens If You Owe the IRS Over $100,000?

25 July, 2023 | Tax Debt

What to Expect If You Owe the IRS Over $100,000 Owing money to the IRS can be extremely stressful, but the situation is even more stressful when you owe into the six figures. When you owe this level of tax debt, you may be worried that the IRS is going to come after you, and there's a pretty significant possibility of that happening. Even if the IRS doesn't contact you right away, the agency will eventually do everything possible to collect that money. The IRS can take very severe c... CONTINUE READING

What Does IRS Notice CP501 Mean & What to Do?

3 June, 2023 | Tax Debt Tax Help

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). In contrast, other notices, such as the CP14, may come from the ACS or a revenue officer. This notice is a demand for payment. It doesn't threaten any advanced collection... CONTINUE READING

IRS Tax Relief Forms and Instructions

26 April, 2023 | Tax Debt Tax Help

IRS Tax Relief Forms: Resources for Taxpayers The Internal Revenue Service has many different options for people who get behind on their taxes. But to request help, you need to file the right forms. This guide provides an overview of the relief forms you need to file based on the resolution option you want to pursue. Keep in mind that in some cases, you may need to apply for multiple programs. IRS Penalty Abatement If you file or pay late, the IRS will assess penalties on yo... CONTINUE READING

What If You Don’t File Taxes for One to 20 Years?

22 March, 2023 | Tax Debt Unfiled Tax returns

Taxpayers Guide to Unfiled Taxes Based on Different Time Frames The consequences of not filing your taxes vary based on how much you owe and how long it's been since you filed. If you haven't filed taxes for several years and you're worried about what's going to happen, you are not alone. Many people are in the same situation. The good news is that there are ways to catch up on your unfiled returns, and... CONTINUE READING

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

NYS Voluntary Disclosure Program

27 January, 2023 | Tax Debt

When taxpayers do not file their returns, the New York Voluntary Disclosure may help them. If you fail to file, at some point the New York State’s Department of Taxation and Finance will realize that returns are unfiled and back taxes are due.  For this reason, it is important for taxpayers to be proactive and contact a New York tax settlement attorney if they have unfiled returns and owe back taxes to examine whether a New York Voluntary Disclosure program may assist them.  Th... CONTINUE READING

What Happens If You Owe the IRS More Than $10,000?

7 January, 2023 | Tax Debt

A lot of people call our office and say, "I owe 10k in taxes what should I do?" First, it's important to note that you are definitely not alone. A lot of people owe $10,000 or more in back taxes, and the IRS has programs available to help you resolve your tax debt. However, it's also important to note that the IRS takes this level of debt very seriously. You won't go to jail, but you will face other collection actions.... CONTINUE READING

NY State Tax Warrant: What to Expect and How to Resolve

4 December, 2022 | Tax Debt Tax Help

What Is a Tax Warrant in NY? How to Resolve New York Tax Liens The New York Department of Taxation and Finance (NYS DTF) can file a tax warrant against you if you have delinquent income tax, sales tax, or other New York State taxes. This is the first collection action taken by the state, and it creates the legal pathway for the NYS DTF to seize your wages, bank accounts, and property. If New... CONTINUE READING

Comprehensive Guide to New York Sales Tax for Businesses

Business Owner's Guide to New York Sales Tax Sales tax in New York is a consumption-based tax imposed on the retail sale of tangible personal property and certain services. The state requires individuals and businesses to pay sales tax when purchasing taxable goods and services. For...