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    Category: Tax Debt

    IRS Debt Relief Program

    6 December, 2013 | Tax Debt

    IRS Debt Relief Program The ability to qualify for a IRS debt relief program is contingent upon meeting certain criteria set by the tax law and IRS administrative tax rules. The two types of IRS debt relief programs are a 1) part pay installment agreement, and the second is an Offer in Compromise. Both of these programs require that all unfiled tax returns have been filed, and that you are current with the current period tax liabilities. The first... CONTINUE READING

    Can you file Bankruptcy on IRS Debt?

    17 November, 2013 | Tax Debt

    Can you file Bankruptcy on IRS Debt? Under the tax law, filing for bankruptcy is one way to reduce or even eliminate your tax liabilities, but often it is not the best solution for our clients. In response to the question can you file bankruptcy on IRS debt? In general, there are two different types of bankruptcy, liquidation or “straight bankruptcy” (Chapter 7) and reorganization (Chapter 11 or Chapter 13). Liquidation or straight bankruptcy will res... CONTINUE READING

    NYS Voluntary Disclosure Program

    21 October, 2013 | Tax Debt

    NYS Voluntary Disclosure Program New York’s Voluntary Disclosure Program is designed to encourage taxpayers who have not filed and paid their taxes to voluntarily file their back tax returns and pay what taxes they owe. This program applies to all taxes administered by the NY State Tax Department including income tax, corporate tax, and sales taxes. It also applies to taxes handled by the NYC Finance Department. The significant advantage to this program... CONTINUE READING

    Defaulting on a IRS or NYS Tax Installment Agreement

    30 September, 2013 | Tax Debt

    Defaulting on a IRS or NYS Tax Installment Agreement Many of our clients that owe the IRS or NYS for unpaid back taxes had us create tax installment agreements which are paid monthly to satisfy the tax debt. The terms of the installment agreement require that the taxpayer stay in compliance by paying all taxes owed on time, and filing all tax returns on time, and not incurring a new unpaid tax liability. As sometimes happens in tough economic time... CONTINUE READING

    Fresh Start Program Helps Taxpayers Who Owe the IRS Back Taxes

    19 April, 2013 | Tax Debt

    Fresh Start Program Helps Taxpayers Who Owe the IRS Back Taxes If you owe back taxes,  the Internal Revenue Service offers a Fresh Start initiative that makes it easier to pay back taxes and avoid tax liens.  This program can benefit small business taxpayers and individual taxpayers and 1) help back taxes, and 2) give some certainty to your tax problem. The Fresh Start program changes best practices in federal tax liens, installment agreements,... CONTINUE READING

    Failure to File and Failure to Pay

    6 March, 2013 | Tax Debt

    Failure to File and Failure to Pay When a taxpayer does not file their returns for their personal income taxes, or if a taxpayer files for an extension but never files, the IRS does not forget about the unfiled returns.  For each year a taxpayer does not file, the IRS may issue a notice of deficiency for each year at issue.  One defense to the Failure to File Penalty in the Tax Code is reasonable cause.  To prove reasonable cause for failure to file ti... CONTINUE READING

    Tax Settlements to Exonerated Prisoners: A Way to Avoid this Tax Problem

    2 January, 2013 | Tax Debt

    Tax Settlements to Exonerated Prisoners: A Way to Avoid this Tax Problem Federal Congressmen introduced a bill on March 22, 2012 that would prohibit the Internal Revenue Service from taxing settlements awarded to anyone wrongfully convicted of a crime and then exonerated later. These wards are typically paid out by the State or City who wrongfully convicted the person. The Wrongful Convictions Tax Relief Act of 2012 would amend the Internal Revenu... CONTINUE READING

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

    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...