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When Does the IRS Come for Back Taxes?

9 March, 2024 | Late Filed Returns Tax Debt Uncategorized

How Long Until the IRS Comes After You for Back Taxes? Navigating federal back taxes can be daunting, to say the least. If you’ve got unpaid or unfiled taxes to deal with, it’s natural to feel some stress about the possible repercussions. The first step forward is understanding how long it takes for the IRS to initiate collection actions for back taxes. From there you can get a look at the bigger picture of your own situation. As of early 2024, the IRS has recently begun... CONTINUE READING

Comprehensive Guide to New York Sales Tax for Businesses

8 February, 2024 | Sales Tax Uncategorized

Summary This article explains sales tax in New York. It covers how it works, how to file and pay, and the consequences of failing to comply. Businesses selling taxable products or services in New York must register with the Department of Taxation and Finance and collect sales tax from customers. Taxable sales generally include tangible personal property and certain services. Sales tax rates combine the state rate (4%) and local rates, which vary by jurisdiction. Businesses must collect... CONTINUE READING

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Behind on Payroll Taxes? Watch Out for IRS Letter 5857

Summary 1. IRS Letter 5857 is sent to taxpayers who have fallen behind on their employment tax deposits, notifying them of an impending phone call from a Revenue Officer to discuss the issue. 2. The IRS prefers to resolve tax issues early and may offer payment arrangements or ot...