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Tax evasion is a serious offense with significant consequences. A key element in proving tax evasion is demonstrating “willfulness.” Understanding this term is crucial for anyone accused of such charges. Courts carefully examine the circumstances surrounding a...
Cryptocurrency might seem like uncharted financial territory, but in New York, taxes keep it firmly regulated. New York treats cryptocurrency as property, and whether you’re earning, trading, or mining, the state expects its share. Understanding how these taxes work...
The IRS has been paying more attention to offshore accounts and foreign income recently, creating challenges for people with money or investments in other countries. It’s important to understand these rules if you have international assets. New reporting requirements...
Taxpayers who face specific IRS collection actions can challenge them through the Collection Appeals Program (CAP). This program provides a streamlined process to resolve disputes quickly and fairly. Understanding how CAP works can help taxpayers navigate the system...
The IRS has increased its efforts to find wealthy individuals who don’t file their tax returns. This focus can create challenges for taxpayers in New York and nationwide. Understanding these changes can help people avoid potential issues. Stricter rules for...
New York startups face many challenges as they grow, and tax management often takes a back seat to product development and market expansion. However, paying attention to tax obligations can lead to severe issues that threaten a company's future. Here are effective...
Taxes can be complicated, especially when dealing with terms like tax levy and tax lien. Both are connected to unpaid taxes, but they serve different purposes and have distinct impacts on your finances. Understanding these differences can help you make informed...
Payroll tax fraud accusations can create serious legal troubles for businesses. Missteps, even unintentional ones, can result in penalties and legal action. New York businesses must work to protect themselves against these accusations by following state and federal...
Ignoring unpaid taxes can lead to serious problems. If you haven't paid your New York taxes in many years, taking action now can help you resolve the issue and avoid further consequences. Understand your tax situation Begin by reviewing your financial records. Find...
Tax debt can have significant consequences on a person's financial life. One of the subtler yet devastating effects of tax debt is the reduction of the debtor's credit score. Although the IRS does not report tax debts directly to credit bureaus, tax debt can still...