Individuals in New York and elsewhere have tax obligations each year. While some years may be more than others, the reality is that one cannot avoid these financial obligations once it is established that a person owes taxes to the state or federal government. Despite this, some fail to meet these obligations for a wide range of reasons. In some cases, one does not have the finances necessary. In these cases, it is important to consider how this could impact them.
In fact, it is vital to obtain a full picture on how a certain matter could affect an individual, their family and even a their business. A tax opinion is available to help one consider what tax obligations could be involved, and if so, what could occur if they do not pay them. Additionally, a tax opinion considers ways one could offset some of these obligations, reaching a deal or settlement with the IRS.
Penalties are associated with failing to pay taxes, so one must consider what tax litigation might look for them. Each situation is unique, and it could become complex if there are a lot of working parts. However, with both legal and financial experts working on one’s team, it is possible to consider what the odds are that one will win in their matter.
Whether it is a lottery win, a legal settlement or a sale of investments, taxes will apply in these matters. There are ways to address how taxes are applied and how penalties are treated when and if one fails to meet these obligations. Because these penalties can be harsh and hefty, it is important to explore ways tax litigation could help one in these matters.