The IRS has adopted a relatively new method of forcing delinquent taxpayers to settle their debts. If you owe more than $53,000 in back taxes, you may be prohibited from renewing your passport or applying for a new passport.When will the IRS move to restrict your...
Large Firm Skills
With Small Firm Service
Month: July 2020
Unemployment benefits are taxable income
Are you one of the millions of Americans who has been collecting unemployment benefits? If so, you should keep in mind that these benefits are considered to be taxable income. Understanding this fact now can help you avoid an unpleasant surprise in 2021.Steps you can...
Unfiled tax returns could lead to fees, penalties and collections
Dealing with taxes is something that many New York residents would rather avoid. Of course, if taxpayers do not file their returns or do not file them on time, they could face serious repercussions, typically in the form of monetary fines and penalties. In the event...
An offer in compromise can help resolve unpaid taxes
When you owe the IRS a significant amount of unpaid taxes, your situation can feel hopeless. After all, you can’t get blood from a stone, and you can’t get money from a depleted bank account. The good news is you may be able to resolve issues involving unpaid taxes...
Not reporting income, significant credits could trigger an audit
Most New York residents want to avoid dealing with the IRS more than they absolutely have to. As a result, the majority of taxpayers want to do their best to avoid an audit. While a closer look at a person's tax return could happen for a variety of reasons, knowing a...
Receiving notice of a delinquent tax return
The Internal Revenue Service uses numerous notices to contact taxpayers if the agency believes something is amiss with a taxpayer's return or tax balance. As a result, if New York residents receive a notice from the IRS, they may immediately feel a bit anxious and...
Accusations of a tax-related crime, like fraud, can cause panic
Any type of criminal accusation can have lasting effects on a person's life. If a New York resident is accused of a tax-related crime, the situation can be immensely complicated. Unfortunately, it can be difficult to understand exactly where one went wrong when facing...