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...
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Year: 2020
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...
Missed due date could leave taxpayers facing collections
A mix-up with information or even forgetfulness can be a serious problem when dealing with the IRS. Some New York residents may think that they have everything in order only to realize later -- maybe due to a notice from the IRS -- that they did not handle a...
Filing taxes ahead of time could help avoid errors, collections
For some New York residents, it can sometimes seem like tax season drags on. This year, that feeling is more of a reality because the tax filing deadline was extended. However, that deadline is coming up soon, and taxpayers will certainly want to ensure that they have...
Accusations of tax fraud do not mean a person is guilty
Filing taxes is complicated for most people. Though professionals are available to help, utilizing chain services does not always guarantee that mistakes will be avoided. In serious cases, some New York residents could face accusations of tax fraud if the Internal...
Various options could help taxpayers facing collections
Having debt, especially debt associated with unpaid taxes, can cause a considerable burden on any New York resident's life. Back taxes can lead to notice letters, wage garnishment and other efforts from the IRS to collect on the debt. These actions can lead to a...