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Facing an IRS audit can be a daunting experience for any small business owner. To navigate this process successfully and minimize potential consequences, it is important to be aware of actions to avoid during an IRS business audit. 1. Neglecting recordkeeping...
Starting a new business in New York can be an exciting endeavor, but it also comes with a host of responsibilities, including understanding and managing various tax considerations. Taxes play a crucial role in the financial health of your business, and being...
Understanding your rights as a taxpayer is important. The Taxpayers Bill of Rights establishes the rules and expectations to ensure fair, transparent tax collection. Many taxpayers are unfamiliar with their rights, which can lead to complications and costly mistakes....
Serious tax law matters are often complex, and their resolution tends to involve large private and public bureaucracies. Because of this, certain processes can seem to result in paradoxes or inescapable situations. One example that is frustrating for many taxpayers is...
Even if you have good reason to believe the IRS requires you to pay more than you should, evading your responsibilities can have costly repercussions because it is against the law. Your understanding of why this practice could have consequences may give you the...
When you get a state tax bill, you want to pay it on time to avoid any penalty fees. However, when you do not pay your tax bills on time, New York's Department of Taxation and Finance will contact you before beginning the collection process. Here is what you need to...
Many criminal offenses have a statute of limitations for how long law enforcement can wait before charging a person with a violation. This principle is to ensure that potential convictions come from evidence that has not deteriorated with time. The failure to pay back...
Every month, the state of New York publishes a notice listing people who are delinquent in paying their taxes and have a tax warrant. The list includes anyone with a warrant filed in the previous 12 months. The state files warrants when someone falls behind on paying...
When the IRS believes that you owe money, they will begin the process of collection which can cause many issues for you. Understanding the wide net that the IRS can cast when collecting taxes can make it easier for you to predict how your life will end up impacted by...
The Internal Revenue Service recently unveiled its plans to enhance customer service and increase the number of audits targeting wealthy taxpayers. These new initiatives aim to address longstanding concerns about the agency's ability to provide timely assistance to...