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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...
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...
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...
Filing taxes late is common, and many wonder how far back they can go to submit past returns. While federal guidelines offer some clarity, New York State has its own rules. It is important to understand the laws surrounding the time limits for filing past tax returns....
A federal tax lien is a legal claim against your property when you fail to pay a tax debt. It protects the government’s interest in all your assets, including real estate, personal property, and financial assets. It can be helpful to understand federal tax liens, so...
If you have unpaid taxes, the IRS may impose a tax levy to collect what you owe. Unlike liens, which are claims against your property, levies entail the actual seizure of property to satisfy tax debts. Knowing what property may be subject to these levies is important...
Income and self-employment taxes are levied on individuals who earn money outside of traditional employment settings. Understanding why you might pay both taxes is necessary for anyone navigating the world of independent work. By learning about the various scenarios...