The government requires everyone to pay taxes with very few exceptions. Your decision to ignore tax requirements can result in serious legal trouble that can impact your life for a number of years. When you understand the difference between tax avoidance and tax...
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Federal And State Tax Collections
What can the IRS do if you fail to pay?
Owing the IRS money may impact your life in more than one way. If you try and avoid the collection process, you may find yourself with higher hurdles to clear. The IRS has set up programs to help qualified taxpayers who need help paying get the time and plan to do so....
Tax evasion and cryptocurrency
Smart business owners do their best to avoid taxes. The IRS considers this perfectly legal, according to their worksheet. However, tax evasion is illegal, which the IRS defines as the failure to pay taxes you owe. Sometimes the difference between tax avoidance and...
What’s needed to qualify for an IRS installment agreement plan?
Many think of the Internal Revenue Service as the government’s inflexible tax collections unit. However, excepting those who engage in criminal fraud, the IRS is generally reasonably open to finding different strategies for taxpayers to meet their obligations. It...
How can I deal with a federal tax lien?
The federal government may take different measures to collect unpaid taxes from you. You may find one day that the IRS has put a federal lien on your business and/or other property you own. Since a lien can impact your ability to acquire financing and negatively...
How long does the IRS have to audit me?
If you are not aware, you should always keep the six most recent years of your tax return paperwork and receipts. The reason is not arbitrary. Standard three years The federal statute of limitations for an IRS audit is three years from the April 15 due date of the...
What is an excise tax and when may a business need to collect it?
The Internal Revenue Service defines an excise tax as one levied on “specific goods or services.” According to IRS.gov, consumers pay federal excise taxes for goods such as fuel, tires, tobacco and heavy trucks. Services that incur excise taxes under the federal tax...
How do my gambling winnings affect my taxes?
Gambling is a common pastime – increasingly so during the pandemic. If you’re getting ready to file your taxes for the year, you may be wondering how your winnings (or losses) at the slot machine will affect your bottom line. In this post, we break down the basic tax...
How long should I save my tax records?
Tax documents and digital records can accumulate to a nigh-unmanageable degree over the years. It comes as no surprise that individuals might wonder how long they should keep their tax records. Those with particularly complex tax situations could find it hard to...
When may I need to collect tax from online sales in New York?
If you operate a website offering goods for sale online, you may need to collect sales tax from your customers. Online sellers shipping goods to New York State may register as a sales tax vendor with the Department of Taxation and Finance. According to tax.ny.gov,...