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Real estate can be a great way to build wealth, but tax problems can take a big bite out of your profits. Many investors run into issues because they don't plan ahead or understand tax rules. New York’s unique tax laws can make things even more complicated. Knowing...
The IRS issues trust fund recovery penalties (TFRPs) to hold individuals personally responsible for unpaid payroll taxes. Employers must withhold income and payroll taxes from employees' wages and remit them to the IRS. If a business fails to do so, the IRS can assess...
Tax problems can be expensive and stressful. New technology can help people follow tax rules and avoid disputes. Tools like artificial intelligence (AI) and cloud computing make it easier to track income, expenses, and payments. More businesses and individuals use...
Misclassifying employees as independent contractors can cause serious tax problems for businesses. In New York, strict rules determine whether a worker is an employee or a contractor. Employers who fail to classify workers correctly risk financial penalties and other...
The IRS has been paying more attention to offshore accounts and foreign income recently, creating challenges for people with money or investments in other countries. It’s important to understand these rules if you have international assets. New reporting requirements...
Taxes can be complicated, especially when dealing with terms like tax levy and tax lien. Both are connected to unpaid taxes, but they serve different purposes and have distinct impacts on your finances. Understanding these differences can help you make informed...
Whistleblowers play an important role in civil tax litigation, especially in cases involving major tax fraud. These people provide key information about tax misconduct that authorities might not have found otherwise. Understanding how whistleblowers affect civil tax...
Self-employed professionals face unique tax challenges that can easily lead to disputes. By understanding common tax controversies, individuals can avoid pitfalls and reduce the likelihood of an audit or other issues. Deducting business expenses One common issue for...
An Offer in Compromise (OIC) presents a viable option for qualifying taxpayers who face significant debt, allowing them to negotiate a settlement of their tax liabilities for less than the full amount owed. The purpose of the OIC is for the taxpayer and Internal...
Tax liability is a serious concern for individuals and businesses. It is even more so when dealing with complex tax issues. Understanding how long you may be liable for taxes is crucial for managing your financial obligations and avoiding potential legal trouble. The...