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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...
You might be missing out on tax deductions that could save you money. Taking advantage of often-overlooked deductions can lower your taxable income. It's important to understand which deductions you qualify for and how to claim them. Vehicle sales tax Did you know you...
Receiving a tax audit notice from the New York State Department of Taxation and Finance can be unsettling. However, it is crucial to understand that an audit doesn't always imply wrongdoing. Often, it means the department needs more information to verify your tax...
Failing to pay your New York state taxes for multiple years can lead to severe consequences. Understanding these repercussions and paying your taxes can help you avoid financial and legal troubles. Accumulation of penalties and interest One of the immediate...
Tax evasion involves illegally avoiding paying taxes, which can lead to severe consequences. Individuals in New York with complex tax situations should be aware of actions that constitute tax evasion to avoid potential legal issues. Underreporting income...
An audit from the Internal Revenue Service (IRS) can be nerve-wracking even if you have done nothing wrong. While the probability of the IRS looking into your New York business may be small, it is not zero. The IRS usually relies on random selections through...
Dual citizenship can bring about unique challenges when filing federal income tax returns in the United States. This complexity stems from the need for U.S. citizens to report their worldwide income to the Internal Revenue Service, regardless of where they live. Not...
When tax season rolls around, you may want to make sure you get the most out of your tax refund. Fortunately, there are legal strategies you can employ to ensure you are not leaving any money on the table. By understanding some key principles, you can maximize your...
When facing a tax audit, you may feel overwhelmed and uncertain about your rights. It can seem as though the IRS is invading your privacy and searching for an excuse to raise a red flag. It is important to understand how to navigate this situation, especially if you...