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...
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Tax Controversies
What role do whistleblowers play in tax fraud cases?
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...
Tax controversies self-employed professionals should be aware of
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...
Can an offer in compromise be the answer to tax debt problems?
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...
How long are you liable for taxes in New York?
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...
5 most overlooked tax deductions
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...
Steps to take after getting a New York tax audit notice
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...
The impact of unpaid state taxes in New York
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...
What are examples of tax evasion?
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...
Anxious about an IRS audit? Beware of these mistakes
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...