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...
Disputing IRS penalties for underpayment or late payment of taxes in New York requires understanding the process and following specific steps. Taxpayers can take proactive measures to resolve these issues and minimize financial impact. Review penalty notice Carefully...
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...
Tax fraud is a big deal and can get you in big trouble with the law. In the state of New York, understanding the distinction between civil and criminal tax fraud may help you personally to ensure you are in compliance with the law. Civil tax fraud The police may...
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...
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...
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...
In civil tax litigation, expert witnesses play an important role in presenting evidence and providing opinions on complex tax matters. These individuals are professionals with specialized knowledge and experience in accounting, finance or tax law. The importance of...
Receiving an IRS tax collection notice can feel alarming, but the solution may be less stressful than you may think. You should understand the steps you can take to address the situation and resolve any issues. Review the notice carefully First, carefully read the...