Small business owners frequently multitask to keep their company afloat. This may result in taxes falling through the cracks or taking a back seat. Entrepreneurs and business owners should be aware of common tax controversies. Even the smallest errors could result in...
Tax evasion is a serious crime that can have severe consequences for those who attempt to evade their tax obligations. While the Internal Revenue Service is responsible for collecting taxes, they also have a keen eye for identifying tax fraud. If convicted,...
Starting a new business in New York can be an exciting endeavor, but it also comes with a host of responsibilities, including understanding and managing various tax considerations. Taxes play a crucial role in the financial health of your business, and being...
What happens if you open your mailbox to find a letter from the IRS claiming you owe back taxes? If you believe you have been diligent in your tax responsibilities, you may feel some panic and wonder what you should do. Misunderstandings and clerical errors can occur...
Understanding your rights as a taxpayer is important. The Taxpayers Bill of Rights establishes the rules and expectations to ensure fair, transparent tax collection. Many taxpayers are unfamiliar with their rights, which can lead to complications and costly mistakes....
New York, like every other state, requires residents and businesses to pay state taxes accurately and on time. But what happens if you make unintentional mistakes on your tax return? Is it possible you are unknowingly engaging in tax fraud? Tax fraud involves the...
Serious tax law matters are often complex, and their resolution tends to involve large private and public bureaucracies. Because of this, certain processes can seem to result in paradoxes or inescapable situations. One example that is frustrating for many taxpayers is...
Even if you have good reason to believe the IRS requires you to pay more than you should, evading your responsibilities can have costly repercussions because it is against the law. Your understanding of why this practice could have consequences may give you the...
When you get a state tax bill, you want to pay it on time to avoid any penalty fees. However, when you do not pay your tax bills on time, New York's Department of Taxation and Finance will contact you before beginning the collection process. Here is what you need to...
Most of the time, tax issues are something you can resolve without litigation. However, some situations will require going to court. The matter will go to the United States Tax Court. You must show up once your case is on the schedule for a trial. Not showing up could...