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How Audits Are Selected For Return

A common taxpayer question is how the IRS decides which tax returns to audit. The IRS uses several methods to identify returns for audit, but regardless of the process used, there are two important points to keep in mind to reduce your risks. The first one is to avoid careless mistakes on your return

2021-05-11T15:13:13+00:00May 10, 2021|Categories: IRS|

IRS Announces Help for Taxpayers Who Can’t Pay Taxes Due to COVID-19

In November, the IRS announced several tax relief measures to help those struggling to pay their taxes as a consequence of COVID-19. The agency emphasized that it wants to give taxpayers more options in settling their tax debts and avoiding collection actions. If you can’t pay your taxes due to COVID-19, here are some

2021-08-26T21:11:55+00:00December 3, 2020|Categories: IRS|Tags: , , |

Steps You Can Take When You Can’t Pay Your Taxes

As the restaurant industry continues to struggle with the impact of COVID-19, tax bills are presenting yet another problem. Shut-downs, continuing restrictions on capacity, and added costs to protect workers and patrons have left restaurants and owners with little cash to pay income and sales taxes. Fortunately, there are payment options that can help

Are You Struggling to Pay Your Taxes?

COVID-19 has made it more difficult for many individuals and businesses to pay their taxes. While many tax relief measures passed earlier this year have expired, there are still remedies that may help minimize liability and/or delay payment. IRS: Payment Options. If you cannot pay your taxes when due, several payment options are available

2020-12-03T22:58:27+00:00October 12, 2020|Categories: NYS Tax, IRS|Tags: , , , , |

Architects and Engineering Applications for the R&D Tax Credit

Architects & Engineering (A & E) activities is about solving a technical problem related to customer orders, or changes in product application. A & E firms routinely conduct qualifying research under contract with their clients. Neither the contract nor payments received for services under the contract will necessarily disqualify the activity from qualifying for

2020-12-03T22:59:18+00:00September 9, 2020|Categories: IRS|

Can You Get Release of an IRS Levy for Economic Hardship?

The IRS uses many methods to collect back taxes from delinquent taxpayers. Among them is a levy, which is a legal seizure of property to satisfy a tax debt. Just about any type of property can be subject to levy including wages, money in the bank or other financial accounts, vehicles, real estate, and

2020-12-03T22:59:33+00:00August 12, 2020|Categories: IRS|Tags: |

July 15 Tax Deadline Looms: What You Need to Know If You Owe Back Taxes

As a result of the COVID-19 crisis, many federal and New York State tax deadlines were extended. In addition, those who had pending audits or tax collection matters or were paying off back taxes got a temporary break. However, many of these tax relief measures are set to end on July 15, 2020. What

2020-12-03T22:59:58+00:00July 2, 2020|Categories: IRS, NYS Tax, Sales Tax|Tags: , , , , |

Where Can You Find Federal Tax Lien Relief During COVID-19

A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The IRS People First Initiative has suspended many IRS collection actions including liens; however, taxpayers still need to be concerned. Federal tax liens are subject to different rules than other types of

2020-12-03T23:00:36+00:00June 2, 2020|Categories: IRS|Tags: , |

Top 10 COVID-19 Tax Relief Provisions You Need to Know Now

Many individuals and businesses are facing significant financial problems arising from the coronavirus.  The Federal and New York State governments have responded with several changes to provide tax relief. Here are the key provisions taxpayers need to know: Federal Taxes 1. Filing and Paying Taxes. Taxpayers may defer filing and paying their federal taxes

2020-12-03T23:00:48+00:00May 4, 2020|Categories: IRS, NYS Tax, Sales Tax|Tags: , , , , |

Covid-19 Tax Relief Recap for Individuals and Businesses

As the coronavirus spreads, individuals and businesses are increasingly facing financial problems on top of the potential health concerns. In response to this, both the federal and New York State government have provided some tax relief. Here are a few developments: Federal Taxes The Treasury Department and the Internal Revenue Service have announced that

2020-12-03T23:01:00+00:00March 31, 2020|Categories: IRS, NYS Tax, Sales Tax|Tags: , , |
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