Audits are stressful experiences especially when it’s likely the taxpayer could owe a significant amount in back taxes and penalties. CPAs must be prepared to advise clients about how to deal with these situations. At the recent Long Island Tax Professionals Symposium, the attorneys from Tenenbaum Law spoke about several recent developments and methods
Do you have a second home? If you have a primary residence outside New York State, but also own or use residential property in New York State, you may be subject to a residency audit. The same is true if you have a home within New York City and another home outside New York
Many taxpayers are unaware of enforcement procedures that can be used against them to collect back taxes. The difference between how New York and the IRS collect on that money may not seem crucial. However, it is important to understand how New York State tax warrants and federal tax liens work in order to
Are restaurants shut down for unpaid taxes more often than other businesses? A recent article in the Albany Times Union looked at the high number of restaurant closings every year for nonpayment of sales or withholding taxes. Why are restaurants seized so often? Constant cash flow issues and low-profit margins characteristic of the industry
This year’s NYU Tax Controversy Forum brought together a distinguished panel to discuss the latest issues involving New York State’s civil tax enforcement. Accountants and attorneys advising clients with tax problems should be aware of some key developments, including the following: Driver’s license suspension. New York State can suspend a New York Driver’s License if the
The IRS and New York State have been progressively expanding their arsenal of tools to collect back taxes from delinquent taxpayers. At the recent BOOM B2B Expo and Executive Speaker Conference, we spoke to business owners about some of the most powerful enforcement techniques used by the federal and state government. IRS collection methods: Passport revocation.
Modern technology has made information sharing agreements by tax agencies easy and cost-effective. Both federal and state governments can seek data from other agencies and no longer have to rely solely on their own resources to uncover information about individuals and businesses. For example, when a taxpayer is audited by the IRS, the IRS
The New York State Department of Taxation and Finance has introduced a new “Quick Pay” app to help people pay their tax debt. More than 2,600 payments, worth $2.5 million, were made in the first four months. The app lets you pay directly from your bank account for free. In order to use Quick Pay,
If you missed the April 18th deadline for filing your New York State tax return, you could face serious penalties. Even if your case is not as egregious as the latest politician to be arrested for tax evasion, nonfilers are subject to monetary penalties and possible criminal charges. However, New York offers a way
Most people know the government can go after taxpayers who owe back taxes. However, few individuals realize that both New York State and the IRS now have the ability to restrict delinquent taxpayers’ ability to travel, whether by suspending their driver’s licenses or by revoking their passports. New York Driver’s License Suspension New York
Many people are surprised to learn that there are circumstances when New York State is permitted to collect a business’s withholding tax and sales tax from responsible persons at the organization. Individuals who are notified that they are being held personally responsible for taxes often try to argue “it wasn’t me” and point fingers
A recent Long Island Business News article focused on New York State’s aggressive enforcement of its driver license suspension program. The program allows the state to suspend a New York State driver’s license if the driver owes $10,000 or more in tax, penalty, and interest and there is no collection resolution in place. A
Join us on August 18th, at LIU Post’s Civil & Criminal Tax Controversy Updates – 2016. The LIU program is an annual event for private and government tax professionals to discuss current events and best practices in federal and New York State cases involving criminal and civil tax penalties and enforcement. We will be
With April 15 just days away, many individual taxpayers are finalizing their 2013 tax returns. An interesting question that comes up from time to time: Must I use the same filing status for my NYS return that I used on my federal return? Yes, with a few limited exceptions. The exceptions apply to married
A Possible Solution For Clients Who Don’t Have Deep Pockets By: The Attorneys of Tenenbaum Law, P.C. Your client telephones your office, frantic because he has just received a Notice of Determination (“Notice”), showing that he is liable for sales tax, interest, and penalties as an officer of his company. There is no question
