Did you file your tax return late or not at all? Are you behind in paying your taxes? Failing to file a tax return or pay on time can result in penalties as well as interest on the amount you owe. Fortunately, you may be able to reduce or avoid IRS penalties. This is
Reprinted with permission by the Nassau County Bar Association. The shelter in place rules imposed by many states, including New York during the coronavirus pandemic, led many to leave their homes. In New York City, residents exchanged their cramped apartments for suburban summer homes in less densely populated areas with more living space and
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
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
Can you get rid of an IRS penalty? There are many reasons why the IRS may assess a penalty against a delinquent taxpayer. However, IRS penalties may be challenged at any stage of the penalty assessment process and be granted in limited cases. This can save taxpayers significant money if they act promptly. Qualifying
The IRS assesses millions of penalties against taxpayers each year in an effort to encourage voluntary compliance with the tax law. Penalties may be based on the failure to pay tax when due, failure to timely file a tax return, substantial inaccuracies in tax filings, or some other noncompliance with the tax law. Occasionally,
