If you don’t pay your taxes on time, you will owe back taxes. Back taxes can be a real drain on your finances, especially if you missed paying them on time because you were struggling financially. This leads to further stress and penalties, which can create even more debt. What you need is a plan to pay the IRS in installments you can afford so that you can catch up. This plan is called an installment agreement. Some installment agreements are short term and some are more long term, but all of them include penalties and interest payments, which means an installment agreement is not the best choice for everyone.
Additionally, not everyone is eligible for an installment agreement with the IRS or New York State, and you need to fill out an application in order to get started. This application must be accurately filled out and would benefit from the assistance of a professional. A professional tax attorney can also help you determine if installment agreements are right for you or if there is another solution to your tax debt. If you need an installment agreement attorney in Rockville Centre, NY, look no further than Wynne Law. We can help you resolve your New York State tax debt in a way that works best for your unique situation.
Offers in Compromise
Do you owe back taxes? If you are unable to pay the full amount of your tax debt but don’t want to accrue interest by paying in installments, you may want to consider an Offer in Compromise (OIC). An Offer in Compromise allows you to pay only part of your tax debt due to financial hardship or another eligible reason.
If you are considering an Offer in Compromise in Rockville Centre, NY, Wynne Law can help! We understand all the particulars of what the IRS and New York State is looking for in an OIC in order to give you a high chance of a successful outcome. We work hard to relieve our clients of tax burdens and always make sure to advise the best course of action for each client’s unique circumstances.
Currently Not Collectible
If you are unable to pay anything toward your tax debt without sacrificing basic needs like food, utilities, and rent, you may be eligible to obtain a Currently Not Collectible (CNC) status from the IRS. With CNC status, you will not be contacted by the IRS to collect taxes, nor will they levy your funds, though you will still accrue interest. Though this situation is not ideal, it is a form of protection to give you some breathing room as you get your finances in order while still being able to afford the basics. At Wynne Law, we help taxpayers in Rockville Centre, NY apply for CNC status and understand the benefits it provides.
Trust Fund Taxes
Trust fund taxes refer to the taxes you withhold from an employee’s paycheck in order to pay income tax, Medicare tax, and social security tax to the United States Treasury. They also include sales taxes that you collect on retail sales. They are called trust fund taxes because you are trusted with this money until you send it to the Treasury. If you don’t send these taxes in on time, you will receive penalties.
The different tax requirements and documentation can be confusing and complex, and the business owners of Rockville Centre, NY need to be aware of the tax requirements laid out by the IRS. New York State has specific tax guidelines for businesses that can be overwhelming and complicated, and it can be easy to make a mistake. Unfortunately, mistakes in your taxes can lead to fines and penalties, as well as a dispute with the IRS or New York State. Additionally, a mistake may not be discovered until your business is audited, a process that can happen through random selection or if your tax return is flagged as having an error. That could mean that years of mistakes might be discovered and will become more complicated to untangle. That’s why it’s imperative that all businesses stay on top of the New York State tax guidelines each year.
Additionally, we can help you if you do face a civil penalty for failing to file taxes properly or on time.
Appeals For Rockville Centre Business Owners
Has the IRS denied a request you made or issued some other decision, like a Federal Tax Lien, that you do not agree with? Thankfully, you can file an appeal against an IRS decision. If you file your appeal with the Independent Office of Appeals, the appeal is generally informal, but you do have to make sure to file it by the date noted by the IRS. After the appeals process, the appeals officer will send an official Notice of Determination. If you intend to file a petition with the United States Tax Court, you have 30 days from the Notice of Determination or 90 days from a Notice of Deficiency. This process is more formal, involving a trial in front of a Federal Judge in the location that has jurisdiction over the town where your home is located.
If your dispute is with New York State, you would follow the New York State protocol, which gives taxpayers two avenues for appeal. You can either request an informal Conciliation Conference or file directly with the Division of Tax Appeals. Either way, having the help of a professional tax attorney can be crucial to getting the outcome you hope for. At Wynne Law, we help Rockville Centre taxpayers file appeals and reach successful outcomes.
As a busy business owner, it can be easy to forget to file your taxes or to file them improperly. This can eventually lead to severe penalties and potentially even criminal charges. There is a way to clear your name with New York State, however. You can file a voluntary disclosure, which declares that you know you owe back taxes, you pay off the entire amount you owe, and you promise to continue paying your taxes on time in the future. In return, NYS forgives your infraction and you avoid penalties.
If you are a business owner in Rockville Centre, NY who owes back taxes and would like to participate in the Voluntary Disclosure and Compliance program, you need a professional tax attorney who is experienced in this area and familiar with state and federal tax codes. At Wynne Law, we have helped countless taxpayers resolve their tax issues with New York State, including successfully getting penalties forgiven through voluntary disclosure.
Rockville Centre, NY is based on the south shore of Nassau County on Long Island NY. It has a robust business sector attracting people from all over the metro NY region.
Busy restaurants and offices of medical professionals line the main streets of the town. Located about 35 minutes outside of New York City, Rockville Centre, NY also has booming residential sections of young professionals and families who like to take advantage of the vibrant nightlife and convenient amenities of the area. Within Rockville Centre, you can find institutions such as Molloy College and Mercy Medical Center, as well as many small and medium-sized businesses. The Long Island Rail Road sits right in the heart of the business district for a convenient commute to Manhattan and other desirable destinations.
Dedicated to Resolving Your Tax Controversies in
Rockville Centre, NY
Call me at (516) 217-6164 or contact me online to get started with a free consultation.
"*" indicates required fields