You will owe back taxes, If you don’t pay your taxes on time. Back taxes can be a drain on your finances, especially if you have missed paying them on time because you were struggling financially. This leads to further penalties and stress, which can create even more debt. What you need is a solid plan to pay the IRS in installments you can afford so that you have some time to catch up on your payments. This plan is called an installment agreement. Some installment agreements are short term, while some are more long term, but all of them include interest payments and penalties, which means an installment agreement is not always the best choice for everyone.
Additionally, not everyone is eligible for an installment agreement with the IRS or New York State, you must fill out an application in order to get started. This application must be accurately filled out, so it would be beneficial to ask a professional for assistance. A tax attorney can also help you determine if there is another solution to ease your tax debt. If you need an installment agreement attorney in West Hempstead, NY, then look no further than Wynne Law. We can always 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 aren’t able to pay the full amount of your tax debt and you don’t want to accrue interest by paying installments, you should consider an Offer in Compromise (OIC). An Offer in Compromise will allow you to pay only part of your tax debt due to financial hardship or for another eligible reason.
If you are considering an Offer in Compromise in West Hempstead, NY, Wynne Law is always here to help! We understand what the IRS and New York State is looking for in an OIC in order to give you a greater chance of a successful outcome. We will continue to work hard to make sure we advise the best course of action for all of our clients’ unique circumstances and help relieve our clients’ of tax burdens.
Currently Not Collectible
If you are unable to pay anything toward your tax debt without sacrificing basic needs like food, rent, and utilities, 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 is not the ideal situation, it is a form of protection to give you some breathing room and some time to get your finances in order while still being able to afford the basics. At Wynne Law, we will always help taxpayers in West Hempstead, NY apply for CNC status and understand the benefits it provides.
Trust Fund Taxes
Trust fund taxes are the taxes you withhold from an employee’s paycheck 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. These are called trust fund taxes because you are trusted with this money until you send it off to the Treasury. If you do not send these taxes in on time, you will receive penalties.
The documentation and different tax requirements can be complex and confusing, and the business owners of West Hempstead, NY must be aware of the tax requirements laid out by the IRS. New York State has very specific tax guidelines for businesses, that can be complicated and, and it can be fairly easy to make a mistake. Unfortunately, mistakes in your taxes can lead to penalties and fines, as well as a dispute with the IRS or New York State. Additionally, a mistake may not be discovered until your business is audited which can happen through random selection or if your tax return is flagged for having an error. This could mean that years of mistakes might be discovered and will become more complicated to untangle. It is imperative that all businesses stay on top of the New York State tax guidelines each and every year.
Additionally, we can also help you if you do face a civil penalty for failing to file taxes properly or on time.
Appeals For West Hempstead 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? You can file an appeal against an IRS decision. If you file your appeal with the Independent Office of Appeals, the appeal is informal, but you will have to make sure to file it by the date noted by the IRS. After the appeals process, an appeals officer will send an official Notice of Determination. If you intend to file a petition with the United States Tax Court, you will have 30 days from the Notice of Determination or 90 days from a Notice of Deficiency. This process is more formal, because it involves 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 must follow the New York State protocol, which gives taxpayers two different avenues for appeal. You can either request an informal Conciliation Conference or you can file directly with the Division of Tax Appeals. Either way, having the help of a professional tax attorney can be crucial to getting you the outcome you are hoping for. At Wynne Law, we are here to help West Hempstead taxpayers file appeals and reach successful outcomes.
As a busy business owner, it can be fairly easy to forget to file your taxes or to file them improperly. This can lead to severe penalties and potential criminal charges. There is a way to proceed with clearing your name with New York State, however. You can certainly file a voluntary disclosure, which declares that you are aware of the fact that you owe back taxes, and you promise to continue paying your taxes on time in the future. In return, NYS will forgive your infraction and you avoid penalties.
If you are a business owner in West Hempstead, NY who owes back taxes and would benefit from participating in the Voluntary Disclosure and Compliance program, you will need a professional tax attorney who is experienced in this area and familiar with federal and state tax codes. At Wynne Law, we have helped countless taxpayers resolve tax issues with New York State, including successfully getting penalties forgiven through voluntary disclosure.
West Hempstead, NY is a Hamlet and a census-designated place (CDP), located in the town of Hempstead, in Nassau County, New York, United States.
The approximate population in West Hempstead, NY is 19,000 people. West Hempstead, NY’s location on Long Island provides a suburban atmosphere, while still being relatively close to New York City. This NY hamlet offers a great balance between a quieter residential setting and access to many urban amenities. The community has access to many parks and recreational facilities, including Echo Park and Hall’s Pond Park, which provide relaxation and outdoor activities. West Hempstead, NY’s proximity to New York City allows its residents to access the city’s cultural, employment and recreational opportunities. The main focus in West Hempstead, NY is more on providing amenities for its residents rather than being a major business center. You can find local shops, restaurants and services that cater to the needs of the residents in the area.
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West Hempstead, NY
Call me at (516) 217-6164 or contact me online to get started with a free consultation.
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