Taxes don’t go away if you don’t pay them, so if you miss the deadline (or skip paying entirely), you will end up owing back taxes. Back taxes can be a real financial strain, especially if you missed paying your taxes on time because you were struggling financially. They can lead 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.
In order to find out if you’re eligible for an installment agreement with the IRS or New York State, you need to fill out an application. A professional can help you make sure the application is filled out accurately so that you can receive a favorable response. 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 Westbury, 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
If you owe back taxes and are not able 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.
The professionals at Wynne Law can help if you are considering an Offer in Compromise in Westbury, NY. 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 your financial health is such that you are not able 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. The IRS will not contact you to collect taxes when you have CNC status, 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 Westbury, NY apply for CNC status and understand the benefits it provides.
Trust Fund Taxes
As a business owner, you withhold money 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. These 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 business owners of Westbury, NY need to be aware of the tax requirements laid out by the IRS because these requirements, as well as whatever documentation is needed, can be confusing and complex. 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 Westbury Business Owners
Did you know you can file an appeal against an IRS decision if you do not agree with it? The IRS does not have to have the final word on a decision regarding your business. The appeals process is in place so that you have the chance to request a decision be reversed or revised. 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.
The New York State protocol for making appeals gives taxpayers two avenues to do so. 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 Westbury, NY taxpayers file appeals and reach successful outcomes.
With all that goes into running a business, it can be easy for busy business owners to forget to file 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 Westbury, NY business owner who 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.
Westbury, NY is an incorporated village in North Hempstead on Long Island.
With easy access to the Long Island Railroad and less than 20 miles out of Manhattan, Westbury’s residents can benefit from the vibrant business sector in Westbury itself and from all the amenities in New York City. Home to Roosevelt Field Mall and other busy shopping centers along Old Country Road, Westbury is filled with businesses of all sizes. Westbury residents tend to own their homes and enjoy the benefits of living in a suburban neighborhood filled with the convenience of a variety of small and large businesses.
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Call me at (516) 217-6164 or contact me online to get started with a free consultation.
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