Filed back taxes 2yrs ago and would like to pay the back taxes over the next 8 years if possible
I agree with the other attorneys. You would definitely benefit from a free consultation with a tax attorney. Just stay away from the companies you see advertised on tv. A good tax attorney will be able to tell you if they can help lower the monthly amount or if you are eligible for an Offer in Compromise (unlike the claims you see on tv most taxpayers do not qualify for an Offer).
Keep in mind that if you were audited you may need to amend your NYS tax return as well. Again this is something that a tax attorney can give you advise about.See question
Owe back federal taxes between $17-19k. In payment plan, current. All taxes are from 2010-2013. IRS has raised payment plan 340% without much notice. Need to negotiate lower settlement, have had no luck on my own.
Be very wary of the tax dispute resolution companies you see on TV. I estimate a quarter of my clients have used one of those companies and then hired me because they never achieved a resolution with the prior company. Most of us offer a free consultation. You want to find someone who will be very honest with you about what they can and cannot do. I always tell potential clients whether or not I believe I can do better then they can do on their own and any potential complications that may arise. Compared to many taxpayers you owe a relatively small amount which opens up some other options for you that people that owe greater sums do not have available to them. If you would like some guidance please feel free to contact me. I never mind answering a few questions.See question
My husband worked for a little over a year with an employer. When we received his W-2, we noticed that no federal taxes were listed as taken out for the year. After he called, the HR manager told him that he chose exempt with three dependents. Thi...
I agree with the other attorneys. There are two other things I would add to their thoughts. If you cannot get the employer to pay the penalties and interest, you can request a first time penalty abatement from the IRS. If you have never had a tax problem and the liability was not the result of an audit then the IRS usually will grant the penalty abatement. You just need to call and request it.
If you cannot afford to pay the taxes due in full then you may be able to request a streamlined installment agreement (your liability must be less than 50K). To determine if this is an appropriate collection alternative you take the amount due and divide it by 72 months and the result is what you would need to pay monthly for the next 6 years.
If you cannot afford to pay the liability within 6 years then you will need to submit a financial statement. If that is the case then it may be best to speak with a tax attorney.See question
My tax preparer (CPA) has been doing my tax returns for 10 yrs. He has a Tax/Fed ID & I pay for his svcs. I was laid off in 2011 & haven't found a job since then. I received a letter from NYS stating that I owe $1950 plus $440 interest for TY 2011...
I agree with Attorney Moore. Try asking your CPA to pay the penalties and interest. He may have insurance that covers any mistake on his part. Since you have been a long time customer, he may pay it to keep your business.
As for the balance due NYS, they may accept an Offer in Compromise if you submit one. It is impossible for me to tell without doing a financial analysis but if you are unemployed and do not have any assets, you may be eligible for an Offer in Compromise. I have added the link to the NYS Department of Taxation and Finance page that discusses Offers.
Good Luck!See question
the kids have insurance but mom don't.
I always recommend filing a tax return even if you are not legally required to file. If you are asking because you would like to get insurance under the Affordable Care Act, it may not help.See question
I have been a single mom cleaning a few houses for several years, so I can be home with my son when he gets home from school, I dont make alot of money just enough to get by. I have been renting for many years, and found out I am eligable for a US...
No. Self employed people are required to report their income on their tax return. In your case it would likely have been reported on a Schedule C. W-2's are given to people who earn wages from an employer. I recommend that you speak with a tax attorney and not post anything further on a public forum.See question
hi , i need some suggestions on home loan . i am self employed as construction worker. i would like to know how to get home loan approval. i know self employed people pay taxes on their net income, my question is if my gross income was 20,000 doll...
The bank will look at the 16K number as that is your actual reported income.See question
My fiance has some debt and im not looking to have to have anyone taking my money. He plans on paying it off but I dont want to wait until he does to get married.
I agree with all of the answers you have been given and want to add that the best way to protect yourself is to have your fiance resolve any tax liabilities he may have. It may be beneficial for him to do this prior to your marriage. He should speak with a tax attorney and discuss his options. If he does not then you will have to worry about the IRS taking your refund if you file together, levying any joint bank accounts, or moving to foreclose on any jointly held property. While the IRS cannot take your portion of any real estate you may own jointly, you can still lose the property and the IRS will likely only get quick sale value so you would end up losing more than your share in the end.
Most of us offer a free consultation so he has nothing to lose by contacting an attorney. Just stay away from the places you see advertised on tv.See question
Jointly my spouse I am not on speaking terms with had been incarcerated.I will be making a huge effort to pay the debt, but I hadn't gotten any notices prior to this Levy.I haven't filed for divorce yet but will request compensation back in the di...
I agree with the other attorneys. You mentioned that you were unemployed so I also wanted to add that you should contact a low income taxpayer clinic in your area to see if they can assist you pro bono to resolve your tax liability. You may be eligible for Currently Not Collectible status, an Offer in Compromise, or some other collection alternative.
I have included a link below to the clinic's in your area. Good luck.See question
I know I'm ultimately responsible but didn't really examine what she did. Have to set up a meeting to go meet with the auditor. Should she go with me or should I get an attorney. Don't have records to justify what she claimed
You need to hire a tax attorney as soon as possible. I recently had a client with the same issue. I was able to help them come up with some expenses that their accountant had missed. I also was able to convince the auditor to assess an accuracy related penalty and not a fraud penalty, more than saving them the cost of my representation. Sometimes hiring an attorney will actually save you money.See question