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IRS 10-Year Collection Limit: Key Rules and Extensions

If you owe back taxes, you’ve likely already heard that the IRS has 10 years to collect what you owe. This general rule is true, but like every part of tax law, it does have some nuance. The 10-year window starts on the assessment date, not the date that you filed the return. Additionally, there […]

How To Fix Unpaid NY Sales Tax Issues

If you fall behind on your New York State sales tax payments, your bill can quickly become a big problem. Sales tax is a trust fund tax, meaning the money isn’t your business’s and should have passed through your account to New York State. Once a balance becomes past due, the New York State (NYS) […]

What to Do If the IRS Tells the State Department to Revoke Your Passport

The IRS will do everything to get you to address your debt, including taking away your passport privileges, even if you’re already abroad. If you owe more than $66,000 as of 2026, your passport is at risk of being denied or revoked by the State Department. That number is tied to inflation and increases annually. […]

Can the IRS or New York State Seize Personal Assets for Business Taxes?

When state and federal taxes go unpaid, business owners often assume that only the business’s finances are at risk. However, there are laws at the state and federal level allowing the government to hold business owners (and other responsible parties) personally liable for unpaid taxes in some situations. This allows the government to seize an […]

IRS Payment Problems: Issues With Refunds, Lost Payments, and Payment Plans

Your IRS payments should go smoothly. But that’s not always the case. Taxpayers routinely find themselves facing issues with payments, endless delays with their refunds, and payment plans defaulting. These small “hiccups” trigger further problems, including mounting interest, harsh penalties, and, in the most serious cases, collections. The IRS processes more than 200 million transactions […]

IRS Letter 11 Survival Guide: Your Step-by-Step Action Plan

What Is IRS Letter 11? IRS Letter 11 (also known as LT11 or “Final Notice of Intent to Levy and Notice of Your Right to a Hearing”) is the IRS’s last warning before they begin seizing your property and assets to collect unpaid taxes. This is not a bill or a request for payment—it is […]

Handling Tax & Creditor Debts After a NY Business Owner’s Death

Navigating the financial and legal aftermath of a business owner’s death is challenging in the best of times. Besides the grief, you’re often left with a messy pile of unfinished business — unpaid taxes, lingering debts, and creditors worried they won’t be paid. To get through it all, you need the right guidance. This article is […]

Exiting or Closing a NY Business with Tax and Creditor Debt

Closing a business isn’t easy, but when you’re also burdened with significant tax and operational debts, you have to navigate a legal and financial maze full of potential pitfalls. The consequences of mishandling the closure can become quite costly. Missteps could lead you, the owner, to become personally liable for your business’s debts, face aggressive […]

New York Offer in Compromise: Qualifications and How to Apply

Falling behind on your New York State taxes is all too easy when you’re struggling with federal taxes, other financial obligations, and the stress that comes with dealing with tax authorities. However, failing to take care of your New York State taxes can lead to tax warrants, loss of income, seized assets, loss of your […]

Can You Settle Payroll Taxes With an Offer in Compromise?

Settling a Payroll Tax Debt Using an Offer in Compromise Payroll tax issues can be particularly problematic due to their complexity and the ease with which they can quickly rise to unmanageable levels. Even a simple mistake could lead to a massive tax debt in just a few months. Luckily, there’s a way to settle […]

IRS Letters 5664 and 5857: Late Payroll Taxes

Revenue Officer Wants to Talk With You About Late Payroll Tax Deposits If the IRS finds a problem with your payroll tax activity, you could receive one of these letters requesting that you talk with a revenue officer: Letter 5664, FTD Alert Field Contact Letter, or Letter 5857, FTD Alert Telephone Contact Letter. The IRS […]

IRS Announces Simplified Installment Agreements for 2025

In the first week of March 2025, the IRS made a very quiet announcement of a “new simplified installment agreement.” I am using quotes because they’re not new. It’s the old standard streamlined agreement the IRS Field Collection force (Revenue Officers) have always had, but with one change. Prior to today, a streamlined installment agreement with a […]

Department of Justice Involvement in Tax Cases

A Comprehensive Guide for Concerned Taxpayers The U.S. Department of Justice (DOJ) sometimes gets involved in tax cases. DOJ involvement usually indicates that you have a serious tax problem that could result in property seizure, massive monetary penalties, and/or criminal charges. The rest of this blog post goes into greater detail about what to expect […]

Owe Over $100K in Taxes? Here’s How to Resolve It Before It’s Too Late

Any amount of tax debt can be stressful and anxiety-inducing, but watching your tax debt hit six figures is particularly frightening. The IRS ramps up its collection efforts and speeds up the collection timeline when your debt reaches this level, and due to penalties and compounding interest, your debt will literally increase daily. No matter […]

Loss of Driving Privileges Due to Unpaid New York Taxes

In New York State, you can lose your driving privileges for unpaid taxes. The law allows the Department of Taxation and Finance (DTF) to alert the Department of Motor Vehicles (DMV) if you owe $10,000 or more in unpaid taxes. Once the DMV is notified, they will revoke your driving privileges within 15 days. You […]

Income of a Tax Lawyer: An Overview

The world of tax law is complex and ever-changing, and the professionals who navigate it play a crucial role in both the corporate and personal finance sectors. Tax lawyers are legal experts who specialize in tax law, providing advice to businesses and individuals on matters related to taxes. As with many legal professions, the salary […]

New York State Capital Gains Tax

Capital gains tax is a hot topic for anyone involved in investment activities, especially when it comes to real estate. If you’re living in New York or considering buying or selling property there, you should be well-versed in the nuances of the New York State capital gains tax. Whether you’re a seasoned investor or just […]

How to Find the Best Tax Attorney in New York

When it comes to navigating the complex world of tax law, especially in a bustling metropolis like New York, the importance of finding a knowledgeable tax attorney cannot be overstated. Whether you’re facing an IRS audit, dealing with state tax issues, or simply need guidance on tax-related matters, the expertise of a New York tax […]

Effective Strategies for Resolving Tax Issues

Navigating the complexities of tax issues can be challenging and stressful. Whether you’re dealing with back taxes, penalties, or an audit, understanding your options for tax relief and resolution is crucial. In this comprehensive guide, we’ll explore effective strategies for tackling tax problems and provide insights into how you can achieve debt relief and peace […]

Finding the Best Tax Lawyer: Free Consultation

When tax season arrives, or if you’re dealing with complicated tax issues, the guidance of a tax lawyer can be invaluable. However, with so many legal experts out there, finding the right one can be daunting. A free consultation with a tax lawyer can serve as a perfect starting point to understand your tax situation […]

How to File Back Taxes

Filing back taxes can be a daunting task, especially if you’re not sure where to begin or how to gather the necessary records. Whether you’ve missed a tax deadline by a month or a few years, it’s crucial to address the situation promptly to minimize penalties and interest. In this article, we will guide you […]

Internal Revenue Service Offer In Compromise

Navigating the complexities of tax debt can be daunting for any taxpayer. When liabilities become overwhelming, the Internal Revenue Service (IRS) Offer in Compromise (OIC) program may present a viable solution. This program allows taxpayers to settle their tax debts for less than the full amount owed, providing much-needed relief for those who qualify. Here’s […]

Finding the Best Long Island Tax Attorney in New York: Your Ultimate Guide

Navigating the complex world of taxes can be a daunting task for both individuals and businesses. That’s where a Long Island tax attorney can be an invaluable asset. With their expertise in tax law and local regulations, they can help you manage your tax-related matters effectively. Here are some key considerations when seeking out a […]

Understanding Installment Agreements: A Comprehensive Guide

When you owe taxes to the IRS, it can be a source of significant stress and uncertainty. Perhaps you’ve filed your tax return and are surprised by the amount you owe, or maybe you’ve received a notice about back taxes due. In such situations, it’s important to understand that the Internal Revenue Service (IRS) offers […]

Navigating NYC Taxes

New York City has several taxes that residents and businesses must pay, including income tax, property tax, sales tax, and business taxes. The city also has additional taxes, such as the hotel occupancy tax and the cigarette tax. These taxes generate significant revenue for the city, which is used to fund essential services, such as […]

When Will The IRS Start Processing Electronic Returns

The Internal Revenue Service (IRS) has a cyclical schedule for processing tax returns, with the start of the tax season typically kicking off when they begin accepting and processing electronic tax returns. As we approach the tax season of 2024, understanding the IRS’s schedule is crucial for taxpayers who are preparing to file their returns. […]

Complete Guide to IRS Tax Forms

Tax season can be a stressful time for many individuals and businesses. With the numerous forms and deadlines to keep track of, it can be overwhelming to navigate the world of taxes. One of the most important aspects of filing taxes is understanding the various IRS tax forms and how to properly fill them out. […]

New York State Tax Rates

New York is known for its bustling city life, iconic landmarks, and diverse culture. But for those who live and work in the state, it’s also important to understand the tax rates and laws that affect their finances. In this article, we’ll dive into the details of New York state tax rates, including the corporate […]

Understanding IRS Income Tax Brackets For 2024

As the year 2024 approaches, it’s important to understand how the IRS income tax brackets will affect your taxes. The IRS (Internal Revenue Service) is responsible for collecting federal income taxes in the United States. These taxes are used to fund government programs and services, such as national defense, education, and healthcare. In this article, […]

Understanding the IRS Fresh Start Program

If you owe back taxes to the IRS, you may feel overwhelmed and unsure of how to handle the situation. Thankfully, a program known as the Fresh Start Program is provided by the IRS to assist individuals facing difficulty in paying their taxes. In this article, we will explain what the IRS Fresh Start Program […]

Finding The Best Tax Attorney in New York

Dealing with tax issues can be a daunting and stressful experience. Whether you are facing an audit, owe back taxes, or need help with tax planning, having a knowledgeable and experienced tax attorney by your side can make all the difference. But with so many tax law firms and local tax lawyers out there, how […]

How to Resolve IRS Tax Liens

If you owe back taxes to the IRS, you may be facing a tax lien. A tax lien is a legal claim against your property, including real estate, personal property, and financial assets, that the IRS can use to collect unpaid taxes. This can have a significant impact on your credit score and make it […]

Complying with the Corporate Transparency Act: A Guide for Businesses

Introduction As of January 1, 2024, the Corporate Transparency Act has brought about changes for businesses in the United States. This legislation mandates that corporations and limited liability companies (LLCs), including single-member LLCs, file an information report with the Financial Crimes Enforcement Network (FinCEN).  In this transformative landscape, businesses need to adapt swiftly to ensure […]

Conducting an IRS Tax Lien Lookup

If you owe taxes to the Internal Revenue Service (IRS), you may be at risk of having a tax lien placed on your property. A tax lien is a legal claim against your property that the IRS can use to secure payment of your tax debt. It can affect your credit score, make it difficult […]

Managing IRS Special Tax Notices

The Internal Revenue Service (IRS) is responsible for collecting taxes and enforcing tax laws in the United States. As a taxpayer, you may receive special tax notices from the IRS regarding offers, installment agreements, or collection appeals. These notices can be confusing and overwhelming, but it’s important to understand how to deal with them in […]

Understanding an IRS Audit Letter

Receiving an IRS audit letter can be a daunting experience for any taxpayer. However, understanding what to expect and how to respond can help ease the stress and ensure a successful outcome. In this article, we will discuss what an IRS audit letter looks like, what to expect during an audit, and how to respond […]

How Far Back Can The IRS Audit?

As a taxpayer, you may have heard countless horror stories circulating about the IRS auditing individuals and businesses for what seems like an eternity. These tales of never-ending audits may have instilled a sense of fear or uncertainty within you, prompting questions such as, “How far back can the IRS truly audit?” It is a […]

Do I Need a Tax Attorney For an IRS Audit? Your Guide to IRS Audit Attorneys

If you have recently been notified by the Internal Revenue Service (IRS) that you are going to be audited, you may find yourself pondering whether or not it is necessary to enlist the services of a tax attorney. While it is not mandatory to have a tax attorney present during an IRS audit, having a […]

IRS Launches New Initiative to Target High-Income Non-filers

Introduction: The Internal Revenue Service (IRS) has announced a new initiative aimed at improving tax compliance by focusing on high-income individuals who have failed to file their federal income tax returns. This move, empowered by the Inflation Reduction Act’s funding, signifies a significant step towards ensuring fairness in the tax system. New Enforcement Effort: The […]

Handling NY State Tax Penalties

If you are a business owner in New York, you know that taxes are a necessary part of doing business. However, what happens when you make a mistake or fall behind on your tax payments? The New York State Department of Taxation and Finance has strict penalties in place for those who do not comply […]

What to Expect and How to Respond To IRS Collection Notices

Receiving a notice from the IRS can bring about feelings of fear and anxiety for many individuals. Getting a notice from the government about tax-related matters can be quite daunting, especially if the communication pertains to collections. Despite the initial shock, it is crucial to remain calm and understand the implications of the notice. By […]

IRS Notices and Effective Responses

Introduction: In the wake of the challenges posed by the COVID-19 pandemic, the Internal Revenue Service (IRS) temporarily suspended certain activities, including the issuance of notices. However, as of September 2023, the IRS is set to resume sending out a series of notices to taxpayers. Understanding these notices is crucial for individuals and businesses alike, […]

Tax Relief Strategies for Individuals and Businesses

The tax season can often be a source of stress and anxiety for many individuals and businesses. This is primarily due to the financial strain that may result from having to pay money to the government. Moreover, for those who are already facing debt, the prospect of owing even more money can further contribute to […]

The Role of Tax Attorneys in Tax Dispute Resolution

Tax disputes can be a daunting and complex process for individuals and businesses alike. With constantly changing tax laws and regulations, it can be difficult to navigate the legal system on your own. This is where tax lawyers play their role. These specialized tax lawyers play a crucial role in tax dispute resolution, providing expert […]

Essential Knowledge on IRS and State Tax Liens Removal

If you owe back taxes to the IRS or your state, you may be at risk of having state tax liens placed on your property. A tax lien is a legal claim against your property that serves as security for the payment of your tax debt. It can affect your credit score, make it difficult […]

Common Mistakes to Avoid in Tax Filing

Tax season can be a stressful time for many individuals and businesses. With the pressure to file on time and accurately, it’s easy to make mistakes that can lead to penalties or missed deductions. In this article, we’ll discuss some of the most common mistakes to avoid in tax filing to ensure a smooth and […]

Navigating Tax Season: A Comprehensive Guide to Avoiding Phishing Scams

Introduction As the calendar flips to the beginning of tax season, marked by the Internal Revenue Service (IRS) starting to accept and process 2023 federal income tax returns on January 29, individuals and tax professionals brace for the influx of phishing scams. With over 146 million individual tax returns expected to be filed, the period […]

Tax Compliance Considerations for Small Businesses in 2024

Taxing can be daunting and confusing for a small business owner. With constantly changing tax laws and regulations, it can be overwhelming to keep up with all the necessary information. However, staying informed and understanding the tax considerations for small business owners can save you time, money, and potential legal issues. Tax compliance is crucial […]

The Impact of Student Loans on Tax Liability

Student loans are a reality for many Americans, with the average student loan debt for a college graduate reaching over $30,000. While student loans can help individuals achieve their educational goals, they can also have a significant impact on their tax liability. In this article, we’ll explore the various ways in which student loans can […]

What Happens After You Submit an Offer in Compromise

If you owe back taxes to the IRS, you may have heard about the option of submitting an Offer in Compromise (OIC). This is a program that allows taxpayers to settle their tax debt for less than the full amount owed. However, the process of submitting an OIC can be complex and confusing. In this […]

Tax Relief for Small Businesses: A Comprehensive Guide

In the world of small businesses, understanding how taxes work is crucial. It’s not just about paying taxes; it’s about knowing how to use tax breaks to help your business financially. This knowledge can make a difference in how well your small business does. To navigate through the complexities of taxes, you need to be […]

NY State Income Tax: Understanding Tax Returns

NY State Income Tax: Understanding Tax Returns New York State’s income tax system can be intricate. It’s crucial for residents to grasp the essentials to ensure compliance and avoid unnecessary stress. This segment delves into what you need to know about filing your tax returns in the Empire State. The Role of a Tax Attorney […]

The Role of Professional Tax Attorneys in IRS Audits

Navigating tax regulations requires the expertise of professional tax attorneys, whose invaluable knowledge can make a significant difference in managing complex tax situations. Recognizing the pivotal role played by these legal experts can turn an overwhelming audit into a more manageable process. In the realm of tax-related matters, tax professionals, including tax preparers, are essential […]

Tax Relief vs. Tax Deductions: Understanding the Essentials

When it comes to income tax, it’s important to grasp the differences between tax relief and tax deductions. Tax relief generally refers to measures that reduce the overall tax burden, providing financial assistance to individuals and businesses. On the other hand, tax deductions include expenses that you can subtract from your total income, helping to […]

Proactive Measures to Avoid an IRS Audit

Delving into the complexities of tax filings may seem overwhelming. To simplify your path, it’s essential to have a solid understanding of the basic principles. This involves getting familiar with IRS audits and recognizing common triggers that might draw the attention of the IRS. Firstly, be aware of the different types of audits you might […]

Navigating Income Tax Brackets: A Comprehensive Guide

Navigating the intricacies of income tax brackets is essential for effective financial planning. These brackets play a pivotal role in determining your tax liabilities. Tax brackets portray the diverse rates imposed on various income ranges. As you ascend the income ladder, comprehending these categories becomes necessary for optimizing your overall tax strategy. Understanding federal income […]

Seamless Online Tax Payment: A Step-by-Step Guide

In the modern digital age, technology is essential for our daily lives. Convenience is important for both people and businesses. This is particularly evident in managing financial obligations, such as paying taxes to the state. Online platforms and tax software have changed how New York State taxpayers meet their tax obligations. Gone are the days […]

Understanding the Role of a Tax Attorney

When dealing with the IRS, it’s important to understand the crucial role tax attorneys can play. These lawyers specialize in assisting people and businesses with tax problems and are good at negotiating with the IRS. Tax lawyers help by using their knowledge of tax law and IRS procedures. Tax laws are complex and always changing, […]

CPA Or Tax Attorney? Understanding the Difference Between a CPA and a Tax Attorney, and When to Choose Each

Understanding the Key Players: CPA and Tax Attorneys When it comes to navigating the intricate world of taxes, it’s essential to have the right professional by your side. The choice between a Certified Public Accountant (CPA) and a Tax Attorney can significantly impact your financial situation. CPAs are adept at handling tax returns and providing […]

IRS Collection Notice Update: Be Prepared in 2024

The IRS announced it will resume issuing collection notices for 2020 and 2021 beginning in January 2024. To help taxpayers as the normal processes resume, the IRS will issue a special reminder letter starting next month. Understanding the Announcement: The IRS’s decision to resume collection notices is part of the broader effort to resume regular […]

IRS Announces Automatic Penalty Relief and $1 Billion in Refunds for 4.7 Million Taxpayers

In response to the challenges posed by the COVID-19 pandemic, the Internal Revenue Service (IRS) has introduced a new round of penalty relief, benefiting approximately 4.7 million individuals, businesses, and tax-exempt organizations. This relief is particularly targeted at those who did not receive automated collection reminder notices during the pandemic. Key Highlights: Penalty Relief Amounting […]

Discovering Financial Excellence: How Board Certified Tax Law Specialists and Tax Attorneys Can Help

Navigating the labyrinth of tax regulations requires a thorough grasp of income tax and taxation intricacies. A certified tax attorney or tax law specialist, recognized by their board certification from the state bar, brings a level of expertise essential for addressing unique tax challenges. Board certification is a mark of their eligibility and commitment to […]

How Medicare Deductions from Social Security in 2023 Influence Tax Implications for Beneficiaries

Understanding Medicare Deductions from Social Security in 2023 In the ever-evolving landscape of retirement support, Medicare and Social Security stand as cornerstones in the United States. As we step into 2024, the synergy between these two vital programs has undergone a transformative shift. A policy recalibration by the government has reshaped the calculation of Medicare […]

Navigating Long Term Care Insurance Policies: Are Long Term Care Benefits Taxable? Understanding IRS Guidelines and LTC Long-Term Care Insurance Benefits

Long-term care benefits are a critical aspect of financial planning, especially as we age. Understanding IRS Guidelines and the tax implications of these benefits can save you a considerable amount of money. It can also prevent any unwelcome surprises during tax season. This article aims to explore whether long-term care benefits are taxable, and under […]

What is the IRS Statutory Notice of Deficiency: Understanding CP3219A, IRS Letters, Form 5564, and Waiver Options

Introduction to IRS Notice of Deficiency: 90-Day Letter A Notice of Deficiency, often referred to as the “90-day letter,” is an official communication from the Internal Revenue Service (IRS) dispatched to taxpayers. This document serves as a legal notice, pinpointing discrepancies or issues in a tax return that necessitate resolution and may result in additional […]

October 2023 Update – The IRS has resumed sending CP501, CP503, and CP504 collection notices in limited circumstances.  

The IRS has resumed sending out some automated collection notices to taxpayers with outstanding balances due. For nearly two years more than a dozen automated collection letters and notices associated with the filing of a tax return or payment of tax have been on pause. The decision was made by the IRS to suspend sending […]

Hiring a Tax Audit Attorney: A Guide to Harnessing the Expert Assistance of an IRS Audit Attorney for Your IRS Tax Audit

Navigating the complexities of IRS audits can be daunting and stressful, as missteps may result in serious legal and financial consequences. This is where the expertise of a tax professional becomes invaluable. In this article, we’ll explore the common triggers that prompt individuals to seek a tax attorney’s help during IRS audits and how their […]

What is a Tax Resolution Service? Why Do You Need One? Expert IRS Tax Relief: Consult with the Best Tax Professionals for Resolving IRS Problems and Managing Tax Troubles

Tax resolution services play a vital role in assisting individuals and businesses facing tax challenges, providing expertise in areas such as tax return complications, payroll tax issues, and state tax obligations. Navigating the complexities of tax laws and regulations, these services offer essential support for those dealing with potential liens, wage garnishments, and other pressing […]

Claiming Deductible Medical Expenses: A Comprehensive Guide to Tax Deductions, Including Medical and Dental Expenses under Publication 502

Ensuring a comprehensive understanding of deductible medical expenses is particularly vital as the tax landscape may change from year to year. The Internal Revenue Service (IRS) outlines specific criteria for medical expenses eligible for deduction, encompassing a broad spectrum such as doctor visits, prescription medications, and even certain travel costs related to medical care. It […]

Understanding IRS Tax Levies and Deductions: Navigating the Essentials for Financial Wellness

In the intricate terrain of contemporary finance, a profound comprehension of tax-related issues is indispensable for both individuals and business proprietors. Amidst these fiscal complexities, a notable challenge that taxpayers might encounter is the formidable “Tax Levy.” This comprehensive guide aims to demystify the concept by exploring its definition, operational mechanisms, consequences, and, crucially, proactive […]

Navigating Taxation: Understanding the Difference Between a CPA and a Tax Attorney – Key Insights for Hiring a Tax Attorney / Tax Lawyer

Defining a Tax Attorney A tax attorney is a type of lawyer specializing in tax law. They are experts in managing and resolving tax issues with the IRS and other tax authorities. Tax attorneys offer valuable guidance on complex tax matters and provide representation in legal disputes. Unsure whether a CPA or tax attorney is […]

A Comprehensive Guide to the Essentials of Payroll Tax and Employment Tax

Payroll tax is a crucial aspect of financial management for both businesses and employees. In this comprehensive guide, we will delve into the intricacies of payroll tax, its types, calculation methods, compliance challenges, and much more. Let’s embark on a journey to unravel the mysteries of payroll tax and its implications. Struggling to keep up […]

Understanding Backup Withholding: The Basics of Backup Withholding Tax and How to Withhold Tax

Introduction: What is Backup Withholding? Backup withholding is a tax-related mechanism implemented by the Internal Revenue Service (IRS) to ensure the proper collection of federal income tax. Essentially, it serves as a safeguard to collect taxes when there is uncertainty or incorrectness regarding the taxpayer’s identification number, such as their social security number, or exemption […]

When to Hire a Tax Collection Attorney? Why Hiring a Tax Attorney or IRS Tax Lawyer is Essential for Resolving Tax Problems and Navigating Tax Law

If you’re reading this article, you’re likely facing some serious tax issues and wondering whether it’s time to seek professional help. Taxes can be complex, and when things go wrong, they can quickly spiral out of control. In this guide, we’ll discuss the signs that indicate you need to hire a tax collection attorney and […]

What is the IRS Fresh Start Program? Get a Fresh Start with the IRS Fresh Start Initiative in 2023

In today’s complex financial landscape, managing tax obligations can be a daunting task for individuals and businesses alike. The IRS Fresh Start Program is a lifeline for those facing tax-related challenges and tax problems, offering a pathway to ease the burden and regain financial stability. This comprehensive guide will walk you through the ins and […]

Filing Taxes Late in 2023: Understanding What Happens if You File Your Taxes Late, IRS Penalties for Late Filing and Past Due Tax

Understanding What Happens If You File Your Taxes Late: IRS Tax Deadlines, Owed Tax Amount, and More When life’s unexpected challenges lead to missing the tax deadline, the consequences can be substantial. The failure to file your tax return on time can trigger failure-to-file penalties from the Internal Revenue Service (IRS), adding to your tax-related […]

Fill Out a W-9 Form and TIN: Request for Taxpayer Identification Number and Certification From the IRS, Guide to Fill Out Form W9 and Complete IRS Tax Form

What is a W9 Form and why do you need to fill it? A W-9 form, officially named “Request for Taxpayer Identification Number and Certification,” is a document issued by the Internal Revenue Service (IRS). It’s used to collect crucial tax information from individuals or entities providing services to businesses or organizations. This information includes […]

Are Medicare Premiums Tax Deductible? Tax Returns and Deducting Medicare Part B Premiums as a Self-Employed Individual

Introduction to Deducting Medicare Expenses: Tax Advice for Self-Employed Individuals  Medicare is like that reliable friend you may not always think about but are grateful to have when the need arises. Medicare is a government-funded healthcare program in the United States that provides medical insurance to people aged 65 and older, as well as certain […]

What is a Willful Violation of Income Tax? Understanding Willful Failure to File a Tax Return and Supply Information

Introduction to Willful Violation of Tax Law and the Penalties One of the most important aspects of income tax is ensuring compliance with tax laws. Filing accurate and timely tax returns is a legal obligation, and failure to file a return can lead to penalties or legal consequences. By understanding how different sources of income […]

What Triggers an IRS Audit on Your Tax Claim

Introduction You’re sifting through your mail, and suddenly you find a letter from the IRS. The feeling of dread that follows is almost universal. But why did you get selected for an audit? Knowing the common triggers can help you prepare, or avoid an audit altogether. What is an IRS Audit and what do you […]

How Are Corporate Dividends Taxed? Dividend Tax Rates 2023. Dividend Tax for Shareholders

Corporate dividends play a pivotal role in the financial world, representing a means by which corporations share their profits with their shareholders. However, delving into the intricacies of how these dividends are taxed is essential for investors, business owners, and anyone interested in the financial landscape. In this comprehensive guide, we will explore the complex […]

What is the IRS Offer In Compromise Program? See If You Qualify. Pay your Tax Debt

Are you drowning in tax debt and struggling to keep your head above water? The Internal Revenue Service (IRS) understands that sometimes life throws unexpected financial challenges our way. That’s why they offer a lifeline known as the IRS Offer In Compromise (OIC) program. In this comprehensive article, we will explore what IRS Offer In […]

NY Tax Payment Plan: How do I Request a Payment Plan from the IRS in 2023? Find Out if You Qualify for a NYS Tax Payment Plan or Installment Payment Agreement

In today’s guide, we will explore the process of requesting a payment plan from the IRS for your New York state taxes. Dealing with tax payments can be a complex and sometimes overwhelming task. The IRS offers payment plan options to ease the burden and make it more manageable for taxpayers. Whether you’re an individual […]

How do I Know if I Have a Tax Lien? Understanding Federal Tax Lien and Role of IRS

When it comes to financial matters, few things can be as concerning as the possibility of a tax lien. Understanding whether you have a tax lien or not is crucial for your financial well-being. In this comprehensive article, we will delve deep into the world of tax liens, providing you with valuable insights and actionable […]

When To Hire a Tax Attorney? Are Tax Lawyers Worth It? Hire the Best Tax Attorneys

Taxes are an inevitable part of life, and for most individuals and businesses, they can become quite complex. As your financial situation evolves, you may encounter tax-related challenges that go beyond the scope of what you can handle on your own. This is where the expertise of a tax attorney comes into play. In this […]

Environmental Taxation: What is Green Tax in the US? Environmental Tax Reforms & Tax Credits

In an era where environmental concerns are taking center stage, the concept of Green Tax has emerged as a powerful tool to promote sustainability and curb environmental degradation in the United States. This innovative approach to taxation is not only reshaping the financial landscape but also redefining how individuals and businesses contribute to a greener, […]

What Does TRN Mean in Taxes? Importance of Tax Registration Number

In the world of taxes and financial matters, acronyms are prevalent. One such acronym that often raises questions is TRN. What exactly does TRN mean in taxes, and why is it important to understand it? In this comprehensive article, we will delve into the intricacies of TRN, exploring its significance, applications, and how it affects […]

New York Sales Tax Rate & Calculator 2023: Sales And Use Tax In New York City. File Tax in New York State

New York is a bustling state with a complex sales tax system that can be challenging to navigate for both businesses and consumers. In this comprehensive guide, we will unravel the intricacies of New York sales tax, providing you with the knowledge you need to stay compliant and make informed financial decisions. Understanding New York […]

IRS Form 433 D: How to Submit IRS Form 433-D Installment Agreement? Everything You Need to Know about IRS Installment Agreement

Submitting IRS Form 433-D is an essential step when you need to set up an installment agreement with the Internal Revenue Service (IRS) to pay your tax debt over time. In this comprehensive guide, we will walk you through the process of submitting IRS Form 433-D, ensuring that you understand its importance, the steps involved, […]

Florida Tax Guide: Is Social Security Taxed in Florida? Federal Tax Benefits of Retiring in the State of Florida 2023

Social Security benefits serve as a vital source of income for many retirees. As individuals near their golden years, understanding the nuances of Social Security taxation becomes crucial. In this article, we’ll explore the question: Is Social Security taxed in Florida? Understanding Social Security Benefits & Florida Tax in 2023 Before delving into Florida’s specific […]

Check Your Refund: How to Check NY State Tax Refund Status? Information About New York State Income Tax Refund Through Direct Deposit

Are you eagerly anticipating your New York State tax refund? The wait can be both exciting and nerve-wracking. Fortunately, checking the status of your NY State tax refund has become more convenient than ever before. In this article, we’ll guide you through the process step by step, ensuring you’re well-informed and confident about the status […]

Income Tax Brackets Explained: How Do Tax Brackets Work? What Tax Bracket Am I In?

Introduction Taxation is a fundamental aspect of modern societies, providing essential revenue for public services and infrastructure development. Tax brackets and rates form the cornerstone of income tax systems, shaping the way individuals and businesses contribute to government coffers. In this guide, we’ll break down the complexities of tax brackets and provide you with actionable […]

How to Contact the IRS (Internal Revenue Service)? Speak To A Tax Representative And Get Your Questions Answered

Dealing with taxes can be a complex endeavor, and at times, you might find yourself needing to contact the IRS (Internal Revenue Service) for assistance. Whether you have questions about your tax return, need help with a payment plan, or are facing any other tax-related issue, effective communication with the IRS is crucial.  In this […]

Florida Tax Information for Taxpayers and Tax Professionals: Do I Need to File State Income Taxes in Florida? Role of Florida Department of Revenue

Are you a resident of the Sunshine State wondering about your state tax obligations? Understanding whether you need to file state taxes in Florida is essential to ensure compliance with the law and avoid potential penalties. In this article, we’ll delve into the intricacies of Florida’s state tax regulations and provide you with a comprehensive […]

NY Estate Tax: Does New York Have an Inheritance Tax? Understanding New York Estate Tax, New York Estate Planning 2022 and 2023

In the bustling metropolis of New York State, where life never seems to slow down, the question of inheritance tax often arises. As families navigate the intricacies of estate planning and wealth transfer, understanding whether the Empire State imposes an inheritance tax becomes essential. In this article, we delve into the world of inheritance tax […]

New York State Tax Guide: Understanding New York Income Tax Rates. New York Income Tax Calculator

Income tax rates play a crucial role in the financial landscape of any state. They are the financial backbone that supports public services, infrastructure, and various government initiatives. In this article, we’ll delve into the world of income tax rates, specifically focusing on the tax structure in New York. By the end of this article, […]

Florida State Tax Rate 2023: Is There An Income Tax in Florida? Everything You Need To Know About Florida Tax. Florida Income Tax Calculator

In a world where state income taxes are the norm, Florida stands out as a haven for residents seeking a reprieve from this financial burden. The Sunshine State has gained a reputation for its tax-friendly policies, particularly for the lack of personal income tax in Florida. Let’s delve into the intricacies of Florida’s tax foundation, […]

Florida State Tax Guide 2023: Does Florida Have State Income Tax? Florida Income Tax & Sales Tax Rates. All You Need to Know About Florida Tax.

Florida, a state known for its sunny beaches, vibrant culture, and tourist attractions, has garnered attention for its unique tax foundation. One significant aspect that often sparks curiosity among residents and potential newcomers is whether the Sunshine State imposes a state income tax. In this article, we’ll explore the tax landscape in Florida, discuss its […]

Understanding Tax Law Changes: How Does The New Tax Law Affect Me? 2023 Tax Reforms and A Look at Tax Brackets for 2023

The U.S. tax landscape experienced significant changes with the introduction of the new tax law for tax year 2023. As a responsible taxpayer, understanding how tax changes impact your finances is crucial. This article aims to provide a comprehensive guide to the latest tax regulations, helping you navigate the complexities with ease. Key Changes in […]

What is IRS? IRS Tax and Audit Guide: Role of Internal Revenue Service in Enforcing Federal Tax Laws. Contact the IRS for Federal Tax Return, Form W-9 and More.

Introduction to What is IRS (Internal Revenue Service) The Internal Revenue Service (IRS) is a critical agency within the United States responsible for administering and enforcing the federal tax laws for the United States government. It plays a pivotal role in funding essential public services and supporting the nation’s economic well-being. History of the IRS  […]

What is the Sales Tax Rate in Miami, Florida 2023: Sales and Use Tax in Miami-Dade County FL

As of 2023, understanding the sales tax regulations in Miami, Florida, is crucial for both residents and businesses. Sales tax is a consumption tax imposed on the sale of goods and services, and it plays a significant role in funding local infrastructure and services. As last updated and provided by Avalara, the 2023 sales tax […]

What is the Sales Tax in New York State? The New York Sales Tax Rate as well as The Sales and Use Tax in 2023

Introduction Sales tax is a crucial aspect of conducting business in New York. Understanding how it works and its implications is vital for businesses and consumers alike. In this article, we will delve into the details of sales tax in New York, exploring its different types, rates, exemptions, compliance requirements, and more. Navigating New York’s […]

When Does the New Tax Law Changes Go into Effect? 2023 Tax Changes and State Tax Changes Taking Effect Next Year

Introduction to Tax Law Changes Taxes play a crucial role in the functioning of any country’s economy. To meet the ever-evolving financial needs and address various economic challenges, governments often introduce new tax laws. These laws bring significant changes to the existing tax structure, affecting individuals and businesses alike. In this article, we will explore […]

What is the State Tax Rate in New York State NY? 2023 New York State Income Tax Calculator. New York State Tax Guide and NYC Tax Rates

Introduction to New York State Income Tax Rate in 2023 New York, famously known as the Empire State, is not only renowned for its bustling city life but also for its complex tax system. Understanding the tax rates in New York is crucial for residents and businesses alike to ensure compliance and avoid unnecessary financial […]

Where is my New York State tax refund?

Introduction When tax season comes to a close, many New Yorkers eagerly anticipate receiving their state tax refunds. It’s a well-deserved reward for diligent taxpayers, providing a financial boost that can be used for various purposes. In this article, we will explore the ins and outs of the New York state tax refund process, from […]

How to Find a Tax Attorney in Long Island, NY – Long Island Tax Lawyer for Taxation Guidance

Introduction to Working with a Long Island Tax Attorney  Navigating the complexities of tax law can be challenging and overwhelming, especially for individuals and businesses in Long Island, NY. Hiring a tax attorney is a wise decision to ensure compliance, resolve tax disputes, and minimize potential penalties. In this article, we will guide you through […]

Uncovering the Road to Tax Settlements: A Guide for New York Taxpayers

For many New York taxpayers facing financial difficulties, the prospect of finding a path to tax settlement may seem elusive. However, by understanding the available tax settlement options and engaging the services of a law firm like the Law Offices of Stephen B. Kass, P.C., taxpayers can negotiate favorable terms, reduce tax liabilities, and ultimately […]

The Role of Professional Tax Representation in IRS Litigation and Negotiations

Navigating through the complex world of Internal Revenue Service (IRS) tax disputes is often an arduous task for most individuals and businesses. Having a professional tax representative in your corner is a strategic move that can help you level the playing field and attain a favorable outcome. In this post, we will walk you through […]

Navigating Business Bankruptcy in New York – A Comprehensive Guide for Business Owners

The prospect of filing for business bankruptcy may be intimidating and stressful for many New York business owners. While it may be difficult to come to terms with the financial challenges your business might be facing, understanding the complexities of business bankruptcy can empower you to make informed decisions that protect your interests and secure […]

Tax Settlement Strategies: Understanding Offers in Compromise and Their Benefits

Struggling with a substantial tax debt can be an overwhelming experience, but understanding possible tax settlement strategies, such as Offers in Compromise, can make a real difference. With the right information and guidance from Law Offices of Stephen B. Kass, P.C., you can alleviate the financial burden and achieve a more favorable resolution with the […]

Comprehensive Guide to Subchapter V in Chapter 11 Bankruptcy

Understanding the benefits and complexities of Subchapter V in Chapter 11 Bankruptcy is essential for small businesses facing financial challenges. This latest addition to the bankruptcy code offers a streamlined and cost-effective solution for small business debtors to reorganize and resolve their financial issues. In this comprehensive blog post, we’ll delve into the advantages of […]

Tax Penalty Abatement Explained: Reducing Your IRS Debt

Financial challenges can be a source of stress and uncertainty for any business owner, especially when it comes to resolving tax issues with the Internal Revenue Service (IRS). Developing an effective tax resolution plan tailored to a business’ unique situation is crucial for reducing debt and ensuring future compliance. In this informative blog post, we’ll […]

Understanding IRS Tax Liens and How to Overcome Them

Dealing with IRS tax liens can be a confusing and challenging experience for business owners. Understanding the consequences of tax liens, your options for resolution, and the importance of seeking professional guidance is crucial for navigating this complex situation and protecting your business’ financial health. In this comprehensive post, we’ll explore what a tax lien […]

Navigating IRS Audits: A Comprehensive Guide for Business Owners

Facing an IRS audit can be a daunting and nerve-wracking experience for any business owner. Understanding the audit process, knowing your rights, and being prepared are crucial for ensuring a favorable outcome and maintaining the financial health of your business. In this comprehensive guide, we’ll explore the different types of IRS audits, how to navigate […]

Don’t Panic: Understanding IRS CP501 Notice

Nobody likes to receive a notice from the IRS, but it’s important not to panic. One of the most common notices is the CP501, sent when you have unpaid taxes. Fortunately, this article will discuss what the CP501 notice means and what steps you should take with your tax attorney if you receive one. What […]

All about the IRS Gift Tax

Gift-giving is an integral part of our social fabric, whether it’s a simple gesture of appreciation, a celebration of special occasions, or a demonstration of generosity towards loved ones. While most of these gifts don’t typically have tax implications, some larger gifts may catch the attention of the Internal Revenue Service (IRS) and trigger the […]

Understanding IRS Notice CP2000: What to Do upon Receipt

Receiving an IRS notice can be a daunting experience, especially if you’re not sure what it means or what to do next. One of the most common notices issued by the IRS is the CP2000 notice, which informs taxpayers that there may be discrepancies or errors in their tax returns. In this article, we’ll take […]

IRS IP PIN: How to Enroll and Keep Your Tax Identity Safe

Tax identity theft is a growing problem in the United States. Taxpayers are often unaware that they have been victims of tax identity theft until they try to file their tax returns and discover that someone has already filed a fraudulent return using their name and Social Security number.  The Internal Revenue Service (IRS) has […]

Your Guide to Taxes in Miami, Florida – FL Tax Expert Services In Miami

Introduction to Miami Florida Tax Taxes play a significant role in our financial lives, and understanding the tax landscape in Miami, Florida, is essential for individuals and businesses. This guide will provide you with valuable information about taxes in Miami, including types of taxes, filing and compliance requirements, deductions and credits, hiring tax professionals, and […]

Staying Open through Bankruptcy: What You Need to Know

  Bankruptcy is a legal process that a business can undergo to relieve itself from overwhelming debts. It’s a process that allows businesses to restructure their finances and operations, or liquidate their assets, to pay off their creditors. However, many wonder if a business can file for bankruptcy and stay open. The answer is yes, […]

Protecting Your Business Assets during Personal Bankruptcy

  Personal bankruptcy is a daunting prospect for anyone, especially for business owners. When you file for bankruptcy, you are essentially admitting to being unable to pay your debts. And while bankruptcy can offer a fresh start, it can also mean losing your business assets. In this article, we’ll explore what happens to your business […]

IRS to Increase Enforcement Efforts against Tax Evasion

  The Internal Revenue Service (IRS) has recently announced its new plan to combat tax evasion. Tax evasion is a serious problem affecting the economy, depriving the government of revenue to fund public services such as infrastructure, education, and healthcare.  The new plan aims to ensure taxpayers comply with their tax obligations and pay their […]

5 Telltale Signs That You Should Find a New Tax Preparer

As the tax season approaches, many individuals and businesses turn to tax preparers to help them file their taxes. Tax preparers are professionals who are trained to help their clients file their taxes accurately and in a timely manner.  However, not all tax preparers are created equal, and some may not have their clients’ best […]

Tax Law Specialists: How Tax Attorneys Can Help You

Tax attorneys, also known as tax law specialists, play a critical role in helping individuals and businesses navigate the complex world of tax regulations and laws. With their extensive knowledge and experience, these legal professionals provide valuable assistance in various tax-related matters, from tax planning and compliance to resolving disputes and controversies. In this article, […]

Here Are Tax Fraud Red Flags: What to Look Out for and Why

Tax fraud, or tax evasion, is a serious criminal offense that can result in hefty fines and even imprisonment. Tax fraud occurs when an individual or business intentionally fails to report all of their income or overstates their deductions to pay less taxes. This hurts the government’s revenue and puts an unfair burden on honest […]

7 Red Flags That Indicate You Need an IRS Tax Attorney

Dealing with the Internal Revenue Service (IRS) can be a daunting experience for anyone. Taxes can be complex, and the rules can change frequently, making it challenging to keep up. In some cases, you may need the help of an IRS tax attorney to navigate the process. Here are seven signs that indicate you need […]

Your Guide to New York State Tax Filing. New York State Taxes in 2023.

Your Guide to NY New York State Tax 2023 Introduction Navigating the world of taxes can be a complex and overwhelming task, but understanding your state tax obligations is crucial to staying compliant and avoiding unnecessary penalties. In this comprehensive guide, we will provide you with all the information you need to know about NY […]

Navigating Adversary Proceedings in Bankruptcy: A Guide

Bankruptcy can be a complex and overwhelming process, with many legal procedures and terms that can confuse those unfamiliar. One such legal procedure is an adversary proceeding, a lawsuit filed within a bankruptcy case. Adversary proceedings can be initiated by creditors, debtors, or the bankruptcy trustee, and they can have significant implications for the outcome […]

Appealing Tax Disputes: US Court Law Explained

Navigating tax laws and regulations can be daunting, and disputes may inevitably arise. Whether you’re an individual or a business owner, resolving tax disputes is crucial to avoid hefty fines, penalties, and even imprisonment. In the United States, taxpayers may appeal tax disputes in court, but the process can be complicated without the help of […]

Stay IRS Compliant: Understanding Safe Harbor Tax Rules

Self-employment can be a path to financial independence and personal fulfillment. But it also comes with many responsibilities, including managing your finances and complying with tax laws. The Internal Revenue Service (IRS) has specific rules and regulations for self-employed individuals, and failure to follow them can result in costly penalties. What Are IRS Safe Harbor […]

How to Stop Wage Garnishment by the IRS: A Guide

If you owe back taxes to the IRS, they have the legal authority to take action against you to collect the debt. One such action is wage garnishment, where a portion of your paycheck is withheld and sent directly to the IRS to pay off your tax debt. This can be a stressful and frustrating […]

Solutions for the Bankruptcy Taxpayer

NY County Lawyers Association Consumer Bankruptcy Committee  DOWNLOAD PDF HERE   Tax Collection Fundamentals: Non-Bankruptcy Alternatives   How does an assessment come into existence?[1] Tax Return Filed. When a tax return is filed showing a tax due, the IRS assesses that tax. [IRS 6201(a)].   Deficiency Assessment. A deficiency is defined under IRC §6211 as […]

Navigating Tax Law: How an IRS Lawyer Can Help You

The Internal Revenue Service (IRS) is one of the most powerful government agencies in the United States. It can impose penalties on individuals and businesses who fail to pay their taxes or file their tax returns on time. Given the tax code’s complexity, navigating the system can be challenging for most people. An IRS lawyer […]

How a Tax Attorney Can Help You Maximize Your Savings

The tax code is complex and can be challenging to navigate, leading to missed opportunities for savings. A tax attorney can help individuals and businesses maximize their savings by providing personalized advice and guidance. This article will explore five ways a tax attorney can help you maximize your savings. Identifying Deductions and Credits One of […]

Expert Tax Advice: How a Tax Lawyer Can Help You Save

Taxation can be complex, and individuals and businesses need help navigating the system. A tax lawyer is a legal professional who specializes in tax law, and they can help you understand and comply with tax laws and regulations.  One common question many people have is whether a tax lawyer can save them money on taxes. […]

Your Guide to Taxes in Miami, Florida – FL Tax Expert Services In Miami

Introduction to Miami Florida Tax Taxes play a significant role in our financial lives, and understanding the tax landscape in Miami, Florida, is essential for individuals and businesses. This guide will provide you with valuable information about taxes in Miami, including types of taxes, filing and compliance requirements, deductions and credits, hiring tax professionals, and […]

Is Your Business on the Brink? 10 Signs of Bankruptcy Risk

Telltale Signs your Business is at a Risk of Bankruptcy As a business owner in 2023, it is vital to know the warning signs that indicate your business is in financial trouble and may be headed towards bankruptcy. While it is never easy to confront the possibility of business bankruptcy, ignoring the warning signs can […]

Most Common Questions People Have About Tax Attorneys: Frequently Asked Questions Before Hiring a Tax Attorney

Introduction on Frequently Asked Question before Hiring a Tax Attorney Taxes are a complex and often confusing aspect of our financial lives. From filing annual tax returns to dealing with the IRS, it’s easy for taxpayers to feel overwhelmed. Fortunately, there are professionals who specialize in tax law and can help you navigate tax issues […]

Small Business Bankruptcy: When Can your Business File for Bankruptcy. Guide for Small Business Owners

Small businesses are the backbone of any economy, but sometimes things don’t go as planned, and the business may face financial hardship. When a business is struggling with debt an it gets difficult to stay in business, it may be time to file bankruptcy. Bankruptcy is a legal process that allows businesses to restructure or liquidate their […]

How to Negotiate with the IRS and Settle Your Tax Debt. Everything You Need to Know About Offer in Compromise, Installment Agreement and more

Paying taxes is an essential part of being a responsible citizen. However, sometimes financial difficulties can arise, leading to unpaid back taxes. The Internal Revenue Service (IRS) is known for its strict rules and regulations regarding taxes. If you face back taxes, you may wonder if you can negotiate with the IRS to reduce or settle […]

IRS New Rules 2023 Tax Changes: A Comprehensive Guide

IRS New Rules 2023: A Comprehensive Guide The Internal Revenue Service (IRS) plays a vital role in the collection and enforcement of taxes in the United States. Each year, the IRS introduces new rules and regulations that impact taxpayers and shape the landscape of tax filing. In this comprehensive guide, we will explore the key […]

IRS Driving You Crazy? Let a Tax Attorney Save the Day

Dealing with IRS collections can be a daunting and stressful experience. The Internal Revenue Service (IRS) has the power to seize your assets, garnish your wages, and levy your bank accounts if you owe them taxes. If you find yourself in this situation, it’s essential to seek help from an experienced tax attorney. In this […]

Eliminating Tax Debt: Discharging IRS Tax Debt in Bankruptcy. Tax Law and Income Tax Debt

If you owe taxes and are considering filing bankruptcy, it’s crucial to understand how income tax debt is treated in bankruptcy. While declaring bankruptcy can provide relief from some debts, not all debts can be discharged, including tax debts. However, it is still possible to discharge some tax debts through bankruptcy. If you’re interested in […]

Tax Diligence: Protect Your Business with Effective Sales Tax Due Diligence. Tax Liabilities and Obligations

There are various factors to consider and handle when running a business. Making sure you are abiding by all applicable tax laws and regulations is a vital element of any organization.  This is particularly valid in the case of sales and use tax, which can be challenging to understand. In order to protect your business […]

 IRS Tax: The Importance of Hiring a Tax Attorney

Taxes are an inevitable part of life, and it is essential to understand the laws and regulations that come with them. However, tax laws can be complex and confusing, and it may be difficult to navigate them without professional help. This is where a tax attorney comes in. In this article, we will explore the […]

Tax Abatement: What You Should Know as a Property Owner

Tax abatement is a term that is often used in real estate and property development circles. However, many people are unfamiliar with what it means and how it works. This article will discuss tax abatement, its benefits, and how property owners can utilize it: What Is Tax Abatement? Tax abatement refers to a policy used […]

Can You Get a Passport Even if You Owe Taxes to the IRS?

If you’re planning to travel abroad, you may be wondering if your tax debt will prevent you from obtaining a passport. The answer is yes, but it depends on the circumstances. To help you navigate this tricky situation, we’ve decided to put together a brief discussion on this topic. If this is something that you’re […]

Navigating IRS Tax Resolution with Professional Tax Services. Choose a Qualified Tax Preparer, File Tax Returns and Navigate through Tax Issues with a Tax Professional

Navigating IRS Tax Resolution with Professional Tax Services. Everything Your Need to Know Dealing with the IRS (Internal Revenue Service) can be a daunting task for most people. The complexity of tax laws and the ever-changing regulations make navigating the tax resolution process on your own challenging. This is where professional IRS tax resolution services […]

How to Qualify for a Partial Pay Installment Agreement. Request a Partial Payment Installment Agreement from IRS

Introduction on How to Qualify for a Partial Payment Installment Agreement A partial pay installment agreement is a type of payment plan that allows taxpayers to pay a portion of their tax debt over time. This option is ideal for those who cannot afford to pay their tax bills in full but can make monthly […]

IRS Law: Understanding the Tax Implications of a Lawsuit Settlement. Are Lawsuit Settlement Taxable?

Introduction to Tax Implications of a Lawsuit Settlement A lawsuit settlement agreement can be a relief, especially if you’ve been through a stressful legal battle. However, knowing whether you’ll have to pay taxes on your settlement is essential. The answer isn’t always straightforward and can depend on various factors. In this article, we’ll explore the […]

Small Business Tax Audit Triggers: Are You Ready for an IRS Audit. Tips for Small Business Owners

As a small business owner and a taxpayer, you constantly juggle various responsibilities and tasks. One of the most important aspects of running your business is ensuring that your tax affairs are in order. The thought of an IRS audit can be daunting, but with the right preparation and knowledge, you can confidently face an […]

Guidelines on Managing Social Security Taxes in Retirement

Social Security is a government program that offers retirement, disability, and survivor benefits to eligible individuals. While Social Security benefits can be a valuable source of income, they can also be subject to taxation. This article will discuss when Social Security income is taxable and how it’s calculated. Understanding Social Security Benefits Before we dive […]

Top IRS Audit Triggers: Is Your Business at Risk? What Triggers an IRS Audit? Small Business Tax Audit Triggers

As a business owner, an IRS (Internal Revenue Service) audit can be scary. The idea of being investigated by the government and potentially facing penalties or fines can cause stress and anxiety. However, many legitimate businesses may not realize they are at risk of an audit, even if they do everything by the book. IRS […]

Hiring a Tax Attorney? Ask These Questions

Tax law can be complicated, and the stakes are high regarding taxes. As such, it is essential to have a competent tax attorney to help you navigate the complexities of tax law. However, knowing which one to choose is challenging with so many tax lawyers. To help you decide, here are some questions you should […]

Can a Tax Attorney Help You Manage Money Better: Part 1

Tax law is a complex and ever-changing field that can be difficult for individuals and businesses to navigate. Fortunately, tax attorneys are legal professionals who specialize in helping clients understand and comply with tax laws.  In this two-part guide, we go over the basics of tax law. In part 1, we will explore the role […]

Can a Tax Attorney Help You Manage Money Better: Part 2

Managing money effectively can be challenging, especially when it comes to taxes. Tax law is a complex and ever-changing field, and mistakes can be costly.  Fortunately, tax attorneys can help clients manage their finances better by providing expert guidance on tax planning, representation in tax disputes, and advice on legal and financial matters. Tax Planning […]

Sound Reasons to See a Tax Attorney for Your Business. How a Tax Attorney Can Help you Navigate through Complex Tax Laws. Hire a Tax Attorney Today!

As a responsible citizen, paying taxes is an essential part of your duties. However, navigating through the complicated tax laws and regulations can be a daunting task. Even the slightest mistake in your tax filing can lead to severe consequences, including hefty fines and legal penalties. That’s why seeking assistance from a tax attorney can […]

Notices You May Receive from the IRS before a Levy

If you owe taxes to the IRS and haven’t made arrangements to pay or resolve your tax debt, the IRS may take enforced collection action in the form of a tax levy. A tax levy is the legal seizure of your property or assets to satisfy a tax debt. It can be a stressful and […]

A Guide to Tax Fraud: Is It Jail Time Still Sentenced?

Tax fraud is a serious crime that involves intentionally falsifying information on tax returns or failing to report income to the government. In recent years, there has been growing concern about the consequences of tax fraud, particularly whether jail time is still being sentenced for this offense.  This essay explores the current state of tax […]

Understanding Penalty Abatement Tax Services

One of the most stressful things to deal with as a taxpayer is receiving a notice from the IRS stating that you have penalties assessed against you. Not only can these penalties be financially burdensome, but they can also have long-term consequences on your credit score and overall financial health. Fortunately, there are tax attorneys […]

The Basics of Federal Tax Lien Subordination: An Overview

One of the most important things to remember as a taxpayer is the payment of taxes owed to the government. However, if you cannot pay your taxes, it’s essential to understand the basics of federal tax lien subordination.  This overview will help you know what federal tax lien subordination entails, how it works, and why […]

Simple Solutions to Solve Your Tax Problems. How to Resolve Tax Disputes. IRS Laws & Tax Debt 

Solutions to Solve your Tax Problems: Introduction Navigating the labyrinth of tax laws, deductions, and filing deadlines can be a daunting experience, even for those with a firm grasp of financial matters. As tax codes continually evolve, so do the potential pitfalls and opportunities for taxpayers, making it important to stay informed and proactive in […]

When to Hire a CPA or a Tax Attorney? CPA vs Tax Attorneys. Difference between a CPA and a Tax Attorney

As tax season approaches, many individuals and businesses need professional assistance to navigate the complex and ever-changing tax laws. Certified Public Accountants (CPAs) and tax attorneys are two tax professionals who can provide such assistance and fulfill your tax needs. While both professions deal with taxes, they have different areas of expertise and roles in […]

A Guide to Tax Evasion & Tax Avoidance. Difference Between Tax Evasion and Tax Avoidance

For most people, the terms tax evasion and tax avoidance may seem interchangeable, but they have very different meanings. Tax evasion involves illegal actions, while tax avoidance is a legal way to reduce one’s tax liability. Understanding the difference between the two is critical as it can have significant implications for individuals and businesses alike. […]

Staying On Top of Taxes: 6 Ways a CTRS Can Help You

Find yourself in a situation where you need assistance dealing with the IRS or state tax agency? If so, then a CTRS can be the ideal ally to help you navigate the complexities of tax resolution. A certified tax resolution specialist (CTRS) is a tax professional who has undergone rigorous training and certification to effectively […]

Understanding Eligibility Conditions for IRS Offer in Compromise (OIC). Qualify to Get an Offer in Compromise

An Offer in Compromise (OIC) is a program offered by the Internal Revenue Service (IRS) that allows taxpayers to settle their tax debt for less than the full amount owed. This program is designed to help taxpayers who cannot pay their full tax debt due to economic hardship. However, not all taxpayers are eligible for […]

3 Points to Know on Subchapter V of Chapter 11 Bankruptcy

Subchapter V of Chapter 11 Bankruptcy is a relatively new addition to the United States Bankruptcy Code, introduced as part of the Small Business Reorganization Act of 2019. It is designed to make the Chapter 11 bankruptcy process more accessible and less expensive for small businesses. Here are three important points to know about or […]

Going Bankrupt: Why Businesses Experience Bankruptcy

Bankruptcy is an unfortunate reality that many businesses face. In its simplest terms, business bankruptcy is a process initiated by a company when it is unable to pay off its debts. The process is designed to help businesses restructure their financial obligations or liquidate their assets to repay creditors. Although bankruptcy is a complex process, […]

5 Common Situations You’d Want to Hire a Tax Attorney. How Can a Tax Lawyer Help? Hire the Best Tax Lawyer

Understanding the complexities of tax laws and regulations can be a daunting task for any business owner. One wrong move can lead to hefty fines, penalties, and even legal trouble. This is where a tax attorney comes into play! Today, we will discuss what a tax attorney is and a couple of situations where your […]

Small Business Reorganization ACT (Subchapter 5 under Chapter 11)

On August 23, 2019, the Small Business Reorganization Act was passed (SBRA) which was effective on February 19, 2020. The goal of this law was to streamline the reorganization process and make Chapter 11 more affordable for qualified businesses. Qualified Businesses ½ total debt from business $2.7M debt limit which increased for 1 year only […]

Civil and Criminal Tax Fraud in NYC

In today’s current economy, many people look for ways to make ends meet with less money than they had before. However, going outside the law to do so should not be considered. Tax fraud is one of the most common white-collar crimes in the country, and due to its powerhouse investment sector, it is an […]

Tax Consequences of Foreclosure

Foreclosure is one of the most frightening and demoralizing occurrences in a person’s life. At best, it is a massive setback to one’s credit; at worst, it can make your family homeless. On top of the emotional and mental toll, there can also be tax consequences after foreclosure, and there are also consequences if you […]

Discharging Income and Non-Income Tax Debt

An extremely common question for filers of bankruptcy is whether or not tax debts are dischargeable. A large variety of them is, including varieties of income tax debts such as on late-filed returns. However, non-income tax debts can be a very real concern for some debtors. It is absolutely imperative to know what you will […]

Common New York Tax Incentives

A legislature, be it city, state or federal, has many options at its disposal to improve the local economy. This can include a significant amount of modification to the tax laws, to allow more money to remain in the pockets of consumers to be spent. One of the more common methods used by several locales […]

Tax Breaks For New Yorkers and Their Potential Issues

In the United States, the term “tax break” is often used pejoratively, as if to imply the inherent unfairness of any regulation that does not tax everyone in exactly the same manner. However, there are valid policy reasons that cause different people to be taxed accordingly. Still, due to the stigma associated with passing ‘tax […]

“Forgiveness of Debt” Income: How To Avoid Tax Surprises

When someone files bankruptcy, they receive their discharge and most often, they believe that to be the end of it, aside from having to rebuild their credit rating. However, they can receive a nasty surprise at tax time, in the form of a 1099-C. Why Call It Income? Many take issue with the fact that […]

Small Business Bankruptcy for Sole Proprietors

When you are a small business owner, everything you do is intricately tied to your personal life, even if that is not your intention. If you need to file for bankruptcy due to the failure of your business, it will be no different. What many people fail to realize that if their business is a […]

Rent-Controlled Apartments in Bankruptcy

Property values in New York City are exorbitant compared to the rest of the state. Very often, a rent-stabilized or rent-controlled apartment is the only way that people in certain income brackets can live in the city proper. As such, the concept of rent control is something that matters to quite a lot of people. […]

Late Filed Tax Returns: Are They Dischargeable?

Filing a tax return late is forever a risky proposition. However, when one is planning to file for bankruptcy, it is even riskier. Most tax debts are not dischargeable in bankruptcy, but there are exceptions. However, if a return is filed late, the dischargeability of the debt on that return may go up in smoke. The position of the […]

How Will Bankruptcy Affect Your Bank Account?

When someone decides to file for bankruptcy in New York, one of the first things they wonder about is their bank account. Will they be allowed to keep the funds they have there? Or is the account just another asset that needs to be itemized and liquidated by the bankruptcy trustee? It is a complex question, and […]

Big Changes in FICO Reporting Mean Relief For Some

Every American of a certain age knows what a FICO score is. A FICO score is the measure by which your credit rating is judged, and it can affect every area of your life. However, there may be relief on the horizon for some people. After studies conducted by the Consumer Financial Protection Bureau and a period […]

Being Free: Bankruptcy Dockets and Discharges

When you have filed for Chapter 7 or Chapter 13 bankruptcy, you always hope to not spend very long in trusteeship. When you receive a discharge, it means that essentially, your life is your own again. There are certain factors in your bankruptcy case that will govern how long it will take you to receive a discharge. A […]

Officials Say Companies that Claim to Help With Student Loans May be Predators

CNN reports that the average student loan debt in the United States at the end of last year was nearly $30,000. In New York the numbers are almost as bad; the average is just over $25,000. Between 2008 and 2012, student loan debt rose a shocking six percent per year. Seventy percent of college seniors nationwide […]

Being Smart About Improving Your Credit

In the modern era, debt is not a simple matter between you and your creditors. Anyone who has ever rented an apartment, applied for a credit card, or tried to set up payments on a new car knows that credit scores play a significant role in determining whether you will be able to obtain credit. […]

New York Tax Levies

A levy is an order issued by the court to a bank or other third party to turn over funds or assets belonging to you to New York State to pay a tax obligation. Before a tax levy can be issued, a tax warrant must be filed. What is a Tax Warrant? A tax warrant […]

What to Do About Your Tax Debt

Few things are worse to think about than your tax debt – especially if you owe over $100,000. You knew that when you filed, or did not file, that taxes would be owed, or you were surprised to get a notice advising you of an underpayment and that penalties and interest are accumulating. In these situations, […]

Are You Responsible for Your Spouse’s Tax Debt?

Spouses who communicate and share in the finances and obligations of the relationship expect to also share in each other’s tax debts. When you file jointly, for example, the IRSa and the New York Tax Department treat you as a single taxpayer. Any refund that is due is not apportioned. Consequently, any offset on a […]

How Are Taxes Treated When You File for Bankruptcy?

If you are struggling to pay the bills each month yet find yourself falling farther and farther in debt, bankruptcy may be the best long-term solution. Most individual debtors file either a chapter 13 or a chapter 7 bankruptcy. If you have significant tax debts, the way those debts are handled in the different bankruptcy […]

Types of Corporate Bankruptcy

You have worked hard to get your corporation viable and profit-making, having invested large amounts of money and time and perhaps hiring employees to realize your business dream. Unfortunately, because of the economy or other factors, your business is struggling, creditors are hounding you, and you may even have lawsuits filed against you as well […]

How are sales taxes treated in Chapter 11 bankruptcy?

Will Chapter 11 free you from the obligation of paying IRS sales tax debt? Chapter 11 Bankruptcy is a long and involved legal process which you should pursue when you have decided that your business is truly worth saving. When making this decision, you should also make certain that the amount of the debt you’ll […]

How Soon After a Bankruptcy Can I Purchase Property?

The Federal Housing Administration (FHA) specializes in insuring loans for qualified borrowers who have issues that exclude them from conventional loan programs, such as less than perfect credit histories. While subprime loans also cater to this type of borrower, FHA loans offer market-competitive interest rates and terms much lower than those of subprime loans. FHA lenders […]

What are the Costs of Filing for Bankruptcy in New York City?

Comes the day when you realize the cold reality of the financial straits you’re in. Perhaps the children needed help with their tuition, or your family had to have medical care, or your job went away. Whatever the reasons, you didn’t spend frivolously and you fulfilled your responsibilities. The credit card balances, the mortgage, the car […]

What is a Credit Card Judgment?

Credit card judgments are awarded by a court to a credit card company, or their debt collectors, against a consumer who has failed to pay a credit card. However, the period between the time you stop making credit card payments and a company obtaining a judgment can be extremely long depending on the credit card […]

Tax Debt Helps in Bankruptcy

Even if you have a significant amount of ‘consumer debt,’ as long as your ‘tax debt’ is more than your consumer debt, you may be able to avoid taking the means test, no matter what your monthly income. You may also still be able to file Chapter 7 bankruptcy despite earning more than the allowed […]

Famous People who have filed bankruptcy

The purpose of filing for bankruptcy is to enable a person who has through bad luck, such as medical bills that outran health insurance, bad decisions, such as unsound investments or through a crime, such as fraud to have their debt forgiven so they can get a new start in their financial life. People with […]

Over 60% of Bankruptcies Caused by Medical Bills

Unless you are uber-rich, you may only be an illness away from bankruptcy. As early as 2009, CNN reported that 62 percent of all United States personal bankruptcies could be traced to medical bills. Even more shocking, many of those forced into bankruptcy by medical bills are middle class people with health insurance. What is going on? […]

Bankruptcy Demographics

Every year more women file for bankruptcy than men do. On average, these women are Caucasian, married, and middle-aged. While these women are employed, their annual salary is less than $40,000. The majority of these women do have a high school education, are paying on college loans and have overextended their credit. The highest numbers […]

The Bankruptcy Process For Someone With Medical Debt

The Bankruptcy Process For Someone With Medical Debt from Stephen Kass Many people think bankruptcy only happens to people who were financially irresponsible. In fact, over 60 percent of all bankruptcies are caused by medical bills, and it wasn’t always because the person didn’t have insurance. Whether it’s due to a high deductible, policy exclusions for emergency transportation […]

Student Loans Debt Rises – Bankruptcy an Opportunity to Catch Up

Education is often touted as a necessary tool for securing well-paid employment. Unfortunately, thousands of college graduates and their parents are facing mountains of debt in order to secure that education. Oftentimes, students graduate from college and discover they are unable to purchase a car, a home or begin planning for marriage and children. This […]

Medical Debt is a common cause of bankruptcy

Generally, the decision to file for bankruptcy is never an easy one. Typically, consumers see bankruptcy as an option of last resort. Oftentimes, the final decision is a result of staggering medical bills which are often compounded by the loss of income due to health issues. While some studies show that nearly 50 percent of […]

Debt Settlement Vs. Bankruptcy

When you are overwhelmed by debt, it can feel like you don’t have many choices. Continuing to pay interest only on your bills that never seem to go down can make you financially and emotionally weary. It is possible that bankruptcy has crossed your mind, but perhaps you aren’t sure how you feel about it. […]

Tax Return Filed Late? It’s Not a Return for Bankruptcy Purposes

Question: When is a tax return not a tax return? Answer: When it is filed late and you have filed for or are thinking about filing for bankruptcy. Chapter 7 Bankruptcy and Income Tax Debt Why is this information important to someone who is filing for bankruptcy? Folks filing for bankruptcy who turn to Chapter […]

Tax Fraud

Fraud is an intentional deception or misrepresentation made for personal gain or so that another will act on the deception to his or her legal detriment.  Fraud is a dishonesty used to gain a calculated advantage.  Fraudulent behavior is illegal regardless of what type of fraud is committed. Tax fraud is a serious allegation because […]

New York Tax Audits and Their Aftermath

If you are an employee who receives a salary from your employer for your labor, you are subject to paying taxes and subject to tax audits. A tax audit is the process where the IRS or some other state taxing agency reviews your tax return to determine whether the return depicted income, expenses and credits […]

Offer in Compromise Can Relieve Your Tax Burden

An Offer in Compromise (OIC) is an agreement between the Internal Revenue Service (IRS) and a taxpayer that reconciles the taxpayer’s tax debt for less than what was originally owed. OIC’s may be the best option for taxpayers who are facing insurmountable tax debt and are unable to arrange a workable payment plan. An OIC can relieve […]

Criminal vs. Civil Tax Penalties

Most tax liability is civil not criminal.  Failure to pay taxes can result in various actions including wage garnishment and bank restraints.  However, there are some tax liabilities that will land the taxpayer in criminal court. The most common tax crimes are tax fraud and tax evasion.  Tax evasion occurs when individuals, corporations, trusts, and other […]

Consumer Credit Counseling

If you plan to file for bankruptcy, you are required to participate in consumer credit counseling from a government approved agency within 180 days of the filing. Pre-bankruptcy counseling is designated to ensure that the debtor is an appropriate candidate for bankruptcy.  The counseling session should include an evaluation of the debtor’s personal financial situation, a discussion […]

Understanding Bank Levy Laws in New York City

Imagine getting a letter in the mail informing you that your mortgage payment has been rejected by your bank for insufficient funds. This may be because your bank account has been levied by another creditor whom you owed money. Unfortunately, in days past, New York banks automatically froze bank accounts rendering them useless for the […]

Completing Tax Returns

One thing all Americans must do is file tax returns every year.  It is important to fill out tax returns so that they are complete and accurate.  This applies regardless of how much or how little money the taxpayer has, and regardless of whether the taxpayer is struggling financially. Taxpayers must file tax returns every […]

Dealing with Tax Lien Issues in New York

New York City residents have federal and state tax obligations. If you don’t pay your taxes, you are subject to penalties including an Internal Revenue Service lien. A lien is not the same thing as a levy. A lien simply secures the government’s interest in your property, which means that it can take your property […]

Filing for Bankruptcy When Unemployed

Losing a job is a traumatic experience no matter what the circumstances and most people like to believe their ill-gotten fate is just a bump in the road. Many will try to keep up with bills even though they do not have the income to handle it. They might access their “rainy day” savings account […]

Credit Card Debt as a Cause of Bankruptcy

New York City Bankruptcy and Credit Card Debt Attorneys As many people reassess their financial state early in 2013, some will decide it’s time to consult with New York City bankruptcy and credit card attorneys to solve debt problems. Credit Card Debt causes bankruptcy, and bankruptcy can be the right solution to a financial dilemma, […]

Stop Auto Repossession in NYC

If you are hiding your vehicle to keep the “repo man” from taking it back, you’re most likely going to lose your car sooner rather than later. There is a better way to stop your car from being repossessed and to stop other creditor harassment. While filing bankruptcy is a drastic step, it may be […]

How to Rebuild After Bankruptcy

The effects of filing for bankruptcy can be devastating. In order for the debtor to rebuild his or her financial life, the debtor will have to be disciplined financially.  Most of all, the debtor will have to deal with the emotions of bankruptcy. Sometimes the most devastating effects of bankruptcy are the emotional ones.  It […]

Bankruptcy & Tax Debt: Know the Limits, Get Real Help

If you’re going through financial struggles, bankruptcy can sound like a lifeline. The idea of having all the debt washed away and finally putting an end to the credit collector calls is a dream come true. Unfortunately, filing for bankruptcy comes at a cost, and it’s even more complex when tax debt is involved. The […]

Paying Delinquent Taxes

If you missed the deadline to make a tax payment and are now delinquent, there are several options to pay the money you owe the Internal Revenue Service. A missed payment does not necessarily mean the IRS will conduct a tax audit.  A missed payment also does not mean the IRS will necessarily begin aggressive tax […]

Bronx Tax Preparer Charged in Scheme Involving $7 Million In Fraudulent Deductions

Recently, New York attorneys announced the indictment of Mark Goldberg, a Bronx tax preparer, for his participation in a multi-year tax fraud scheme.   Goldberg prepared thousands of tax returns for clients that contained millions of dollars in fraudulent, itemized deductions and tax credits that the taxpayers were not legally owed. Manhattan U.S. Attorney Preet Bharara […]

How To File For Bankruptcy In New York

If an individual has decided to file for bankruptcy, he or she is probably experiencing financial turmoil and the emotional effects that come along with it.  Further, there are several steps involved in filing for bankruptcy in New York.  As a result, it is best to know and understand the rules of bankruptcy before you […]

Dealing with the Taxing Authorities in Bankruptcy Matters

NY County Lawyers Association Consumer Bankruptcy Committee Dealing with the Taxing Authorities in Bankruptcy Matters I. Tax Collection Fundamentals: Non-Bankruptcy Alternatives 1) How does an assessment come into existence? a. Tax Return Filed. When a tax return is filed showing a tax due, the IRS assesses thattax. [IRS §6201(a)]. b. Deficiency Assessment. A deficiency is defined under […]

Cramdown Plan of Reorganization in a Commercial Real Estate Case

In a Chapter 11 bankruptcy, a cramdown plan of reorganization in a commercial real estate case usually involves a property owner trying to force an under secured mortgage lender to accept a new note for a reduced principal amount, equal to the mortgaged property value, with modified terms such as an extended maturity and a […]

Shifting the Burden of Proof

Keeping good tax records has always been important, but the IRS Restructuring and Reform Act of 1998 made it even more so. One of the act’s boldest initiatives wasshifting the burden of proof from the taxpayer to the IRS in civil tax matters. The burden shift applies to both individuals and businesses. It does not, however,cover all […]

East Coast Hospital Files For Bankruptcy

Following a patient safety investigation of Saint Catherine Medical Center, owner Saint Catherine’s Hospital of Pennsylvania filed for Chapter 11 bankruptcy in April 2012, the Republican Herald reported. The PA state health department in March 2012 conducted a visit to the Ashland, PA healthcare facility and discovered patient safety violations, including a lack of needles, syringes, […]

Harnessing Solutions for Business Bankruptcy Challenges

In late February 2012, bankrupt Peninsula Hospital in Queens, N.Y., closed down much of its 173-bed facility after NY state health officials ordered it to shut its lab, citing patient safety danger.  Since lab services were intertwined with the hospital’s operations, Peninsula Hospital transferred and discharged its inpatients and canceled surgeries, according to Crain’s New York. The […]

How Bankruptcy Affects A Credit Report

After a bankruptcy discharge from the court, the debt discharged will no longer exist and a debtor gets to keep any cash or assets acquired after discharge.  A creditor will not be able to go after a debtor for the discharged debt. A debtor can get back in financial shape by controlling impulses to overspend, […]

Filing for Chapter 7 After A Divorce

Many couples argue over money. One spouse may be cheap. Another spouse may be a spender. The couple may be in conflict about their credit card bills, the mortgage or car payments. Debt can cause a relationship to fall apart. A divorce may establish clarity in a couple’s private life, but does not make debt […]

Director Duties to Creditors at Insolvent Businesses

The California Court of Appeal, Sixth Appellate District issued a ruling in Berg & Berg Enterprises, LLC v. Boyle, 2009 Cal. App. LEXIS 1740 (Oct. 29, 2009) that limits a breach of fiduciary duty action brought by creditors against insolvent corporation directors. This case serves as persuasive authority for bankruptcy cases in New York. Berg came […]

Chapter 7 Can Be Used by Businesses to Liquidate Assets

On November 6, 2009, the New York Times reported Jason Rodriguez violently fired at his former employment in downtown Orlando, FL.  The engineer gave his life away when he randomly shot 6 individuals, injuring 5 and 1 killed at the scene.  The shooting stemmed from anger in being let go from a job in 2007 at an […]

Ending a Business

When a small business is not doing well, or when its owners want to start another chapter in their lives or careers, there are many ways to get out of a business – liquidate, merger, bankruptcy. In evaluating which route to take, the entrepreneur might first review the business’ debts. The liabilities a business has […]

Maximize Your Returns with Strategic Asset Sales

Companies in financial distress are evaluating asset sales to save a business in stress or money to keep people employed. Under Bankruptcy Code Section 363(b), an asset sale may be conducted outside of a reorganization plan. A bankruptcy sale has the benefits of transferring title to assets clear and free of any interest in the […]

Do not Keep a Home Purchase a Secret During Bankruptcy

For the ordinary person who sees a home he/she likes, s/he may let a real estate agent know to begin the purchase process, and conclude by signing their name in closing documents, making where s/he lives public in home sales reports. However, according to Zillow.com, celebrities often keep where they live a secret with non-disclosure […]

Conversion or Dismissal

A Chapter 11 case in New York starts with the filing of a petition with the bankruptcy court serving the area where the debtor lives. Each court has its own personality because the judges and trustees are different. Judge vacancies may create anxiety on court procedures and the number of cases on calendars with creditors, […]

Chapter 13 Trustee

When an individual files a Chapter 13 petition in New York, a trustee is appointed by the court to administer the bankruptcy case. With the electronic filing of bankruptcy petitions under the federal court system, the debtor usually hears who is the trustee as quickly as the day the petition gets filed. Depending on the […]

LLCs and Bankruptcy

For the business owner who has a lot of debt but can’t pay, creditors may threaten legal action against the owner personally. How much creditors collect depends on how an entrepreneur organizes the business. If a business is organized as a limited liability company (LLC), an owner’s personal assets are generally protected from creditors. However, […]

Frequently Asked Questions on Chapter 7 bankruptcy

What is Chapter 7 bankruptcy? Chapter 7 liquidation bankruptcy comes from the Bankruptcy Code found at Chapter 7 of Title 11 of the United States Code.  Chapter 7 is designed to give the New York debtor a new start. In Chapter 7, the debtor gets released from having to pay all dischargeable debts.  Creditors are […]

New York Chapter 13 Confirmation Hearing

In Chapter 13 bankruptcy, after the debtor attends a 341 creditors’ meeting, and the bankruptcy plan is filed, the next hearing is the confirmation hearing where the court approves the repayment plan if there are no creditor oppositions. In most instances, the debtor is required to attend the confirmation hearing. The bankruptcy plan is reviewed […]

Consumer Debt Collection in New York

Of importance to consumers facing debt collection problems is 15 USC Section 1681, the Fair Credit Reporting Act. A “debt collector” is generally any person who, in the ordinary course of business, regularly, on behalf of himself or others, engages in the collection of consumer debts. A “consumer debt” is generally a debt incurred by […]

Bankruptcy Players

In a bankruptcy case, creditors are individuals and businesses a debtor owes money to. Different types of debts take different priorities in getting paid off. Secured debts have to be paid in full or the debtor will lose the collateral. Unsecured debts don’t have collateral like a house or car that can be taken by […]

Bankruptcy and Intellectual Property

Intellectual property smacks with bankruptcy when a technology licensor has a debtor licensee who wants to assign the licensed rights to a licensor competitor. The Bankruptcy Code provides a debtor protection from spending to perform contract obligations with agreements are executory contracts. These agreements have material terms not yet performed by each party. For example, […]

Tax Discharge in New York Bankruptcy

Game News reported March 28, 2011, in “Trip Hawkins in serious shizzle over $20m tax bill” that the founder of Electronic Arts was rejected by a federal judge when he tried to use personal bankruptcy to cancel more than $20 million of federal and state tax obligations.  The gaming giant is responsible for mega-blockbusters like […]

Use of Cash Collateral in Bankruptcy

In a Chapter 11 case involving Delco Oil. Marathon, the federal court of appeals for the 11th Circuit forced Marathon Petroleum to return almost $2 million in cash paid to it by chapter 11 debtor. The case is persuasive authority for New York vendors dealing with a debtor in Chapter 11. To avoid credit risk […]

Chapter 11 Debtor-in-Possession

In February 2011, crain’s new york business.com reported that the founder of New York’s H&H Bagels, filed bankruptcy. The founder was sentenced to 50 weekends in jail in 2010 for failing to pay over $500,000 in payroll taxes. H&H Bagels started in 1972 with its first store at Broadway and West 80th Street on Manhattan’s […]

Small Business Debtor in New York

In Chapter 11, a business may obtain exceptions from certain filings and procedures by being classified as a small business debtor. A debtor is a small business debtor when it passes a two-part test: Debtor must be engaged in commercial or business activities other than primarily owning or operating real property with total non-contingent liquidated […]

Business Bankruptcies in New York

Westlaw News & Insights reported on February 17, 2011, that Starr & Company LLC and Starr Investment Advisors LLC filed for Chapter 7 bankruptcy in the cases Re Starr Investment Advisors, LLC, U.S. Bankruptcy Court for the Southern District of New York, No. 11-10639 and Re: Starr & Company, LLC, in the same court, No. […]

Bankruptcy: Why and When to File

The prospect of declaring bankruptcy can be a promising one, chock full of the possibility of erasing certain financial obligations, finally having peace at home without the incessant ringing of the phone and ominous creditors demanding payment and moving forward without devastating debt. At the same time, the process can be daunting, leaving extensive imprints […]

IRS Announces New Steps To Help Struggling Taxpayers

The IRS recently announced a new initiative to help taxpayers get a fresh start. According to the article: The goal is to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers. Specifically, the IRS is announcing new policies and programs to help taxpayers pay back taxes and avoid tax liens. […]

Property Taxes in New York

The New York State Department of Taxation and Finance, Office of Real Property Tax Services does a good job in explaining how property taxes work. In New York State, there is no personal property tax. Personal property taxes are taxes on personal items like cars and jewelry. In New York State, the real property tax is a […]

Manhattan Bankruptcy Attorney Stephen B. Kass P.C. Filed TriBeCa Amish Market Bankruptcy Case

New York, New York – February 23, 2011 – Manhattan bankruptcy lawyer Stephen Kass, Esq. announced today the recent settlement of a major Chapter 11 bankruptcy. According to the Crain’s New York article: “The Amish Market grocery store at 53 Park Place in TriBeCa filed for Chapter 11 bankruptcy protection on Tuesday. One of four Amish Markets […]

Bankruptcy Trustee in New York

In New York, when a person files Chapter 7 or Chapter 13, the court appoints a bankruptcy trustee who administers the debtor’s bankruptcy estate. The trustee may be a government employee, part of the US Department of Justice, or a private self-employed individual. To become a trustee, qualified applicants normally have a college degree and […]

Prior Bankruptcy Credit Counseling

When filing Chapter 7 bankruptcy in New York, the debtor needs to see a credit counselor prior to filing. In the Chapter 7 bankruptcy petition, the debtor must sign asserting this requirement is met. The counseling agency must be approved by the United States trustee. Most people enjoyed learning to ride a bike when they […]