An audit by the Internal Revenue Service (IRS) can be a long and cumbersome process — but the Internal Revenue Service audit is only half the battle. Following a federal tax audit, you will need to file an adjustment with New York State. You are required to report any...
Tax
What is a Collection Due Process (CDP) Hearing?
If you have outstanding debt, the IRS may pursue a collection action. A Collection Due Process Hearing — commonly referred to as a “CDP” — is typically a taxpayer’s last opportunity to resolve a controversy with the Internal Revenue Service (IRS) before resorting to...
What is the Collection Appeal Program (CAP)?
The Internal Revenue Service (IRS) may levy your assets, seize your property, and issue a federal tax lien if you have unpaid taxes. A Collection Appeal Program (CAP) can be requested by taxpayers to challenge a collection action by the IRS. This procedure provides an...
Answering Tax Audit FAQs With Joshua D. Brinen
https://vimeo.com/840148071?share=copy What is an information document request? An information document request is a formal notice from the Internal Revenue Service. During an audit in which the Internal Revenue Service personnel, be they an agent or an officer, will...
Understanding Interest Charged by the IRS
Tax is due to the Internal Revenue Service (IRS) on the return filing date. If you fail to pay all taxes owed when due, interest will be charged and continue to accrue from the return until it has been paid in full. Filing for an extension does not extend the time you...
Preparing Your Corporation for its Tax Filings
For the purposes of filing federal income taxes, a corporation is considered a separate taxpayer. Any profit made is taxed to the corporation when earned and then taxed to the shareholders upon distribution as dividends. Critically, corporations that generate net...