Supreme Court Justice Oliver Wendell Holmes, Jr. is credited with saying, “taxes are the price we pay for civilized society.” No one must pay more in taxes than necessary under the U.S. Tax Code. You can structure your financial affairs to be tax efficient — but you...
If you had debt that was reduced or canceled not through bankruptcy or insolvency, that reduction may be taxable. Even though there are no actual cash proceeds, cancellation or discharge of debt is counted toward your income. Under Internal Revenue Code Section 61...
An Offer in Compromise is an agreement made between the taxpayer and the Internal Revenue Service (IRS) that settles a tax debt for an amount less than the amount of tax liability. If you have a legitimate doubt regarding the amount of tax you owe, you may be able to...
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...
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...
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...
