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| IRS NOTICES, AUDITS & APPEALS | NEW YORK STATE DEPARTMENT of TAXATION and FINANCE
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NEW JERSEY DIVISION of TAXATION |
IRS NOTICES, AUDITS & APPEALS
IRS activity is increasing. And the amount of notice letters the IRS is mailing is increasing. By using computers and matching programs, the IRS is increasing tax revenue by sending notices to taxpayers whose tax information doesn’t match up with other taxpayers’ submissions. Targets of these notices include such items as interest and dividends.
Additionally, the IRS is increasing individual and business audits, vigorously pursuing non-filers, imposing tax liens, levies and wage garnishments.
On top of all this, the IRS can impose significant penalties and interest.
Individual and Business IRS Audits
The IRS is increasing audits of individuals and businesses.
Income taxes and withholding taxes are the usual audit targets.
But recently, a great deal of effort has been devoted to employment relationships. The IRS’ reclassification of a contractor into an employee can result in a heavy assessment for income taxes that should have been withheld on the former contractor’s pay as well as penalties and interest.
Additionally, such audits can trigger Department of Labor and state labor department inquiries.
We can represent you in an audit and limit your burdens!
IRS Appeals
If a taxpayer disagrees with the adjustments from an audit, they can appeal to the Appeals Unit of the IRS instead of going to court.
The Appeals Unit is independent of the IRS and its mission is to help taxpayers and the government resolves tax disagreements.
The Appeals Unit does not take sides in a dispute but tries to offer an objective point of view.
We can review your audit and represent you in Appeals!
Penalty Abatement Requests
The IRS can impose a penalty on you when you fail to pay a tax when due, fail to timely file a tax return, or for inaccuracies. And such penalties can be staggering. But under the right facts and circumstances, penalties can be abated if a proper request is made to the IRS.
We can help you avoid or minimize such penalties!
Non-Filer Help
Failing to file a return may subject a taxpayer to criminal proceedings. Additionally, the IRS may generate a return for non-filing taxpayers using information that third parties have submitted to the IRS.
It’s always better to take control of a situation instead of leaving your faith to someone else. And if a taxpayer takes the initiative in getting his filings up to date, the IRS will view his effort more favorably.
We can help non-filers get up to date!
Installment Agreements
If a taxpayer can’t immediately satisfy his liability, he can pay in installments. But before the IRS agrees to an installment agreement the taxpayer submits financial information to the IRS. The information is used by the IRS to determine the terms of the payment plan and guarantee the taxpayer’s ability to satisfy the agreement.
We can put your information together and submit it to the IRS!
Offers in Compromise
If, after a rigorous review of the taxpayer’s financial status, the IRS determines that full collectability of a debt isn’t possible, an Offer in Compromise might be pursued. Under this procedure, both the taxpayer and the IRS agree to payment of a certain amount, generally less than the original amount, to settle the taxpayer’s debt.
We can help put your information together for the IRS!
Trust Fund Recovery Penalties
Business owners and managers can be personally responsible for income taxes withheld from employee wages and not paid to the IRS. And as disturbing as an IRS auditor can be, an IRS collection agent’s unannounced appearance at the door to collect taxes from the owner or manager can disrupt the business and the owner or manager’s life.
We can help you deal with collection agents!
NEW YORK STATE DEPARTMENT of TAXATION and FINANCE
Individual and Business Audits
New York State imposes taxes on individuals and businesses that either reside in or derive income from within its borders. The New York State Department of Taxation and Finance is the state agency that deals with individual and business taxes. And like the IRS, the New York State Department of Taxation and Finance is increasing audits of individuals and businesses.
It is also using computer matching programs to increase tax revenue by sending notices to taxpayers whose filing information doesn’t match up with information in their database.
We can help you deal with New York audits & notices!
Conciliation Conferences or Tax Appeals
If a taxpayer disagrees with the adjustments from an audit, they either file a Request for Conciliation Conference or file a Petition for a Tax Appeals hearing. A request for a conciliation conference is made through the Bureau of Conciliation and Mediation Services (BCMS). BCMS is an impartial forum that hears disputes and is quicker and less expensive than filing a petition for a Tax Appeals hearing.
A Petition for a Tax Appeals hearing is an adversarial proceeding before an impartial administrative law judge. After the hearing, the administrative law judge issues a determination that will finally decide the dispute unless either party requests review by the Tax Appeals Tribunal.
We can represent you in a Conference or a Tax Appeal!
Voluntary Disclosures/Non-Filers
The New York State Department of Taxation and Finance’s Voluntary Disclosure and Compliance program permits eligible taxpayers who owe back taxes and haven’t filed related returns to avoid possible criminal charges by informing the Department what taxes they owe, paying those taxes, and entering into an agreement to pay all future taxes.
We can get you back in compliance!
Installment Agreements
Like the IRS, if a taxpayer can’t immediately satisfy his liability he can pay in installments in New York. But before the New York Department of Taxation and Finance agrees to an installment agreement, the taxpayer submits financial information for review. The information is used to determine the terms of the payment plan and guarantee the taxpayer’s ability to satisfy the agreement.
We can put your information together and submit it!
Offers in Compromise
In New York, the Offer in Compromise program permits financially distressed taxpayers to put certain tax liabilities behind them by paying a reasonable portion of their tax debt. Offers in compromise will be considered if an individual or business is insolvent or bankrupt. Or if the taxpayer is not insolvent or bankrupt, offer in compromise would be considered when payment in full would create undue economic hardship.
We can shepherd your offer through the application process!
NEW JERSEY DIVISION of TAXATION
Individual & Business Audits
New Jersey imposes taxes on individuals and businesses that either reside in or derive income from within its borders. The New Jersey Division of Taxation is the state agency that deals with individual and business taxes. And like the IRS, the New Jersey Division of Taxation is increasing audits of individuals and businesses.
It is also using computer matching programs to increase tax revenue by sending notices to taxpayers whose filing information doesn’t match up with information in their database.
We can help you deal with New Jersey audits & notices!
Conferences
If a taxpayer disagrees with the adjustments from an audit, they can file a request for a Conference. A request for a conference is made in a written protest detailing the facts and legal position of the taxpayer. The Appeals Board presides over the conference and issues a decision.
We can represent you in a Conference!
Voluntary Disclosures/Non-Filers
The New Jersey Division of Taxation’s Voluntary Disclosure Program is a means for individual and business taxpayers who realize that they have a tax filing obligation or that their business activity creates nexus for New Jersey state tax purposes to come forward and file the appropriate tax return(s), registration materials and pay outstanding tax obligations.
We can get you back in compliance!
Installment Agreements
Like the IRS, if a taxpayer can’t immediately satisfy his liability he can pay in installments in New Jersey. But before the New Jersey Division of Taxation agrees to an installment agreement, the taxpayer submits financial information for review. The information is used to determine the terms of the payment plan and guarantee the taxpayer’s ability to satisfy the agreement.
We can put your information together and submit it!
Compromises of Tax
In New Jersey, the basis for compromises are limited to only cases where there is doubt as to the liability of the taxpayer or the collectability of the tax can be compromised. All civil and criminal penalties can be reduced or eliminated, unless the matter has already been referred to the Attorney General for further action.
We can shepherd your offer through the Compromise process!
Trust Fund Taxes
Business owners and managers can be personally responsible for income taxes withheld from employee wages and not paid to the New Jersey Division of Taxation. And in New Jersey personal responsibility for taxes owed includes any interest and penalties assessed against the employer.
We can help you deal with collection agents!
BUSINESS/TAX PLANNING & STRUCTURING
From formation to termination, federal and state taxes can impact every business decision. Choosing the type of business entity and any change to the entity (such as sales and transfers, mergers or liquidations) can all have distinct tax consequences that can trigger unforeseen tax bills. Additionally, any significant event in the taxpayer’s life or business should alert the taxpayer to a possible tax consequence that can be avoided or prepared for by tax planning and structuring.
And not only do taxpayers’ changing circumstances need tax review but the changing world imposes new tax challenges on taxpayers. For example, tax law changes can result in new burdens previously unknown to the taxpayer.
Such surprises can go unaccounted for in daily operations as well as in large transactions resulting in penalties and interest.
We can help plan to minimize many taxes!