There are few things as disconcerting as receiving the notice that the IRS will be conducting a tax audit on your return. Such a notice can be very upsetting and understandably so when it is totally unexpected. However, instead of panicking or believing the worst, it is important to remember that the IRS will often conduct random audits every year which mean that your filing may actually be fine.
How to handle Tax Summons
Typically, when you are receiving anything from the IRS, the experience is very stressful. Of course, there is the positive experience of receiving a refund check, but when people receive anything other than this, great stress is typically involved. Many people even take steps to avoid opening the document altogether.
However, avoiding the situation can be very dangerous and will only work to escalate the situation even further. Most of the time, the IRS will request information through a particular form called an Information Document Request, Form 4564. Surprisingly, you actually have no legal obligation to respond to this form, but by avoiding it, you may find yourself in an even more stressful situation.
Tax Credits for Employers Hiring Veterans by Dec 31
IRS Urges Employers to Hire Veterans by Dec. 31, Save on Taxes
Employers looking to hire sometime soon are urged to consider hiring veterans. Such hiring may entitle the employer to claim the federal Work Opportunity Tax Credit worth thousands of dollars. Employer must however act soon…the WOTC is available to employers that hire qualified veterans before the new year.
Some key facts about the WOTC include:
1. Hiring Deadline. To qualify for the WOTC, Employers must hire qualified veterans before Jan. 1, 2014. Though the credit was previously set to expire at the end of 2012, the American Taxpayer Relief Act of 2012 extended it for one year.
Disappearing Deductions
Disappearing Deductions
As tax planning for the oncoming year 2014 get into full swing, it may be helpful to highlight some of the popular deductions that are currently slated to become unavailable to taxpayers by year-end. Of course, your New York Tax Attorney can give you fuller details and tell you how each of the deductions specifically apply to you.
1. A $250 deduction available to taxpayers, for expenses related to their jobs, is currently set to expire by December 31, 2013.
IRS Fast Track Settlement Program
Yesterday, November 6, 2013, the IRS expanded nationwide, its streamlined Fast Track Settlement program (FTS), which aims to help small businesses and self-employed individuals under audit settle their differences with the IRS over their tax debts more quickly. The Fast Track Settlement program is designed to help small businesses and self-employed individuals who are under examination by the IRS.
The FTS program uses alternative dispute resolution techniques to help taxpayers save time and avoid a formal administrative appeal or lengthy litigation. As a result, your New York Tax Lawyer can resolve audit issues within 60 days, rather than months or years that it otherwise may take. Taxpayers nonetheless retain all of their rights to appeal even if they take advantage of the FTS program and they are not pleased with the outcome.
How to Locate the NYC Tax Attorney
When you have identified the need to see a NYC tax attorney, the second step is to find him. If you have never used the services of any such lawyer, you might be at a loss on how to actually get access to one. There are several avenues from which you just might get the professional that you seeking.
Ordinarily, you may have been in contact or heard of someone who had taxation problems. When you get direction from one who has had an experience with a particular lawyer, you are better placed to know the strong and weak points he has. This will help you make an informed choice. The one on one account of the way the client was handled is an indicator of the kind of treatment you can expect as well.
The importance of a New York City Tax Attorney
A lot of the people I have met never really understood the roles that a New York City Tax Attorney could play in their lives till they had a need for one. Taxation problems are usually complex and an ordinary citizen might need to be helped to understand them by a professional. Thus, a competent New York tax attorney definitely has sound knowledge of what the laws say about paying taxes. This will enable him to effectively guide his clients on problems they have with revenue agencies.
The Benefits of Hiring A New York City Tax Attorney
Facing taxation problems is not at all uncommon for the American population. It is not at all surprising, given the complexity of the economic system of the United States, which is a leading superpower in the whole world. Economic opportunities abound and one such opportunity is the availability of multiple jobs for its citizens. This, of course, is by itself good. Except that for many individuals, holding multiple jobs and thereby having a multiple source of income can get to be a headache when it comes to taxation. Some barely have enough time for fulfilling their work obligations, and it is such a real trouble when the IRS runs after them for unintentional tax miscalculations.
How Can A New York Tax Lawyer Help You?
Just recently, an entertainment company in New York that is in the business of distributing TV shows throughout the state and the country was involved in a tax case before the state’s highest court. This stemmed from the said company’s charging of sales tax from its customers who lease their satellite dish, which is needed to receive signals for TV shows, for a monthly fee. After four years of operating the business, state auditors found out that the company have committed violations of the state’s tax laws. State auditors argued that the company’s parent company should have paid sales tax for acquiring the satellite dishes, but it did not and instead passed the sales tax payment to its customers. The case is still pending with the state’s Court of Appeals.
Getting Help from A Tax Lawyer in New York
Ascertaining taxes that are due to be paid is not a simple job. This is especially true if the taxpayer concerned has multiple sources of income at hand. The fact is that having multiple sources of income is the current trend in our economy, and this in turn can be attributed to the revolutionizing effect of technology to the society in general and the economy in particular.