When you receive a letter from the Internal Revenue Service telling you that they’re going to audit your business or personal tax returns, it can send a shiver of dread down your spine. The purpose of an IRS audit is to examine your returns for errors or omissions. The IRS can be relentless when pursuing taxes owed, which is why so many people fear the process.
In some cases, an IRS audit determines whether you’ve purposefully or inadvertently committed any tax fraud. Most cases find nothing erroneous, but because of their methodical processes, the IRS will find any problems and mistakes you made when filing your return. Rely on an experienced tax accounting firm in NYC like Buddha Tax and Accounting to:
The IRS uses several different techniques to determine whether to audit your return:
Because the IRS can audit almost any tax return in any given year, it’s best to have your tax return processed by a professional. This reduces the likelihood that you have to face the stress and worry of IRS audit. In fact, most tax professionals advise that you never speak to the IRS by yourself. They know the tax laws better than you could. When you hire expert tax accountants like those best NYC accountant at Buddha Tax and Accounting CPA, they handle everything for you.
If your return has been chosen for IRS audit, you’re informed of your rights. Each state has its own version of these rights, but if your federal return is being examined, these rights are universal:
Sometimes, the IRS may send a Notice for a Joint Audit, which involves examining a business or personal return involving two or more states. When this happens, the IRS can examine multiple state returns as one to get a better overall picture of your income and check for inconsistencies. If you have any questions about avoiding an IRS audit or getting help if you’re about to have one, call Buddha Tax and Accounting CPA.
Businesses today have to adapt constantly on all fronts just to survive, let alone prosper. Every year, the tax laws change, and authorities release reams of information regarding rulings, regulations and guidance. Then there’s the fluctuating economy, which seems to sputter when you need it to rev and rev when you’re prepared for it to sputter. As a result, the markets are in a state of constant flux.
Successful tax planning strategies allow you to keep more of your money by reducing your tax burden on everything you do, year-round. Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a best rated NYC CPA firm. As your business evolves, your opportunities grow, but so do your responsibilities. To ensure that you’re managing both your personal and business taxes to provide you the edge to succeed, you need someone to keep an eye on your taxes all year, not just during tax-filing season. You need the best tax accountants New York City offers.
NYC accountants at Buddha Tax and Accounting CPA provides tax planning services that look at your finances in a holistic way, not as piecemeal numbers on a page. They can advise you on the best strategies for achieving your financial dreams. With an in-depth knowledge of the tax laws, their top CPAs consider future possibilities that serve your needs. Your team of personal accountants guides you through strategies regarding income, estate planning, retirement and international issues, ensuring you’re confident and informed every step of the way.In particular, Buddha Tax and Accounting CPA recommends ways to:
Your personal advisors at Buddha Tax and Accounting CPA work to strategically align your personal and business vision with current regulations. These strategies minimize your liability and grow your ventures. Your personal CPA makes your wealth work for you by optimizing such tax strategies as:
Your CPA focuses on your marginal income at the end of every year to legally manipulate your income against other financial decisions — such as a major medical procedure — to put yourself in the best tax bracket for overall income. Your tax accountant guides you through potential deductions, showing you how to use them to your advantage. There are numerous end of the year tax planning considerations, including:
With the complexities of business and personal income, you may think that they need to stay separate. While they are two distinct entities, they both need to serve you. Buddha Tax and Accounting CPA NYC CPAs look beyond the numbers to find new ways to make your wealth grow. To do it, they study where your personal and business income intersect.
Income tax planning should be a year-round activity, as your finances can be reviewed and adjusted throughout the year. Paying the least amount of taxes legally possible requires careful planning. Your personal accountants are proactive about maximizing tax saving strategies that save you money, setting up both you and your business for success.
It’s possible that the IRS has wrongfully assigned a liability to you or assessed you incorrectly. Only the best tax resolution services companies can review and deal with the IRS to resolve this issue to provide a tax relief help you need. If you’re facing a wage garnishment, a tax levy notice or some other issue involving the IRS, you need to ameliorate these tax problems before they get worse. By doing nothing or ignoring them, these tax problems will get worse. Fortunately, you can find respected professionals who know the tax laws as well as the IRS to resolve your issues for you.
If tax problems are haunting you and your business, you need a tax negotiation specialist; the best tax resolution companies take the worry out of your mind. Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a best rated NYC CPA firm. We are among the top tax relief companies in New York.
Many individuals and businesses have tax resolutions that need to be solved, but it’s nothing to be ashamed of. Often, it’s due to a mistake that never got corrected. Or there was a discrepancy that you never addressed. Whatever your tax issue is, you need to get a tax relief help from a certified tax resolution specialist of Buddha Tax and Accounting CPA.
The IRS doesn’t give up if you ignore them. Tax resolution specialists in Manhattan and greater New York City have experienced accountants with the tax settlement knowledge to legally remedy your tax problems to get you the tax relief help you need. Hiring a top accounting firm like Buddha Tax and Accounting CPA with offices in NYC and Queens to resolve your differences with the IRS provides an added benefit too: often, you don’t even need to interact with IRS agents. Just let your personal CPA do the work for you.
Depending on your situation, your accountant may use different approaches with the IRS. Regardless of your tax problems, your best NYC CPA from Buddha Tax and Accounting CPA first gets to know you, your business and your finances. Only by understanding your financial goals can a plan come together to get you a tax relief help and get through the present issues to a brighter future. It’s comforting to know that your accountants at Buddha Tax and Accounting CPA, the best tax negotiation company have a number of tax relief services available to protect you and your wealth.
If your business owes payroll taxes — usually associated with Form 940 or 941 — or other corporate income tax debts, it may be possible to restructure your business to help you recover and to give you a fresh start and tax relief help. The expert accountants at Buddha Tax and Accounting CPA are in the top few tax relief companies that can assess your financial situation and get you pointed in the right direction. Business restructuring is a difficult process that you should undertake with care to ensure new problems aren’t created.
After examining your business’s assets, liabilities and losses, as well as the type of business, ownership structure and other specifics, your team of CPAs can provide recommendations to get your business back up and running. You’ll get sound business consulting services, ensuring everything is done accurately to prevent tax problems in the future. Plus, your accountant can act as the intermediary between your firm and the IRS.
If you’ve received a notice that the IRS is going to conduct a property seizure, including bank accounts, buildings, businesses, vehicles or other business or personal property, you need help now. Best rated accountant in New York, Buddha Tax and Accounting CPA offers a tax relief help, insight and action to stop the seizure and correct the underlying debt. Often during seizures, your rights are overlooked by the IRS, so you need one of the best tax resolution services companies to prevent violations.Property seizures are serious and scary, but it’s possible to prevent the seizure process from coming to fruition. Seizing property is an involved process. Your tax accountants ensure your rights are respected by the IRS, as they work toward preventing future IRS problems.
Some solutions for individuals and businesses involve various IRS payment plans. There are thresholds for qualifying amounts in certain resolution processes, and certain plans may not apply to your situation. If one does, your CPA helps you apply for it to ease your tax burden.
A payment plan isn’t a slam-dunk no-brainer. You have to submit a qualified application, and the IRS has to approve it. In the meantime, you have to act as if the payment plan was approved, making monthly payments in the amount you decided upon. If this plan doesn’t fit your needs, you have other tax relief services, but when you have IRS tax problems, you need the creative solutions only the best tax relief companies can offer.
This agreement allows you to solve your IRS problems by offering to pay a percentage of what you owe. Obviously, the IRS has to agree, and you have to justify the reasons for paying less than you owe. There are three types of Offer in Compromise settlements that may work for your IRS liabilities:
There are a number of other tax relief services available to resolve your tax problems. It takes proper knowledge to find the best IRS resolution solutions for you. Only a top tax relief companies including Buddha Tax and Accounting CPA has tax resolution specialists to get your life back on track.For example, a program called Currently Not Collectible is a potential tax resolution services for an individual or a business. Your CPA or tax resolution specialist may recommend this solution if you’re having a difficult time paying bills or if your business is experiencing month-after-month losses. With the help of your tax resolution specialist or CPA, you can buy a little time, allowing you or your business to get everything in order without having to worry about the IRS.A few of the tax relief services available to you and your business include:
When you’re in trouble with — or in debt to — a taxing authority such as the IRS, you need a professional tax relief company to mitigate the damage and pull you out of danger. Buddha Tax and Accounting CPA offers irs resolution services and tax expertise to help you resolve your tax issues. Call today.
A lien is a claim against your property. It’s not an immediate seizure, but it’s a claim that you owe money as a result of not paying the taxes you owe. A tax lien can be placed on your property by the IRS or your state government. Tax liens are also public announcements that you have an outstanding debt with the government.
Tax liens often represent the first option the IRS uses to collect a debt against you, but you have options for how you can approach or even release yourself from the lien. Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a best rated CPA NYC firm.
A tax lien is a matter of public record, so you may be able to imagine the problems they can trigger. Specifically, tax liens can cause:
Receiving tax lien notices on your property is one of the scarier situations you may ever encounter in your dealings with the IRS. When you first begin receiving notices from the IRS or have a IRS Audit, notify your NYC CPA immediately. Tax liens don’t go away without the help of your tax accountant, who knows your finances better than anyone else. Your CPA has the best chance of helping you keep your property.
If you get hit with a tax lien, you’ll likely receive numerous calls from companies offering to help. Be wary of these companies. Dealing with a tax lien requires an expert CPA who not only knows your situation, but understands the tax laws. The tax accountants at Buddha Tax and Accounting CPA with offices in NYC and Queens have the experience and knowledge to minimize the consequences of a tax lien and legally avoid them altogether.
State tax liens occur when you owe money to your state government. These liens vary from state to state. State tax liens have the reputation of being much more strict than federal tax liens. If you receive notifications from your state regulatory agency, it’s in your best interest to contact your CPA immediately. It’s more likely you’ll lose your property or home with a state lien than with a federal tax lien.
IRS liens are debts that you owe the federal government. They differ from state tax liens in that the IRS is a little more predictable in how they deal with a lien. While federal tax liens can bring serious penalties, the IRS is often willing to work with you if you owe substantial taxes, especially if you have the help of a knowledgeable CPA. Best rated accountant in NYC, Buddha Tax and Accounting CPA tax lien specialists have helped many of their clients save their property and reputations.
Every state has tax laws that allow the regulatory agency to place a lien on your house in the case of delinquent property taxes. They’re more likely to do this than the IRS. Most state statutes place the priority of a tax lien higher than all other liens. If the property taxes remain unpaid for a long enough time, your state can hold a tax sale. When this happens, your property address, the amount of tax due and your name are listed publicly. Sometimes, your house can be sold or auctioned off to the highest bidder, depending on state laws. This isn’t just embarrassing either. Because everything’s done publicly, it can damage your future financial opportunities.
Fortunately, you have an option that may save your home, although it requires the assistance of CPAs with tax lien expertise. You may be able to object to all assessments, providing grounds of contest. Two common grounds of contest include:
All tax liens are stressful situations. Remember that to the taxing authority — either the IRS or your state government — a tax lien is just a financial tool for leverage. If you’ve had a tax lien assessed against you, it doesn’t mean you’re necessarily going to lose your house. Stay calm, but talk to your accountant right away.
Explore every option with your CPA and find solutions that may save your property, home, credit, business, career and reputation. Some of the tax lien solutions that are available to you include:
There are a number of options available to all taxpayers facing tax liens. A lien on property isn’t the end of the world, but it’s a signal to take action. Contact your personal CPA to explain your options and pick the best one for your specific situation. The tax accountants at Buddha Tax and Accounting CPA in the greater New York City metropolitan area can help you get out from under IRS liens.
No tax accountants should leave you in the lurch when you need them the most. Whenever your business or personal NYC CPA helps you with tax preparation services, that commitment should include representing you and your tax returns as needed — whether it’s to answer a simple question or to stand up in front of the IRS.
The CPAs at Buddha Tax and Accounting CPA are proud of the work they do for you, and they’re willing to defend that work whenever needed. Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a best rated CPA firm in NYC.
The tax services in NYC you get from Buddha Tax and Accounting CPA don’t rely on gimmicks to save you money. Instead, your CPAs do the hard work to develop a tax strategy that benefits not only your business, but also your personal taxes as well. It’s a holistic approach to taxes that:
If the IRS targets you or your business, they’ll leave no stone unturned in its mission to determine the accuracy of your tax return in question. If you don’t fully comply with the IRS auditors’ wishes, they’ll recalculate your tax burden and send you home with a hefty tax bill as your parting gift. They don’t fool around.
If you decide to handle the tax audit by yourself, you’ll soon discover the error of your ways. You may think you’ve been penny wise — avoiding a tax representative’s fee — but in reality, you’ve been pound foolish. Because you can’t know as much about the tax code as the IRS, you’ll end up receiving a more substantial bill for a significant tax deficiency.
The auditors at the IRS are trained to extract more information from you than you have a legal obligation to provide. They’re good at what they do. They realize that most Americans fear them. And if you’re ignorant of your rights, they’ll exploit that to their advantage.
As a result, nothing strikes fear in the hearts of more businesspeople than receiving an IRS audit letter in the mail. Audits have serious consequences if problems are found. You don’t want to be hit with a penalty for a careless mistake by a CPA who no longer returns your phone calls.
That will never happen when you hire best rated accountant, Buddha Tax and Accounting CPA with offices in NYC and Queens to prepare your taxes. Rarely, if ever, do you even have to talk with the IRS — or any governing body that requests a tax audit. Your personal CPA in NYC handles everything for you, providing IRS audit representation to shield you from worry. So hiring the tax experts at Buddha Tax and Accounting CPA isn’t just a wise decision, it’s an investment toward your peace of mind.
When you face inquiries about your taxes, including an IRS audit, you normally have to take significant time away from your business and family to deal with it. It’s stressful and unproductive. It requires you to gather mounds of financial records to substantiate each and every item reported on your tax returns. It may demand that you develop a comprehensive understanding of tax law.
That’s not how you want to spend your time. You have a business to run. You have a family life to attend to. You can’t afford to stop everything you’re doing and take time off to handle the bureaucracy and paperwork of the IRS. Dealing with the IRS can set you back months.
With Buddha Tax and Accounting CPA, you don’t have to face lost wages or missed business opportunities. If you get that dreaded IRS audit letter, simply forward notification to your personal accountants. They’ll handle it, providing IRS audit defense from A (for Audit) to Z (for Zealous, which describes your CPA’s approach).
IRS audit help is available when you need it — whenever you need it. Don’t stand alone; IRS audit tax representation can solve all kinds of tax-related problems, such as:
NYC accountants at Buddha Tax and Accounting CPA’s IRS representation for you and your business includes every type of defenseyou may need, regardless what the IRS tries to throw at you:
Solutions include a variety of effective strategies, including:
IRS audit representation ideally begins when you do your tax planning and small business tax preparation. When you start at the very beginning with Buddha Tax and Accounting CPA’s personal tax consulting services, you develop a strategy to combat tax audits up front. In this way, it’s much easier for everyone, your accountants included.
The other benefit of bringing in personal CPAs from Buddha Tax and Accounting CPA to do your taxes is the holistic way they work. Your taxes — or any of your financial statements — aren’t just numbers on a page to a personal accountant. Accounting is a means to an end — a way to live your life the way you deserve. By planning your finances and holding the vision of what your future can be, you can bring it to fruition. That’s what a personal accountant can mean to you.
Buddha Tax and Accounting CPA is the CPA firm that caters to already successful businesspeople and top executives. You’ve worked hard and developed your wealth. Now it’s time to not just maintain it, but to continue to grow it. To accomplish that goal, you need an accountant on your side who looks at the big picture:
If you’ve reached a level where you can afford the value that this level of financial advice provides, then you’ve reached the point that Buddha Tax and Accounting CPA can help you create the stability from which more growth arises. If you need tax representation, you also need the tax planning and accounting services of Buddha Tax and Accounting CPA.
If you or your business hasn’t filed a tax return in a year during which you made money — or even lost money — you need to get that information together and file those returns. The government, and the Internal Revenue Service in particular, takes a dim view of non-filed tax returns. In fact, failing to file your tax returns is a criminal offense.
Before Buddha Tax and Accounting CPA can help you out of your tax predicament, you have to file all of your tax returns. That’s the first step. Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a best rated NYC CPA firm.
Obviously, this is not a situation to take lightly. If you don’t file the tax returns you owe, you can be prosecuted, most likely successfully. You face potential punishment that includes jail time — the law stipulates that you can be incarcerated up to one year for each year you haven’t filed. Keep in mind, however, that the IRS does not want to put you in prison; it would much rather work with you to get your filings straightened out.
If you have non-filed tax returns, contact the best rated New York accountant, Buddha Tax and Accounting CPA with offices in NYC and Queens immediately. The personal accountants are there to make your transitions into wealth and status easier and more fruitful. Their job is to:
Every year, the massive computer center at the IRS gets more sophisticated and more powerful. If you haven’t filed a tax return for any year, you’re sitting on a time bomb. It’s just a matter of time before the IRS catches up with you. And if they find you, they’ll file your tax return for you, which means you won’t receive any of the deductions due to you. You’ll get whatever the government decides to give you — and they likely won’t worry about getting you the best deductions or protecting your valuable assets.
If you’ve missed filing a year’s tax returns, you may be hesitant to file it now. It’s a common fear, but it’s misguided. The sooner you file overdue returns, the better your result may be. You won’t go immediately to jail or have your assets seized. Even the IRS agrees, and they’ve provided compelling reasons for you to file as soon as possible:
Before anything can be done to extricate you from your tax woes, you must file all the returns that are overdue. No CPA can help you unless you’re willing to file. You simply must get caught up; that’s the first step toward resolving your tax issues. If you voluntarily file your delinquent returns, you’ll likely avoid harsher penalties, other than having to pay the standard interest and penalties.
An expert tax accountant in the Manhattan, NYC and New York metropolitan area, like those at Buddha Tax and Accounting CPA, can do the work to complete your non-filed tax returns quickly, assuming you have the necessary financial statements and information. During this process, your personal CPAs give you all the deductions you’re entitled to so that your return favors you as much as possible. Preparing your taxes goes a long way to diminishing how much you’ll owe in the end.
Once you’ve taken care of any non-filed tax returns, Buddha Tax and Accounting CPA can begin the work to straighten out your tax obligation. Most likely, you’ll owe some taxes, with interest and penalties. But you can mitigate some of the penalties even if you can’t figure out how to pay it all off at once. The keen minds at Buddha Tax and Accounting CPA can find solutions, including:
Once you’ve filed your delinquent tax returns, your personal NYC accountant at Buddha Tax and Accounting CPA can assess your situation and determine a course of action to minimize your penalties and get your finances on solid footing once again. A personal CPA works with you to start looking forward instead of looking back. It begins with some tax planning that helps you put taxes in their proper perspective. Perhaps auditing your finances can track your income and expenses to shed light on where your money is or where it goes. You have to get control of your finances to stay on top of your taxes. With help from expert accountants who look at your whole financial picture, from your business to your personal life, you can emerge from this experience stronger and more stable.
Let Buddha Tax and Accounting CPA give you the peace of mind you deserve. They can provide tax representation to minimize your obligations. They can help you avoid IRS wage garnishment and even IRS seizures. They’ll make your life a little easier during the process. They’ll help you get in compliance with the law.
Take this advice seriously and work toward filing your non-filed tax returns. You need to stabilize your finances to solidify your financial foundation. One step at a time, Buddha Tax and Accounting CPA can get you focused on the future, where all your financial growth awaits.
Owing taxes from years past can feel like a threatening dark cloud at the horizon. No matter which way you turn, it’s always there. Maybe your tax troubles started innocently enough — you just didn’t have the money to pay your taxes one year. Or maybe it came all of a sudden when you finally completed one or more non-filed tax returns.
Not paying the back taxes you owe can have dire consequences; don’t wait until you have all the money to pay off back taxes, Take action today, call us! Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants. Let the best rated CPA New York firm argue your case for leniency.
Like those non-filed tax returns, owing back taxes is a problem you cannot ignore. Not filing your federal tax returns is a crime; not paying the taxes you owe from previous years can mean penalties and fines that can triple the original amount you owe. The longer you let it slide, the more money you’ll potentially have to pay.
It’s possible that the IRS has wrongfully assigned a liability to you or assessed you incorrectly. If you owe back taxes to IRS do not rush to pay off. Reach out to a certified NYC accountant for back taxes to resolve any taxes you owe. Only the best tax resolution services companies can review and deal with the IRS to resolve back taxes owed to provide a tax relief help you need.
Even the most successful entrepreneurs, the best paid executives and the most prosperous individuals can have problems with back taxes owed. If you owe back taxes do not wait. Tax penalties and interest add up fast. Find a licensed tax accountant in NYC and the New York City metropolitan area who can help you paying off back taxes and contact the IRS to:
The New York CPAs at Buddha Tax and Accounting CPA with offices in NYC and Queens have experience helping successful people and businesses get out from under the weight of the back taxes they owe. Tax resolution services can definitely help. Don’t get the wrong idea — you’ll likely have to pay the taxes you owe. With the help of a skilled tax accountant for back taxes, though, you won’t have to come up with all the money right away or even all at once.
You’re not the first businessperson to defer tax payments without informing the government. If you let it go too long, you risk:
If you try to handle back taxes by yourself, you may end up writing one big check to cover the taxes you owe, the fees and penalties you accrued and the interest that built up over time. Or perhaps you’ll just continue to ignore the problem, letting the amount you owe in back taxes keep stacking up. Both actions aren’t the best way to resolve your back taxes. The smartest tactic is to hire the best rated NYC accountant, Buddha Tax and Accounting CPA tax accountants for back taxes to go to bat for you.
Accountant of Buddha Tax and Accounting CPA with offices in NYC and Queens offers this advice of things not to do when you find yourself in trouble due to back taxes:
When you hire a Manhattan tax accountant with an impeccable reputation, you’ll have to be prepared to open your books and your trust. The experienced NYC CPA at Buddha Tax and Accounting CPA steadfastly remain on your side. They’ll give you honest answers and advice for best getting out of your tax predicament.After you contact Buddha Tax and Accounting CPA, you have options that your personal tax accountant for back taxes can share with you. Together, you’ll come up with a plan to minimize your penalties and get the best deal possible. The accountant in NYC will then contact the IRS to put your plan into action.
Your tax CPA in NYC acts as your representative to the IRS. That means you won’t be involved in the process directly, except to sign paperwork and necessary forms. Paying your back taxes follows a procedure that — depending on your situation — may follow steps like these:
Whichever plan your tax accountant for back taxes and you decide to pursue, you’ll feel a sense of relief. Keep in mind it’s not over until you make that last payment to the IRS. In the meantime, make sure you follow up and make your payments on time.
The IRS is required to allow you to make payments to settle your debt to the government if you owe back taxes. To qualify for an IRS payment plan, also known as the IRS Fresh Start program, you must meet certain requirements:
You file IRS Form 9465, which is an official installment agreement request to the agency. Your tax accountant can do this for you — assuming you qualify and you both decide that the payment plan is the best way to go for you. A CPA acting as your tax representative sets up installment payments with the IRS.
The IRS offers another option if you know you’re going to have trouble paying off your back taxes — especially if you accrued many fines, penalties and interest. It’s called an Offer in Compromise or OIC, and this alternative lets you pay a portion of the money you owe, while wiping the debt off your record. Obviously, it comes with catches. If you and your tax accountant from Buddha Tax and Accounting CPA decide on pursuing an OIC, you have to put together your case. The IRS considers Offers in Compromise one at a time, so your tax representative puts together your “case” to present to the IRS. You have to ask the IRS to verify that you indeed owe back taxes as much as they claim. Then you have to prove that you don’t have the resources to pay the entire amount. It’s a complicated process for which you need competent back taxes accountants from Buddha Tax and Accounting CPA.
If you think personal tax problems are complicated, imagine the ins and outs of corporate taxes. In addition to the complex mechanism of payroll accounting, payroll taxes can be a black hole, pulling in your resources and your time with no end in sight.
If you find yourself in trouble with the IRS payroll tax rules, get help to ensure you don’t suffer the potentially business-ending consequences of improperly filing your payroll taxes. Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a best rated CPA New York firm.
Tax resolutions services, which Buddha Tax and Accounting CPA in Manhattan and the New York metropolitan area offers, can help fight the IRS, which targets small businesses for payroll tax violations. If you fail to file or pay payroll taxes, the IRS has nearly unlimited scope to put you out of business; sometimes without even a court order.
The government collects a percentage of employee salaries or wages to fund national programs like Social Security, healthcare, unemployment, and workers’ compensation. These taxes are based on the wage or salary of your employees. The payroll taxes are itemized on the pay stub. As an employer, you must deposit and report all employment taxes properly otherwise payroll tax problems are unavoidable. Payroll taxes include:
Local governments or municipalities may also collect taxes to improve local programs and facilities — such as for first responders, parks and recreation programs and road maintenance. Check with your local CPA in NYC for details if you’re unsure.
Payroll taxes have to be taken out of earned pay, matched by you the employer and paid to the government according to specific deposit schedules. The two most common deductions, seen together, form the Federal Insurance Contributions Act (FICA) tax:
Social Security tax — also known as the Old Age, Survivors, and Disability Insurance tax — is 12.4 percent, split equally between you and your employee, up to a maximum amount of $127,200 earned in a calendar year (as of 2017). This amount is known as the wage base limit.
The Medicare tax is 2.9 percent, also split equally between you and your employee. Unlike the Social Security tax, the Medicare tax has no wage base limit. For all income more than $200,000 in a calendar year, an additional 0.9 percent is levied as the Additional Medicare Tax, but this tax doesn’t have to be matched.
The federal income taxes, as well as both your and your employees’ FICA taxes, must be deposited in a timely manner according to two schedules. It’s up to you and your tax accountant to decide which of the two schedules you’re required to use. It’s going to be either monthly or semi-weekly. All deposits must be done electronically via an electronic funds transfer (EFT).
All 100 percent of your tax liability must be deposited with the collecting agency on or before the due date. Penalties are applied unless you fulfill both of these conditions:
Depending on the schedule you chose, the shortfall date is the date by which all unpaid balances must be paid without incurring deposit penalties. Outsourcing the handling of your payroll taxes can help ensure that your finances are compliant with IRS filing and deposit regulations. The tax professionals, best rated Manhattan accountant at Buddha Tax and Accounting CPA with locations in NYC and Queens stay up-to-date with the changing regulations to ensure that your taxes are filed properly and on time.
If you have any employees, you must comply with the payroll tax rules. There are three ways your business can fail when it comes to payroll taxes, any of which incurs penalties from the IRS:
If you don’t make the required deposits by the deadline or if you don’t deposit the required amount, the IRS may apply penalties. Meanwhile, additional interest accrues on the balance, beginning from the due date. If for any reason you’re unable to make the deposit, the IRS may waive the penalties if you provide a reasonable explanation and show that it was not “willful neglect.”
You can avoid all penalties by outsourcing the payroll taxes to best rated New York accounting firm at Buddha Tax and Accounting CPA. They ask the right questions and provide safeguards to keep you from experiencing an IRS threat. Your CPA ensures that your payroll taxes are deposited on time and for the right amount; they make sure that the government is paid, so you’re never late on your payroll taxes.
The government has two vague questions it asks of every business regarding payroll taxes. These questions boil the issue down to simplistic terms. If you fail to answer correctly, you have payroll tax problems and can be considered guilty of tax evasion, which is a federal crime:
If you answer Yes to the first question, you must answer No to the second. Anything else can constitute a crime. That’s all the IRS cares about, in terms of payroll taxes. If you’re held responsible for failing to withhold, collect and pay taxes, the IRS has the power to shut down your business.
Perhaps not. Astronomers have been scouring the universe for places where water worlds might have given rise to life, from Europa and Mars in our solar system to planets many light years away. Radio telescopes have been eavesdropping on the heavens and in 1977 a signal bearing the potential hallmarks of an alien message was heard. Astronomers are now able to scan the atmospheres of alien worlds for oxygen and water. The next few decades will be an exciting time to be an alien hunter with up to 60bn potentially habitable planets in our Milky Way alone.
Don’t take on the IRS on your own if you ever face payroll tax problems; it can be dangerous. They’re ruthless when it comes to tax evasion. They do whatever it takes to either get the money you owe or make sure your business doesn’t accrue more debt. In addition to the taxes you owe, the penalties, fees and interest imposed could push you so deep into tax debt that you could lose your business. Your CPA in NYC at Buddha Tax and Accounting CPA can step in as a trusted advocate to speak on your behalf to government agencies. When you don’t have to get involved personally, your life becomes less stressful. Because you’ve probably got enough other things to do on your plate.
A tax levy is the stuff of nightmares — and it’s a sign that you’ve let your tax problems get away from you. A tax levy allows the IRS to garnish your wages or even seize your property to settle your tax debt. IRS wage garnishment and property seizures are real and every bit as intimidating as you can imagine.A tax lien isn’t the same as an IRS levy. A lien is a claim on your home or office. When you sell it, the IRS gets what you owe first, before you get anything. A levy is a legal seizure of your property. The type of property that the IRS can legally take away from you includes:
If you’re hit with a Final Notice of Intent to Levy and Notice of Your Right to a Hearing from the IRS, it’s not too late to call Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a best rated CPA New York firm.
Don’t wait for this shoe to drop. Take action before the IRS resorts to seizing your property. The expert, top rated CPAs in NYC at Buddha Tax and Accounting CPA can prevent this from happening to you. It can start at the beginning of the year with good tax planning advice, but if you find yourself on the verge of an IRS levy, it’s much too late for that.
The IRS initiates a tax levy usually after trying other forms of collecting the taxes you owe. So if you receive a notice of levy from the IRS, you’re either ignoring all the other correspondence that the IRS has sent you or your personal or business accountant is patently misleading you. That would never happen if you’d hired Buddha Tax and Accounting CPA with offices in NYC and Queens. In addition to being excellent tax accountants NYC, they’re honest, ethical and communicative.
The IRS resorts to a levy if your case meets the following three criteria:
If you recognize any of these situations, you need to take immediate action to avoid the levy from taking place. To protect your personal assets, you need help — and fast. Call top CPA in NYC, Buddha Tax and Accounting CPA at 718-767-0737 and be ready to cooperate.
Not to unduly frighten you, but if you really owe the IRS thousands of dollars in unpaid taxes, penalties, fines and interest, you may be subject to a tax levy. If you’ve exhausted your options, including appeals, your tax levy proceeds. Depending on how much you owe, your real estate — your house, office space or other real property — can be seized and auctioned to raise the money you owe.
If the auction doesn’t raise enough money to cover your debt to the IRS, you’re still on the hook for the balance. It’s possible the IRS could seize more property to cover the balance. If the auction raised more than you owe, you have to file a claim to recover the balance; it’s not automatically returned to you. No matter how wealthy you are, a tax levy hurts. It hurts you financially and emotionally. It also hurts your reputation, since the auction is always a local affair, so your neighbors find out.
Successful individuals, high-ranking executives and wealthy business owners all can use expert tax advice. Some of the issues that can lead to an IRS levy include:
None of these situations led directly to an IRS levy, but all of them are signs that you’re having tax issues. Don’t let your problems get worse. Take action sooner rather than later.
As soon as you suspect you may have tax issues, get in touch with a tax specialist — someone who knows how to protect your wealth, a firm that’s solidly in your corner; in other words, Buddha Tax and Accounting CPA — to help right your financial ship.
The tax accountants at this firm can come in to the rescue. But the earlier you call, the easier that rescue will be.So don’t wait until you get that notice of levy letter in the mail from the IRS. Let Buddha Tax and Accounting CPA provide these preventative tax services for you:
If you’re facing a tax levy, you need immediate help. For this reason, Buddha Tax and Accounting CPA can also step in to offer:
Your personal CPA from Buddha Tax and Accounting CPA meets with you and reviews your situation — and your books — to determine the best path to take to avoid the IRS levy. Sometimes, the solution is simple: prove to the IRS that you’ve paid what you owe. Other times, the tactic you take may be complex, depending on the amount you owe and how far down the path to a tax levy you find yourself.
To avoid an IRS levy, hire a professional CPA who looks after your interests. You won’t have to worry about the IRS when a CPA files your taxes every year. Just make sure you pay the taxes you owe promptly. If you disagree with the amount you owe, don’t ignore it; get the help you need to petition the IRS on your behalf. That help can come from Buddha Tax and Accounting CPA.
A leading NYC accounting firm Buddha Tax and Accounting CPA can help you avoid an IRS wage garnishment. Your CPA in NYC understands the nuts, bolts and nuances of your financial life — including how tax matters impact your life.
As a successful professional, you’re well aware of the conditions that are most conducive to your success. When every detail of your venture fits neatly with the next, you create a well-oiled machine that runs flawlessly. You know that any glitch in the machinations has the potential for far-reaching consequences that can affect your livelihood and your future.
If you’re facing wages garnishment by the IRS, you’ve had other opportunities to stop it or to correct the situation. Now let your personal CPA handle things from start to finish. Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a best rated CPA New York firm.
Don’t let financial intrusions get in the way of your day-to-day operations. Your finances flow more smoothly when you work with an NYC accounting consultant. A personal New York CPA from Buddha Tax and Accounting CPA with locations in NYC and Queens can perform quarterly tax reviews and annual audits to help you avoid an IRS wage garnishment. Your CPA in NYC understands the nuts, bolts and nuances of your financial life — including how tax matters impact your life. Let Buddha Tax and Accounting CPA keep you successful and free of encumbrances.
If you fall behind on your taxes, the IRS can take steps to recover what it believes you owe. If there’s one government agency that can take drastic steps against you, it’s the IRS. Some of the measures the IRS can use against you include:
The IRS has the right to garnish your wages if you owe back taxes. While not filing your tax returns is a criminal offense, owing back taxes isn’t necessarily the result of criminal activity. It could be anything from a typographical error to a misunderstanding of a court document or confusion about the tax forms — all the more reason to work with a NYC accounting firm that has a deep understanding of tax codes and the guidelines for compliance.
IRS wage garnishment is typically a last resort. The IRS first tries other methods to get you to pay the back taxes you owe. They try to entice you to participate in programs such as one of the IRS payment plans. If those methods are unsuccessful and you still owe taxes, the IRS can move forward with wage garnishment.
Before you receive a notice of IRS wage garnishment, you’ve had the chance to ask for a hearing or to pay your back taxes. Once you receive a notice of garnishment, you must comply with the levy. The IRS has strict guidelines when garnishing your wages, so you won’t be left penniless, just a little poorer while your taxes are getting paid off.
Unlike other creditors, the IRS doesn’t take a set amount from your wages. Instead, they have guidelines that determine how much pay you get to keep to cover basic living expenses. Everything above that amount gets garnished to pay your tax debt. The guidelines that determine your exemption are based on your tax filing status and exemptions.
Here’s an example based on the IRS Tables for Figuring Amount Exempt from Levy on Wages, Salary, and Other Income. Let’s say you’re paid weekly. The IRS garnishes your wages until your tax debt is paid. If the IRS deems that you need $755 of your wages to live, that amount is protected. The IRS can take all of your weekly wages above that amount. The protected amount remains the same, whether you earn $800 or $8,000 a week.
When your company receives a notice that your wages are to be garnished, the notice provides instructions for calculating what they’ll continue to pay you. Your company also receives a Statement of Exemptions and Filing Status, which they’ll give copies to you within three days. The IRS typically gives your employer one full pay cycle to get the paperwork completed.
Once the levy begins, your paycheck shrinks to whatever has been decided you need. Everything else goes straight to the IRS. The levy remains in effect until it’s released by the IRS.
The time to skimp on professional financial consulting is not when you’re dealing with the IRS. Contact a professional who takes s big-picture view of your finances and an integrated approach to accounting. Your best CPA in NYC can handle any potential challenges — including IRS wage garnishments. Buddha Tax and Accounting CPA has a solid foundation, combining keen financial acuity with a genuine interest in your financial well-being.
Your personal CPAs investigate the IRS’ claims, and arrange for any necessary hearings. They look for potential errors, review plans for repayment and find ways to mitigate any inconvenience caused by the levy, with a careful eye on the future. They research your accounts and look at how to best resolve the issue of a possible IRS wage garnishment. Buddha Tax and Accounting CPA accountants work to grow your financial portfolio for the long haul. There’s more to life than making money, but your life and lifestyle are intimately tied up in your income and expenses.
Not everyone needs the services of a high-powered accounting firm to manage their taxes. Someone of your status, however, needs more than just a capable accountant to keep the IRS from garnishing your wages. Tax laws and IRS regulations are constantly changing, and you need a firm of professionals that not only know how the IRS works, but also have extensive experience working to protect your assets.
You need upscale accounting that acknowledges a fundamental awareness that there is no one-size-fits-all track to success. You need a professional who shows a willingness to go above and beyond what you’d expect from an ordinary accounting firm. After all, your business is anything but ordinary.
With top CPA NYC firm Buddha Tax and Accounting CPA, you’ll work with a personal tax advisor who’s familiar with the details of your financial portfolio. Your personal CPA knows the right questions to ask to help you out of your problems with the IRS. If you find yourself with questions about wage garnishment, this team of professionals is armed with the most up-to-date information and years of experience to ensure the best possible outcome.
You may believe that the IRS can’t seize your assets or your property, but it’s an unfortunate reality for a number of Americans every year. If you owe back taxes to the IRS, they don’t immediately go after your property. They first try to coerce you into paying them in full. If you can’t do that, they may try to set up a IRS payment plan for you. If that doesn’t work, they can garnish your wages.
If the IRS can’t get the money you owe on your taxes, the last option open to them is to seize your property — including your home, cars, and bank accounts. Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a top rated CPA New York firm.
The threat of IRS seizures represents one of the best reasons to hire a professional tax accountant. You’ve worked hard to build a comfortable life for yourself and your family, and the last thing you want is to lose it all to the IRS. A tax accountant like Buddha Tax and Accounting CPA with locations in NYC and Queens can:
Paying attention to your tax liability shouldn’t be an annual event, something you just glance over once a year. As your wealth increases, it’s in your best interests to remain vigilant regarding changes in tax codes and your adherence to IRS regulations. Yet even the most astute businesspeople and the most successful professionals in NYC can get lost in the jumble of IRS jargon and the complexities of the tax code.
That’s why it’s essential to work with an accounting consulting firm in NYC whose skills go beyond simple checkbook balancing and basic income tax preparation. You need a personal accountant who understands your financial life and is invested in your success. So instead of falling further and further behind on your taxes, take steps toward a positive outcome — one that doesn’t include IRS seizures — and get in touch with a leading tax accountant today.
People owe delinquent taxes for a variety of reasons, including, but not limited to:
Regardless of the reasons, the IRS has a pretty straightforward procedure for trying to collect. They start by sending bills to your address. They may call you or even send agents to visit your location. If you’re unable to pay the bill in full, the next step is to try and negotiate a IRS payment agreement, so you can pay your taxes off a little at a time. Having a qualified NYC tax professional in your corner can help you come up with a plan that satisfies the IRS, but won’t leave you in financial hardship.
Most of the time, back taxes are the result of an oversight or a situation beyond your control. You can remedy the predicament by communicating with the IRS and making arrangements for payment. If you work with top CPA in New York, Buddha Tax and Accounting CPA, you have personal tax accountants who are familiar with your finances assist you with your interaction with the IRS. Knowledgeable accountants recommend not talking to the IRS directly. Let your tax representative handle all the communication.
If the IRS can’t get in touch with you to settle your tax debt, that’s when they get tough. When you owe money to the IRS, they will not stop until they get it. They’ll send you notices, they’ll call you and they’ll give you every chance to comply. The last options for the IRS to collect payment from you are to garnish your wages or seize your assets. If you’re in this position:
If you’ve received a notice that the IRS has placed a lien on your property, it means that you can’t sell your property with a clear title until the IRS has been paid for the back taxes you owe. A tax lien can damage your credit, making any future business ventures more challenging.
If the IRS places a levy on your assets, they can actually come and take your property to pay for the back taxes. A notice is typically sent to you or your employer, letting you know that they plan to take possession of your property. However, some things are exempt from IRS seizures:
Personal vehicles are not exempt from the seizures, but the IRS sometimes leaves your vehicles if you can show that you need them for work and the loss of your vehicles would impact your future income. If you’ve received notice that your assets are going to be seized, you can appeal the decision. You may be able to sell a substantial asset — for example, luxury automobiles or vacation homes — to pay off your taxes and avoid an IRS seizure.
An IRS lien or levy remains in place until your tax debt is released. The only way to have it released is to pay your debt in full or negotiate new terms with the IRS. Your best bet, of course, is to have an experienced accounting consultant working for you before the threat of a seizure comes up.
Even if you’re in the middle of a tax crisis, hiring a personal accountant can help mitigate the damage. The Buddha Tax and Accounting CPA tax professionals know the tax laws inside and out, and they explore every legal avenue to help you retain your assets. Don’t wait if you’re experiencing tax problems. With IRS seizures on the horizon, your time is running out.
Sometimes, despite your most optimistic assumptions and your accountant’s tax plans, you end up owing the IRS when you file your taxes. Managing your tax payments can be easy if you can simply write a check to cover the amount. But if your money’s tied up or you’re experiencing cash flow issues, you may not be able to pay it all off at once. Therefore you might need to setup an IRS payment plan.
If you’re looking at a large tax bill wondering how to pay it, you can get help directly from the IRS in the form of a payment plan. Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a top rated CPA New York firm.
Don’t worry; you can get help in the form of tax resolution services, which can lead to positive outcomes, such as:
For more information about the best way to handle a tax balance with the IRS and how to set up an IRS Payment Plan, contact the tax accountants at Buddha Tax and Accounting CPA with locations in NYC and Queens.
Before you can file an application to request a payment plan with the IRS, you have to make sure all your other tax returns are complete and current. Having past due tax returns automatically disqualifies you from setting up a monthly installment plan. You must satisfy other conditions as well. For instance:
Requesting an online agreement with the IRS is the simplest and fastest way to get the ball rolling. The IRS has put the forms you need —Form 9465 and Form 433-F — on their website. All you do is present your current financial situation on the forms, and the IRS decides if the monthly payment amount you’ve requested is acceptable.
If you owe more than $50,000, you may find it more challenging to get an installment plan accepted. You have to have a complete financial statement, as well as submit supporting documents, to account for all of your income, expenses and assets. Call the phone number on your IRS bill or contact the top NYC CPA, Buddha Tax and Accounting CPA to lead you through the maze of paperwork and requirements to get your IRS monthly installment plan set up. Some additional advice includes:
To pay the IRS on a monthly basis, you have several options:
Whichever payment system you use, make sure the IRS gets those payments every month and don’t miss a payment setup by IRS payment plan. If you do, the IRS may come asking you to pay the remaining balance in full immediately. You won’t be able to go back on the IRS payment plan.
An IRS installment agreement to pay your taxes over time may not be the perfect solution for you or your business. You can have up to 72 months to pay the money you owe, but you have to pay about 10 percent interest over the life of the plan in fees and penalties, which continue to accrue while you’re making payments. The interest alone can really add up in six years.
Additionally, the IRS charges you for setting up the IRS payment plan. The fee ranges from $31 to $225, depending on the amount of your debt, whether you’re an individual or a business and where your financial circumstances currently stand.
If your application for the IRS installment agreement is rejected, your options for paying off the taxes you owe shrinks. You can ask the IRS to put their collection activities on hold or you can file for bankruptcy. Before you resort to either of these alternatives, try one of the following strategies. Each of these options relies on a specific set of conditions, so not all of them may apply to you or your business:
For more information about the best way to handle a tax balance with the IRS and how to set up an IRS installment agreement, contact the tax accountants at Buddha Tax and Accounting CPA.
If you find yourself in a situation where you owe money to the IRS that you can’t pay in full, there are several options available to you. One is an Offer in Compromise or an OIC, through which you offer to pay the IRS less than the total you owe. The IRS considers OICs on a case-by-case basis by looking at the following:
Before the IRS can consider your application for an Offer in Compromise, you must have explored all other options for repaying your tax debt, including submitting a payment plan. Buddha Tax and Accounting CPA LLP, NY Certified Public Accountants, a top rated NYC CPA firm.
If you think you’ll qualify for an Offer in Compromise, then Buddha Tax and Accounting CPA with office locations in NYC and Queens can pre-qualify you, confirm your eligibility and put a proposal together for you.
To make its determination, the IRS requires a full financial work-up of your situation to fully assess your ability to pay. Submitting an Offer in Compromise can be complex and time-consuming. You need knowledgeable tax accountants on your side to not only complete the paperwork, but also to:
NYC CPA firm Buddha Tax and Accounting CPA have experienced tax accountants to pull everything together. They confirm your eligibility and generally take the stress out of the situation. They even represent you to the IRS, so you don’t have to talk to them yourself. In fact, you should direct all IRS attempts to contact you to your CPA. Top accountant in NYC, Buddha Tax and Accounting CPA recommends that you not speak directly with an IRS agent.
As with all requests to the IRS that involve large debt, you must be current on all other tax returns, except for the year in which you’re requesting an Offer in Compromise. If you own a business, all your business taxes for the quarter must be paid and current. You may not be in the process of filing for bankruptcy — because if you are, all your government debts must be included in your bankruptcy filing.
The government expects that you’ve already done the common things to raise money — things like liquidating assets where appropriate, selling off stocks and bonds (but not from your retirement account) and selling extra vehicles or even homes — to try to pay your debt. You have to do everything humanly possible before you apply for any kind of plan or settlement.
The IRS prefers you pay your tax debt in full and in a lump sum. If your financial statement shows you can do that by selling off some of your assets, the IRS rejects your OIC quickly. If, however, you can show that paying in full would cause an economic hardship, where you can show that paying your debt would leave you unable to pay for your basic living expenses, the IRS could agree and approve your OIC.
The only other circumstance that may cause the IRS to consider an Offer in Compromise is if the amount you owe is somehow in doubt. This is a rare occurrence and can usually be sorted out rather quickly. In the meantime, make payments on your tax liability balance, as specified by the IRS, until the correct amount is verified.
If you still think you’ll qualify for an OIC, then Buddha Tax and Accounting CPA can pre-qualify you, confirm your eligibility and put a proposal together for you. Pre-qualification involves reviewing your financial situation as thoroughly as if they were performing an audit. Once your CPA agrees that an Offer in Compromise may be successful, you’ll need to determine the amount to propose for the IRS settlement.
The formula for figuring out the lowest percentage of the total debt owed that the IRS may accept looks something like this:
All payment plans and requests for debt assistance require an application fee. Offers in Compromise are no exception. You must pay a non-refundable $186 application fee, as well as an initial payment. You can choose how to settle that initial payment:
Getting an Offer in Compromise accepted relies on three things:
If the IRS rejects your OIC, you have 30 days to file an appeal. While you’re in the midst of this process, the IRS won’t pursue collections efforts, not even during the 30-day appeals window. Rejections, delivered by mail, come with explanations for the rejection. Be aware that even if you have an accepted OIC, the IRS may still take part or all of your federal tax return every year and apply it to the balance owed. For OICs accepted under DATC or ETA, you’re required to pay all taxes on time and to file your tax returns on time every year for the next five years. If you don’t, or if you miss a payment on your OIC agreement, the IRS can declare you in default and come after you for the full amount of the balance owed, including all penalties and interest.