The IRS and New York State have been progressively expanding their arsenal of tools to collect back taxes from delinquent taxpayers. At the recent BOOM B2B Expo and Executive Speaker Conference, we spoke to business owners about some of the most powerful enforcement techniques used by the federal and state government. [Read more…]
Modern technology has made information sharing agreements by tax agencies easy and cost effective. Both federal and state governments can seek data from other agencies and no longer have to rely solely on their own resources to uncover information about individuals and businesses. For example, when a taxpayer is audited by the IRS, the IRS electronically provides information about any adjustment to the states so they can take action against taxpayers if appropriate. [Read more…]
By: Lee A. Schwartz, Esq.No matter the size of your estate or the complexity of your circumstances, it is important to have the proper estate planning documents in place to protect you, your family and your assets. Having the proper estate planning documents in place at the time of serious illness or death avoids uncertainty, which can create conflict among family members from which they may never recover.
The New York State Department of Taxation and Finance has introduced a new “Quick Pay” app to help people pay their tax debt. More than 2,600 payments, worth $2.5 million, were made in the first four months.
The app lets you pay directly from your bank account for free. In order to use Quick Pay, you will need your case number from your bill or notice and the following information from an income tax return for one of the last four years: [Read more…]
By: Matthew E. Rappaport, Esq., LL.M.
Part of my law practice involves tax and asset protection planning for Trusts & Estates matters. One of the most common mistakes I see from clients, even those who have consulted seasoned practitioners, is a failure to tailor their planning to their specific assets.
Two of the asset classes where a lack of attention can have harsh consequences are retirement accounts and life insurance. [Read more…]