If you missed the April 18th deadline for filing your New York State tax return, you could face serious penalties. Even if your case is not as egregious as the latest politician to be arrested for tax evasion, nonfilers are subject to monetary penalties and possible criminal charges. However, New York offers a way to become compliant by applying to the NYS Department of Taxation and Finance’s Voluntary Disclosure and Compliance Program. [Read more…]
The IRS assesses millions of penalties against taxpayers each year in an effort to encourage voluntary compliance with the tax law. Penalties may be based on the failure to pay tax when due, failure to timely file a tax return, substantial inaccuracies in tax filings, or some other noncompliance with the tax law. Occasionally, the IRS will reduce or abate penalties upon request where the taxpayer establishes appropriate grounds for relief. [Read more…]
Technologists and thinkers can have a “eureka moment” at any time. They see a problem and instead of just “dealing” with it, they create a solution. The solution can be a new product idea or a redesign of an existing product. In other words, an invention is born. One of the next steps is for the inventor to meet with a patent attorney. As eager as the inventor may be to get a patent application prepared and filed, especially now that all major patent jurisdictions, including the US, award the patent to the inventor who is the “first-to-file”, the patent attorney will advise that a patent search should first be performed. Here are five main reasons why it is important to perform a patent search.
Most people know the government can go after taxpayers who owe back taxes. However, few individuals realize that both New York State and the IRS now have the ability to restrict delinquent taxpayers’ ability to travel, whether by suspending their driver’s licenses or by revoking their passports. [Read more…]
Are you personally responsible for taxes owed by your employer’s business?
Many people are surprised to learn that there are circumstances when New York State is permitted to collect a business’s withholding tax and sales tax from responsible persons at the organization. Individuals who are notified that they are being held personally responsible for taxes often try to argue “it wasn’t me” and point fingers at someone else. However, that argument doesn’t necessarily work so it’s important to know the rules. [Read more…]