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…]
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…]
Thanks to a law passed at the end of 2015, the IRS can revoke passports of seriously delinquent taxpayers. The law is another attempt to collect on the large amount of taxes owed to the government. According to the Washington Times, in 2014, the IRS reported 12.4 million delinquent accounts owed nearly $131 billion in assessed taxes, interest and penalties. Although the government’s frustration is understandable, its methods are becoming increasingly extreme. As a result, taxpayers need to understand the dangers of passport revocation.