Enforcement Revenue Collected by the IRS (Dollars in Billions) FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 Collection $24.3 $24.4 $24.8 $25.7 $26.6 $28.2 $31.8 $31.1 $26.9 $29.1 $31.10 Examination $5.6 $5.7 $8.8 $12.5 $13.8 $13.0…
Businesses and individuals in New York metro such as Manhattan, The Bronx, Brooklyn, Queens, and Staten Island often require professional IRS help to resolve tax related issues. The tax laws, state and or federal tend to be complicated and you rarely have a very good understanding of the laws as…
What is an IRS Tax Settlement? An IRS tax settlement is an agreement between you and the IRS regarding what you owe them. It is a negotiation where you pay an amount that is less than you originally owed. The IRS is often willing to take a deal rather than…
What is an IRS Tax Audit and Examination? An IRS tax audit and examination isn’t fun because they will be evaluating all aspects of what you have reported on your tax returns. They have the right to do this for individuals as well as for businesses. Sometimes, there is something…
What is a Bank Levy? A bank levy is a very serious incident and one that can cause great distress for you financially. This involves the IRS freezing your bank account. They can take everything that is in it. They don’t care if you have $5, $500, or $5,000. They…
Employment Taxes If you have your own business, there is plenty going on all the time. In addition to taking care of your customers, you have to take care of your employees. Payroll can be very difficult with the many scenarios, and that can lead to an employment tax problem.…
Want to reduce your unpaid IRS debt with an Offer in Compromise? Many taxpayers with back taxes contact us on a daily basis to see if qualifying for an offer in compromise settlement can save them thousands of dollars in taxes, penalties and interest. The widely known offer in compromise…
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service (IRS) that settles the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in…
Updated 9/02/11 to reflect expanded federally declared disaster area. The Internal Revenue Service is providing tax relief to individual and business taxpayers impacted by Hurricane Irene. The IRS announced today that certain taxpayers in North Carolina, New Jersey, New York, Vermont and Puerto Rico will receive tax relief, and other…
When it comes to filing a tax return, or not filing one, the IRS can assess a penalty if you fail to file, fail to pay or both. Here are eight important points the IRS wants you to know about the two different penalties you may face if you do…