IRS Offers in Compromise (“OIC”) and the Big 3 Time Requirement Rules of Bankruptcy "the waiting is the hardest part"

When it comes to Bankruptcy, Tax Debts and Timing, there are 3 main rules your Attorney and Accountant need to know: 

1.    Bankruptcy must be filed more than 3 years after your tax return was due a/k/a “the 3 Year Rule”

2.    Bankruptcy must be filed more than 2 years after your tax return was filed, a/k/a “the 2 Year Rule”

3.    Bankruptcy must be filed more than 240 days after the IRS assessed your tax liability, a/k/a “the 240 Day Rule”

IRS Tax Representation, Consulting and Tax Planning

(212) 974-3435

Free Consultation: Federal Tax Practitioner, CPCU and Attorney. We provide our Clients with successful Federal and State Tax Representation. Legally privileged consultations are available Tuesday through Friday in our New York City offices. 

Tax Representation: Specializing in unpaid Income, Sales and Payroll taxes. We negotiate excellent Payment Plans, Audits, Offers in Compromise, and all other tax matters. Proven results. Practicing before the Internal Revenue Service and the New York State Department of Taxation and Finance. Speak with us directly (212) 974-3435 or contact us online.

Tax Advisors: Our Consulting and strategic Tax Planning services are designed to help Business Owners protect their assets and significantly reduce their income tax liability in 2020. 

W/C & NYSIF Assessments: We help Construction Companies with Workers Compensation Audits and NYSIF Premium Assessment Disputes, including Employee Misclassification, Unreported Income, Application Fraud, Experience, Rating and all other Workers Comp violations. Call us directly (212) 974-3435 to schedule a Free Consultation.

Expedited Service: Unfiled Tax Returns? We can have your missing Tax Returns prepared and filed within 48 hours, guaranteed. Do you need to establish a new Corporation, LLC or S-Corp? We can help. All States. Contact us directly for immediate assistance. 

(212) 974-3435

IRS sends letters to virtual currency owners "pay back taxes and file amended returns" criminal prosecution imminent – better call SELIG & Associates

The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. "Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties," said IRS Commissioner Chuck Rettig. "The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations." The IRS started sending the “educational letters” to taxpayers last week. By the end of August, more than 10,000 taxpayers will receive these letters. The names of these taxpayers were obtained through various ongoing IRS compliance efforts. For taxpayers receiving an educational letter, there are three variations: Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors. Taxpayers are pointed to appropriate information on IRS.gov, including which forms and schedules to use and where to send them. Last year the IRS announced a Virtual Currency Compliance campaign to address tax noncompliance related to the use of virtual currency through outreach and examinations of taxpayers. The IRS will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations. Virtual currency is an ongoing focus area for IRS Criminal Investigation. IRS Notice 2014-21 (PDF) states that virtual currency is property for federal tax purposes and provides guidance on how general federal tax principles apply to virtual currency transactions. Compliance efforts follow these general tax principles. The IRS will continue to consider and solicit taxpayer and practitioner feedback in education efforts and future guidance. The IRS anticipates issuing additional legal guidance in this area in the near future. Taxpayers who do not properly report the income tax consequences of virtual currency transactions are, when appropriate, liable for tax, penalties and interest. In some cases, taxpayers could be subject to criminal prosecution.

True Tax Help we successfully resolve all IRS and New York State tax problems including suspended Drivers Licenses and Passports. We specialize in unpaid payroll, sales and income taxes and negotiate excellent payment plans for businesses and individuals. To schedule a free consultation with a results driven Federal Tax Practitioner and Attorney call  (212) 974-3435 or contact us online.