Installment Agreements

You will owe back taxes if you don’t pay your taxes on time. Back taxes can really strain your finances, especially if you neglected to pay them on time due to financial hardship. This causes additional stress and fines, both of which can increase your debt. What you need is a strategy for paying the IRS in manageable amounts over time so that you can make up the difference. An installment agreement is the name of this strategy. Although there are both short-term and long-term installment agreements, all of them entail penalties and interest payments, so they are not the greatest option for everyone.

Additionally, not everyone is eligible for an installment agreement with the IRS or New York State, and you need to fill out an application in order to get started. This application must be accurately filled out and would benefit from the assistance of a professional. A professional tax attorney can also help you determine if installment agreements are right for you or if there is another solution to your tax debt. If you need an installment agreement attorney in Floral Park, NY, look no further than Wynne Law. We can help you resolve your New York State tax debt in a way that works best for your unique situation.

Currently Not Collectible

You might be qualified to apply for a Currently Not Collectible (CNC) status from the IRS if you are unable to pay anything toward your tax burden without giving up necessities like food, utilities, and rent. While you still earn interest, the IRS won’t contact you to collect taxes and won’t seize your assets if you have CNC status. Even though this circumstance is not ideal, it serves as insurance to provide you with some breathing room as you organize your money while still being able to cover the necessities. At Wynne Law, we assist Floral Park, New York taxpayers with applying for CNC status and comprehending the advantages it offers.

Appeals For Floral Park Business Owners

Have you ever had a request denied by the IRS or received a decision from them that you disagree with, such as a Federal Tax Lien? Thank goodness, you have a right to appeal an IRS ruling. The Independent Office of Appeals accepts informal appeals; however, you must submit your appeal by the deadline specified by the IRS. The appeals officer will issue a formal Notice of Determination following the appeals procedure. You have 30 days from the Notice of Determination or 90 days from a Notice of Deficiency to file a petition with the United States Tax Court. This process is more formal, involving a trial in front of a Federal Judge in the location that has jurisdiction over the town where your home is located.

If your dispute is with New York State, you would follow the New York State protocol, which gives taxpayers two avenues for appeal. You can either request an informal Conciliation Conference or file directly with the Division of Tax Appeals. Either way, having the help of a professional tax attorney can be crucial to getting the outcome you hope for. At Wynne Law, we help Floral Park taxpayers file appeals and reach successful outcomes.