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Morris Park, NY Real Estate News

By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation in Parkchester, NY. Resolving payroll tax debt involves repaying tax withholdings that was intended for the IRS. Employers have a fiduciary responsibility for collecting taxes from its employees and in turn paying those funds to the state and IRS. Those collected funds are held in a payroll tax trust fund. When employers (usually of small businesses) don’t pay, it becomes a major problem for the IRS. The employees’ withholdings are the taxes held in payroll tax trust fund and the same withholdings that employees would later file from their W-2s. When the IRS payout refunds through those same W-2s and not receive the payroll tax trust fund money from the employer, that’s when it becomes a problem for the small business employer. The IRS ...
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By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation and post-tax filing compliance in Parkchester, New York. A taxpayer would receive a final notice after the IRS has exhausted all efforts in reaching the taxpayer to collect on a tax liability. Each notice after the initial notice for payment would urge or remind the taxpayer that the IRS has yet to receive a response on the tax due. The taxpayer still has time to address the tax liability for each letter received and could do so directly with the IRS, however oftentimes the warnings go unanswered which leads to the final notice to collect on the tax liability. The final notice is the IRS’ intention to levy the taxpayer. The final notice (also called the Letter 11) is when the IRS begins to aggressively take the funds needed to satisfy t...
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By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation and post-tax filing compliance in Parkchester, New York. A Doubt As To Liability Offer in Compromise or DATL-OIC, is used when the taxpayer questions the existence or the amount of a tax liability. There may be a reason for a compromise if the taxpayer believes a debt doesn’t exist and has supporting documentation or evidence to challenge the tax liability. The IRS would then evaluate the claim and supporting evidence to make its determination as to whether a tax liability exists. The DATL-OIC is basically an audit examination and Offer in Compromise combined. The final determination by the IRS depends on whether the submitted evidence is accepted or rejected. In the meantime, the taxpayer must stay in compliance (keeping up with tax re...
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By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation and post-tax filing compliance in Parkchester, New York. Non-filers who neglect to file a tax return in a given year, will basically have their tax return filed by a Revenue Officer who would obtain third-party tax documents to create a “tax return” on behalf of the non-filer. The Substitute for Return (SFR) is not considered a tax return unless the non-filer (taxpayer) signs the document. That document would then count as a tax return and could incur tax liabilities in which the Revenue Officer would seek to collect through tax notices, liens and in the worst-case levies. The downside of having an SFR created on behalf of the non-filer (taxpayer) is that the tax liability incurred as a result of the SFR would not be dischargeable in th...
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By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation and post-tax filing compliance in Parkchester, New York. When a non-filer neglects to file their tax returns, the IRS will automatically file a tax return for the non-filer on their behalf. This is called a Substitute for Return (SFR). An SFR may not be a good option for the non-filer since the IRS wont’ take into account credits and deductions available to the non-filer. It is strictly filed for the sake of having the non-filer’s income on record. An SFR is not an actual tax return. There is little benefit to the non-filer having the IRS file the SFR. If it turns out that the non-filer would owe a tax debt as a result of the SFR, then the non-filer may want to file the tax return to replace the SFR.A non-filer may want to file a tax re...
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By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation and post-tax filing compliance in Parkchester, New York. Taxpayers must be compliance with the IRS by filing their tax returns. Taxpayers who don’t file their tax returns are referred to as non-filers. After many years of neglecting to file their tax returns, non-filers may run into tax debt problems, but non-filers can only negotiate for a lower tax debt repayment after they first file their tax returns to become compliant with the IRS. The IRS would make no exceptions. Certain transcripts are needed to retrieve financial information to reconstruct tax documents that are no longer accessible. The Wage and Income Transcript includes the Form W-2 Wage and Tax Statement which details taxpayer and employer information, taxpayer’s earned wa...
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By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation and post-tax filing compliance in Parkchester, New York. Tax compliance is what’s required in order to obtain Offer in Compromise, negotiate tax liens or have levies disrupted through the IRS. Tax compliance means the taxpayer must do their part in getting into and remaining in good standing with the IRS. This starts off with filing required past tax returns up to the most recent tax year. Tax compliance also includes any estimated tax payments required in the most recent tax year. Being in tax compliance shows the IRS that the taxpayer is serious about getting back on track to paying their taxes. Not being in tax compliance and not remaining in tax compliance has some serious consequences. The IRS won’t make any Offer in Compromise unl...
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By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation in Parkchester, NY. It’s important for taxpayers to know exactly what is on their tax account transcripts. The tax account transcript is a history of the taxpayer’s filings, non-filings, refunds, any debts owed, penalties and basically anything tax related that could ever appear since the start of earning income. The tax account transcript data can go back as far as 20 years, though the data needed for tax debt resolution may not have to go that far back. When it’s discovered that taxpayers aren’t in tax compliance (they’re not current with tax filings), it’s important for a tax professional to bring the taxpayer current. This is especially the case if they are seeking a reduction of tax debt in a negotiation with the IRS. The tax accou...
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By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation and post-tax filing compliance in Parkchester, New York. Post-tax filing compliance is complying with the IRS after initially filing a tax return in which the return is later assessed by the IRS and the IRS discovers there is a tax debt due. This tax liability would generate a silent lien if payment isn’t made upon demand per IRS written notice.  A taxpayer could incur a tax liability for many reasons, but if it’s not paid promptly, the taxpayer will likely have to pay in addition to the debt interest and penalties.The silent lien is the IRS’ way of alerting the public through a notice filing that it seeks seniority amongst other possible creditors of the taxpayer. The public filing is called a Notice of Federal Tax Lien (NFTL). The IRS...
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By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation and post-tax filing compliance in Parkchester, New York. When a taxpayer has a tax lien from the IRS, it could make it difficult to secure any financing from a lender because that lender would be subordinate to the IRS. However, the IRS would allow becoming subordinate in a case when doing so means the taxpayer could free up cash on a new loan to pay down the debt owed to the IRS. Generally speaking, the IRS won’t get in the way of opportunities of getting a debt paid down whether lump sum or in installment payments thus allowing itself to be subordinate. The key to getting the IRS to subordinate a tax lien is to convince them that the new loan is for the purposes of paying down the outstanding debt owed to the IRS. If the money is bein...
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By Gail Miller, M.S., EA, IRS Tax Account Analysis serving East Bronx area
(Miller Tax & Advisory Services)
The primary focus of my firm is tax representation and post-tax filing compliance in Parkchester, New York. When taxpayers owe a large debt to the IRS and can’t pay the tax debt, the IRS will seek to collect on the debt through the taxpayer’s assets. If the taxpayer has an asset in which the IRS had placed a tax lien, the taxpayer may think the asset can’t be discharged or sold from under the lien and that somehow the lien prevents the sale of the asset. This simply isn’t true. The asset could in fact be sold from under the lien. The IRS wants nothing more than to collect on the debt and the lien helps to secure that debt. The IRS would rather have the money than property so if the taxpayer could sell it to satisfy the debt, then the IRS would not let the lien interfere with the sale. H...
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