Tax Problems

Unfiled returns

Sometimes life just gets in the way. You’re busy, you feel overwhelmed with responsibilities. Maybe you find the whole income tax process intimidating. Perhaps you’ve been coping with an illness, divorce, job loss, or death in the family. Or perhaps you simply don’t have the money to pay what you think you will owe (or what the government says you owe).

Whatever the reason, the problem is not going away on its own. If you’re ready to get caught up, we’re here for you. The sooner you take action, the sooner you can put these problems behind you. We can help you resolve that burden and put an end to your tax-related stress.

This IRS (and states) are getting aggressive about chasing non-filers and non-payers. Even if you don’t owe much, you’ll want to file to keep additional penalties and interest from piling on. And if you do owe a significant amount, the IRS may force the issue by seizing bank accounts or garnishing your pay.

How Hudson Valley Tax Experts can help.

Unpaid Tax Debts

It can happen to anyone. Your employer didn’t withhold enough tax from your paycheck. Or you were out of work and collected unemployment. Or you took money from a retirement account to pay an unexpected bill. Or you started collecting Social Security. There’s hundreds of reasons you might have an unexpected tax bill, and you’re not alone.

If you owe the IRS (or a state) a significant amount, it be stressful. You might feel trapped, or frozen, not knowing how to get out of the situation. The worst choice is to do nothing, as penalties and interest keep adding up, but what should you do?

The IRS takes their money seriously and will use every legal route they have to collect. They can seize your assets, freeze your bank account, garnish your paycheck, and even revoke your passport. New York can take similar actions, including suspending your driver’s license. Liens can be filed on your property. Levies can be made on your future income. We hope this hasn’t happened to you yet, but it can if you don’t act fast enough.

How Hudson Valley Tax Experts can help.

Audits & Examinations

Have you received a letter from the IRS (or state) and are unsure what to do? The notice may require a simple response, or it might be a complicated issue. In either case, if you respond incorrectly or incompletely, it may waste your time and add to your stress. An incorrect response might even cost you money. We can interpret what the IRS is asking so that you can answer appropriately and decisively.

You might receive an IRS or state tax letter for any of several reasons. It doesn’t necessarily mean you did anything bad. If the question is about a discrepancy or a balance due, the response is likely to be straightforward. However, it’s always a good idea to get a tax professional to review or develop any response you need to send to the IRS.

If you’re being audited, on the other hand, you’ll need to thoroughly prepare. An audit can be nerve-wracking. An experienced tax professional can help you organize your records and guide you as to what you should – and should not – provide.

How Hudson Valley Tax Experts can help.