State Accepts Reduced Sales Tax Liability in Ithaca, NY
State Accepts Reduced Sales Tax Liability in Ithaca, NY State Reduced Sales Tax Liability – 09-13-2005 Taxpayer Situation: The taxpayer had outstanding sales tax liabilities for 1999- 2003 in the amount of $49,956. Taxpayers had made payments to the state but had failed to file sales tax reports. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated […]
2023 Social Security Cost-Of-Living Increase Highest In 40 Years
Article Highlights: 2023 Social Security COLA Increase Historical COLA Increases Keeping Inflation At Bay Medicare Premium Decrease Medicare Income Adjusted Tables for 2023 Modified Adjusted Gross Income How Gambling Can Affect Medicare Premiums Social Security Trust Fund The Social Security Administration recently announced that Social Security beneficiaries will get an 8.7% increase to their benefits […]
IRS Accepts Improperly Applied Payments in Amityville, NY
IRS Corrects Improperly Applied Payments in Amityville, NY IRS Corrects Improperly Applied Payments – 09-10-2005 Taxpayer Situation: Taxpayers had outstanding tax liabilities for the year 2003 in the amount of $55,356. Taxpayers were current with the filing of all their tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Internal Revenue Service correction of […]
Inflation Reduces Income Tax
Article Highlights: IRS Inflation Adjustments Impact of 2023 Adjustments Will Be Felt in 2024 Tax Season Standard Deduction Tax Brackets Other Tax Attributes As the country emerges from the COVID pandemic and supply chain issues, along with the fallout from the war in Ukraine, the country has been experiencing high inflation rates that negatively impact […]
IRS Accepts Currently Not Collectible Status in Buffalo, NY
IRS Accepts Currently Not Collectible Status in Buffalo, NY IRS Currently Not Collectible Status – 09-08-2005 Taxpayer Situation: Taxpayers had outstanding tax liabilities for the year 1998 – 2003 in the amount of $163,555. Taxpayers were current with the filing of all their tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Internal Revenue […]
IRS Plans On Targeting Abusive ERTC Claims
Article Highlights: Television Promotions Payroll Tax Credit Applicable Years Qualifications Business Operations Curtailed Significant Decline in Gross Receipts Potential Abuse Have you seen those ads on television or received email solicitations promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit (ERTC). The ERTC is a […]
IRS Accepts Replacements For Substitute For Returns in Oneida, NY
IRS Accepts Replacements For Substitute For Returns in Oneida, NY IRS Replacement of Substitute For Returns– 09-05-2005 Taxpayer Situation: As a result of the taxpayer’s failure to file returns, the IRS filed several Substitute for Returns and assessed the taxpayer with $85,495 in over-inflated additional taxes. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an […]
IRS Accepts Abatement of Penalties in Queens, NY
IRS Accepts Abatement of Penalties in Queens, NY IRS Installment Agreement – 09-03-2005 Taxpayer Situation: Taxpayer filed multiple partnership returns at the request of IRS. The taxpayer had previously listed the result of the partnership returns on all prior personal returns filed. IRS assessed the taxpayer with $12,475 in failure to file partnership returns for […]
Video Tips: Avoid a Surprise Bill when Tax Season Comes
The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-earn, it’s important for taxpayers to withhold enough from their paychecks or pay enough in estimated tax. If they don’t, they risk being charged a penalty. Watch […]
State Accepts Offer in Compromise in Liverpool, NY
State Accepts Offer in Compromise in Liverpool, NY IRS Offer in Compromise – 09-02-2005 Taxpayer Situation: Taxpayers owed the New York Department of Taxation and Finance for tax years 1996-2004, totaling $65,122. Taxpayers were current with the filing of all their tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Offer in Compromise with […]