Many clients ask, “What if I think my taxes are wrong?” Clients often come to Paladini Law because something does not look right. Maybe you missed income, forgot deductions, or received a notice from the IRS saying your return is incorrect. When that happens, you need to know how to correct the problem properly. If […]
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I’m Afraid That I’ll Lose My Wages or Assets if I File and Can’t Pay, Should I Still File?
Many clients ask, “I’m afraid that I’ll lose my wages or assets if I file and can’t pay, should I still file?” The truth is, filing doesn’t automatically put your money or property at risk. At Paladini Law, we help clients understand what really happens once you file and how to avoid aggressive IRS action. […]
What to Do When the IRS Files a Tax Lien?
Are you having trouble getting on top of your tax debt? You’re not alone, millions of Americans deal with tax problems every year. But if you fail to address the taxes you owe, IRS actions will escalate beyond penalties and interest charges. The agency could decide to file a federal tax lien against you, meaning […]
Will Filing Past Due Returns Trigger an IRS Audit?
Do you have unfiled tax returns? You’ve probably had to pay tax penalties and interest because of late filings, and you may be wondering what to do next to get back in good standing with the IRS. But will filing those old tax returns trigger an IRS audit? This is a fear many taxpayers share. […]
IRS CP2000 Notice: What It Is, Why You Got It, and How to Respond
TL;DR What Is a CP2000 Notice (and Why Did You Get One)? A CP2000 notice is an official letter from the IRS informing you of a discrepancy between the income reported on your tax return and what third parties (like employers, banks, or clients) reported to the IRS. In plain terms, it means the IRS […]
IRS Unlimited Statute of Limitations on Unfiled Returns
TL;DR Dealing with unfiled tax returns can be daunting. Many taxpayers wonder how long the IRS can pursue them or whether there’s a time limit after which tax issues expire. This article breaks down the rules in plain language, focusing on IRS deadlines and statutes of limitations, and explains what happens when you haven’t filed […]
How Far Back Can the IRS Go for Unfiled Tax Returns?
Having unfiled tax returns is a pretty common problem. Taxpayers may unknowingly miss a deadline or not file because they’re worried that they won’t be able to afford what they owe in taxes. Or, they may not file due to being overwhelmed with paperwork or busy with their business. Whatever the reason, if you don’t […]
What Assets Can the IRS Legally Seize to Satisfy Tax Debt?
TL;DR If you have just received a notice from the Internal Revenue Service (IRS) stating that they intend to enact a tax levy, you’re going to be alarmed. Your biggest questions will likely be “Can they actually do this?” and “What can they take?” The answer to the first question is “Yes.” When you owe […]
IRS Options for Tax Debt Under $50,000: Payment Plans & More
TL;DR If you’re struggling with IRS tax debt under $50,000, you’re not alone—and the good news is that the IRS offers several tax debt resolution options to help. Owing a large tax balance can be stressful, but the IRS offers payment plans and other relief programs designed for individuals in your situation. In this article, […]
IRS Gambling Losses Audit
TL;DR Gambling winnings are taxable income for federal and state taxes and must be reported, often via Form W-2G or as “other income” on Form 1040. Recreational gamblers can deduct gambling losses only if they itemize on Schedule A, and only up to the amount of gambling winnings. Losses cannot offset non-gambling income, and any […]
Statute of Limitations for New Jersey Tax Audits
TL;DR New Jersey can audit state returns, and the typical audit statute of limitations is 4 years (with some exceptions), but the time limit may not apply if you did not file, filed fraudulently, or failed to report federal changes. Audits can be triggered by unusual return items, large refunds or credits, high tax-exempt sales, […]
What is the Difference Between Forms 433 A, B, F, & H?
TL;DR When you can’t afford to pay your tax debt, the IRS relies on collection statement forms to determine if you are able to pay and, if so, what options are available to you. At present, it uses four forms: While all of them provide the IRS with insight into your financial situation, they are […]
Best Company for Tax Relief: Understanding Real and Fake Tax Relief Programs to Avoid Scams
TL;DR Federal and state tax codes are so complicated that tax problems are abundant. Unfortunately, finding help isn’t always easy. There are a lot of companies that engage in aggressive and often misleading marketing to bring in clients. Sometimes, scam artists even pretend to be tax relief companies so they can trick you out of […]
Do Tax Relief Companies Really Work? How to Avoid Rip-Offs
TL;DR Few financial issues are as stressful as unpaid taxes. The IRS can seize your assets, revoke your passport, and leave you financially destitute. That’s why the tax relief industry has grown so rapidly over the last 30 to 40 years—promises to handle state and federal tax issues sell, whether or not a company can […]
What Does a WR-30 Look Like & How Do I Do It?
TL;DR In New Jersey, employers are required to file an Employer Report of Wages Paid, or WR-30, form within 30 days of the end of each quarter ( March 31, June 30, September 30 and December 31). This report, which lists all people who were employed and/or paid by your company during the specified time […]
The IRS 10-Year Collection Rule: Taxpayer Hope or Hype?
TL;DR What is the IRS 10-year collection rule, and how could it impact your tax debt? Officially called the Collection Statute Expiration Date (“CSED”), this critical tax law generally limits tax collection efforts to 10 years from the assessment date. But certain events can pause or extend this period. Let’s dive in. The IRS’s Time […]
How a New Jersey Sales Tax Attorney Can Help Navigate Complex Sales Tax Laws
TL;DR Confused about New Jersey sales tax laws? Or maybe you’re behind in payments? You’re not alone. A New Jersey sales tax attorney can clarify complex regulations, handle audits, and help negotiate a repayment structure to get your business back on track. This guide covers how NJ sales tax attorneys can help, strategic benefits, and […]
If I Haven’t Filed in Over 10 Years, Do I Need to File All the Returns?
At Paladini Law, many clients come to us after years of not filing. Some stopped five years ago, others ten or fifteen. The longer the gap, the more overwhelming it feels. If you are wondering, “if I haven’t filed in over 10 years, do I need to file all the returns?” the good news is […]
New Jersey Tax Problems and Solutions
No one looks forward to the tax season; it brings so much stress and anxiety. While some people can breathe after the filing season, many taxpayers end up with tax issues that extend through the entire financial year, and often, it’s harder to solve state tax problems than federal ones. If you are struggling to […]
New Jersey Tax Liens and Judgments: What You Need to Know
The NJ Division of Taxation can issue a Certificate of Debt when you’re behind on your tax obligations. This can lead to seizure of funds in your bank account and blocking the sale or refinancing of your home. If you miss the state’s notices, you may not know you have a tax lien or judgment […]
