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Tax Issues

Every year, as individuals file their income tax returns, many of them face a variety of tax issues. These could range from questions such as how do I qualify for tax amnesty to what happens if I can’t pay my taxes. Although there are several solutions available, most people may not know of them and, therefore, prefer to approach a professional to help understand these issues better. Listed below are a few questions answered by the Experts on tax issues.

With regard to tax issues in the State of New York, how long do tax records need to be kept by an individual?

Tax records in New York need to be kept as long as the statute of limitations for each particular tax issue does not run out. Issues such as filing a fraudulent return or not filing one at all will require an individual to keep their tax records for an indefinite amount of time. If an individual has not reported income that amounts to 25% of their gross income, they need to keep their records for six years. If they are waiting for a credit or refund, they need to keep their records for three years from when they filed their return or two years from when they paid the tax. The tax records need to be kept for seven years if the individual filed a claim for loss from worthless securities or bad debt deduction. And four years if the records relate to employment tax. Finally, if the individual owes additional tax or is in a situation where they do not have any tax issues, they usually need to keep their income tax records for three years.

What is the most common way to handle any back tax issues?

The most common way for an individual to deal with back tax issues is to contact the IRS. If an individual contacts the IRS they may be able to do an Offer in Compromise which can get rid of all or a portion of the back taxes that the individual owes. The IRS may also set up a payment plan with the individual to help them get rid of the back tax issues by paying the taxes in installments. It is also important to note that making contact with the IRS before they attempt to make contact is always in the individual’s best interest.

Can a buyer sue a seller for not mentioning tax issues on a property before the sale went through?

If a seller does not mention that a property has tax issues before the sale goes through and does so only after the transaction is complete, the individual who bought the property has the ability to try and set aside the sale. The individual could also try and claim damages by saying that that there was fraud and deception during the purchase of the property with the support of the sales contract if there is one. In such cases, it would be advisable to get the help of a lawyer to seek damages and recover other losses arising from the harm caused by the hidden taxes.

Will there be a tax issue if the wrong person gives a Form 1099 to another person?

There could be a tax issue if an individual who does not have a legal right to issue another individual a Form 1099 does it anyway. For an individual to have the legal right to issue another individual a Form 1099, the individual who is issuing the Form has to have paid money to the individual who is receiving the Form. An example of the wrong person issuing the Form 1099 would be the person that has received the money issuing the Form 1099 to the individual who paid out the money. This could be considered to be fraudulent, which is a big tax issue.

Tax issues can come in many forms, and may need several types of tax help. While there are tax issues that can be avoided by the tax payer through diligent and proper income tax filing, there are other issues that may need the help of an attorney to sort out. Whatever your problem, put your queries to Tax Professionals on JustAnswer for insights and information that can help with your case.
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Recent Tax Questions

  • Good evening My wife and I live in the Cayman Islands and

    Good evening

    My wife and I live in the Cayman Islands and we are preparing to immigrtate to the USA. We intend selling our home in Cayman which has been our primary residence for the past 12 years. We have already purchased a home in the US which we intend to live in once we immigrate.

    If we do not manage to sell our Cayman home before we move to the US will we be liable to any sort of Capital Gains Tax if we sell it once we are resident in the US?

    Regards

    Phil
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    my husband works in ny and i work in nj. my husband lives with his parents due to job requirement.. we own a home in New jersey.. Do we file a resident new york and resident nj return with both our incomes taxed to both states??. we file joint our we entitled to a credit from new york for other jurisdication?
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