Depending on whether for personal or business, there are different guidelines recommended for keeping and storing your records. For a more detailed description, please click here.
There are 3 main statute of limitations on how far back the IRS can audit your individual income tax return. The first statute states that IRS can go back 3 years to review a tax return for audit or examination. In the case where a taxpayer filed an extension of time to file, the 3 years begins from the extended due date, usually October 15th of the following year. The second statute states that if the taxpayer omitted more than 25% of the stated gross income of their tax return, then the IRS has 6 years to audit that return. The third statute states that in the case of a false or fraudulent tax return, there is no limitation to the amount of years back that IRS can audit a return.
Although it is never recommended to not pay in your taxes, we realize that there are times in life when circumstances make it difficult to make ends meet. The IRS and NYS both have individualized plans that offer payment options for your back and past-due taxes. For more information click here or contact us to schedule an appointment to discuss your specific tax situation.
All income taxes are due by the 15th of April of the year following the tax year. There is no extension of time to pay. Typically payments are made through withholding on your wages or retirement income or paid in quarterly through estimated tax payments. If payments are not made timely or if you file your tax return with a balance due, you will typically be contacted within 30 days of the receipt of your return in the form of a written notice. If you receive a notice or any other correspondence from IRS or NYS, please contact us so that we may assist you in handling this matter.
Depending on which tax returns you are filing, there are numerous deadlines for filling, including extensions of time to file. For a detailed list of important due dates coming up, click here.
Every taxpayer has a different set of circumstances when filing their tax returns. Whenever possible, we would like to see your last 2 years filed tax returns along with the current tax years forms such as W-2's, 1099's, retirement and investment forms, mortgage and property tax information, etc. We can also provide a tax organizer which will help you gather the necessary items for us to prepare your tax return. Please contact us for more information.
We have the software and the experience to prepare income tax, sales tax, payroll tax and more for any state. We can prepare non-resident and part-year resident returns, too!
Depending on how you filed your return will make a difference on how long it takes to receive your refund. For electronically filed tax returns, it usually takes between 2 and 3 weeks, sometimes sooner. For paper-filed returns, it could take 4 weeks or me, depending on the time of the year it gets filed. For links to the IRS and NYS sites for "WHERE IS MY REFUND?", click here.