May 2020 Archives

Have tax debt? Here are 3 things you may want to do

Not being able to pay one's taxes can cause a person to experience a lot of stress. Connecticut residents with tax debt may put off filing and paying for years because they fear the consequences of failing to pay on time and in full. For anyone who is struggling to meet his or her tax obligations, here are three things to consider doing as soon as possible.

Filing an income tax return for a recently deceased person

When a Connecticut resident passes away, there are a lot of things that need to be taken care of -- including the filing of his or her taxes. This is different than filing estate taxes, which may or may not be necessary, depending on the size of the decedent's estate. Filing state and federal income tax returns is a must, and it is up to the executor of the estate to get this done.

IRS seeking help dealing with cryptocurrency tax evasion

The Internal Revenue Service has been short-staffed and underfunded for quite some time, which has resulted in specific issues not receiving the time and attention they actually require. For example, cryptocurrency tax evasion is a known problem, but there are not enough IRS agents available to devote their time to investigating potential cases. This is a problem that is about to change, however, which means those Connecticut residents who have cryptocurrency in their financial portfolios may need to prepare for the IRS to come calling.

There is another tax relief method for spouses

If your spouse or former spouse owed money to the IRS, you may have attempted to obtain innocent spouse relief in order to avoid the IRS seizing your portion of a refund or to keep from being liable for your spouse's taxes, but it didn't work. You may have then taken it to the next level and tried to get relief by separation of liability, but that option did not work either.

How long should I keep my income tax returns?

Filing taxes is something many Connecticut residents dread doing. It takes time, mistakes are easy to make, and no one wants to find out how much more they may owe the government. However, most people file them anyway because the consequences of not doing so can be significant. Once income tax returns are submitted and approved by the Internal Revenue Service, one might be tempted to throw out all documentation -- who wants to carry it around, right? Doing this is not suggested, as it can cause a person a lot of problems if the IRS eventually comes knocking.

Tax audits: What you can expect

Every year, quite a few Connecticut residents find out the Internal Revenue Service is auditing them. Those who are facing tax audits will receive notification in the mail. Within that notification is a lot of information about what is needed to review one's case and how to contact the agent assigned to one's case, but it typically contains little information about the actual audit process. For this reason, it seems appropriate to share what one can expect when being audited.

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Baker Law Firm, P. C.
24 Delay Street, Suite 1
Danbury, CT 06810

Phone: 203-648-4737
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