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A New Jersey restaurant audit can go far beyond reviewing tax returns. Auditors may compare POS records, bank deposits, credit-card receipts and vendor purchases—and may use a mark-on analysis to reconstruct sales when records are inadequate. Two restaurant audits we handled show just how much good recordkeeping can matter.
THE SHORT ANSWER: If an accountant or payroll company takes money that was supposed to be paid to the IRS, the business generally still owes the payroll taxes. The IRS may also charge penalties and interest, and certain owners or other responsible individuals may face personal liability.The business may have a claim against the payroll … Continued
An IRS or New Jersey tax audit does not disappear because you ignore the notice. Learn what can happen when a business owner fails to respond, has missing records, misses deadlines, or has already closed or sold the business.
Can the IRS garnish your wages for tax debt? Learn how IRS wage levies work, how much may be taken, and why acting before a levy matters.
A Bergen County business owner received a two-year federal prison sentence in a case involving approximately $670,000. The case demonstrates why businesses should not assume federal investigators pursue only multimillion-dollar fraud.
A New Jersey Division of Taxation audit can involve months of document requests, questions, and review. Learn what business owners can expect during a state tax audit, including the initial meeting and business tour, record review, timing, potential assessments, and how representation can help keep the audit from taking over your business.
By Frances A. Tomes, Esq. New Jersey and IRS Tax Audit Attorney Receiving an IRS audit notice can be scary. It can also be confusing. The most important thing is not to panic and not to start sending documents right away. First, find out what the IRS is looking at. Read the notice. Check the … Continued
Can the IRS collect your spouse’s tax debt from you? Learn how joint returns may put wages, bank accounts, and retirement savings at risk.
What New Jersey taxpayers should know about time limits, resolution options and smart strategy by Frances A. Tomes, Esq. Tax and Litigation Attorney You may have carried IRS tax debt for so long that it feels like it will follow you forever. The good news is that IRS tax debt can sometimes end, be reduced, … Continued
Unpaid taxes usually become a criminal concern when there is evidence of willful conduct, such as hiding income, filing false returns, moving assets, keeping false books, or lying to the IRS. The balance alone does not make a case criminal, but DOJ prosecutes some cases involving six-figure tax losses.