Legal Question in Tax Law in New Jersey

Re: tax help

File the return, ASAP, and let the taxing authority send you a bill. You are already incurring penalties for non-filing and non-payment, and interst charges on what is due; and these will continue. When you get the bill, ask for a payment plan which will allow you to pay what you owe over time. If you do nothing, eventually this will catch up to you (it takes about 1-2 years to do so), the taxing authority will calculate what they determine you owe (which may not allow all deductions to which you are entitled, and what they determine may exceed your actual liability), ultimately, if nothing is done, they will file a lien against you and try to levy against bank or brokerage accounts. In the interim, you bill will continue to grow.

Re: tax help

ALWAYS file your tax returns on time. First, failure to file causes a 5% per month penalty (up to 25%) and failure to pay is 1/2% per month (up to 25%). Further, the statute of limitations on assessment and collection does not start running until you file your return.

You should hire a tax lawyer to help you negotiate an installment agreement or other collection remedy.

I hope this helps!

Ron Cappuccio

http://www.TaxEsq.com