Best Tax Lawyers Lynn, MA

Lynn, MA Tax FAQs

• Where does the Tax Court hold trial sessions closest to Lynn, Massachusetts?

  The venue closest to Lynn where the Tax Court holds trial sessions is at 5 Post Office Square, Boston, MA 0210.

• Where is the low-income taxpayer clinic that is closest to Lynn, Massachusetts?

  The low-income taxpayer clinic in Lynn can be found at 181 Union St, Ste #201A, Lynn, MA 01901.

• What steps should you take if you have received a notice (CP-504) from the IRS in Lynn?

  Receiving a CP-504 notice in Lynn indicates that the IRS will levy specific assets due to your disregard of previous notices. If you owe taxes for multiple periods, you will receive a notice for each year. This notice is mandated by law. Even if you are facing financial difficulties or have arranged installment payments, you may still receive this warning. It is vital to promptly call the provided number on the notice and explain your situation in cases like this.

• What is the primary cause for the substantial tax debts that lead taxpayers in Lynn to file an Offer in Compromise?

  Unpaid withholding taxes are a common cause of significant tax liabilities in Lynn. Business owners and responsible parties can be personally liable for the unpaid portion of the trust fund, which represents taxes deducted from employees. This is referred to as the Trust Fund Recovery Penalty's 100% penalty evaluation. Disallowed tax shelter investments, numerous years of non-filing, and thorough audits are other typical reasons for filing an Offer in Compromise.

• Does an Offer in Compromise appear on your credit report in Lynn?

  An offer in compromise is not reported to credit bureaus in Lynn, unlike bankruptcy or a credit card charge off. This means that your credit score remains unaffected by an offer in compromise. Neglecting the issue can, however, result in the IRS filing a notice of federal tax lien with the county recorder, which might then appear on your credit report.

• What qualifications must you meet to be eligible for the tax forgiveness program in Lynn?

  The eligibility criteria for the tax forgiveness program in Lynn are as follows:

  • The taxpayer must not be incarcerated in a federal, state, or local prison.
  • The taxpayer should not be receiving treatment in a federal or state hospital.
  • The taxpayer must be financially independent.
  • The taxpayer must not be enrolled as a long-term student in a state, federal, or local residential school for a duration of six months or longer.
  • The taxpayer's income should fall below the eligible threshold.

• How can you rectify previous federal tax errors in Lynn?

  If you find a mistake on a prior federal income tax return in Lynn, you can still fix it. Your available options depend on factors like the type of error and the timeframe.

  • Amended return: Correct errors by submitting an amended return promptly to the IRS. Include payment for any outstanding taxes, interest, and penalties.
  • Streamlined filing: In some circumstances, such as when appropriately disclosing and paying taxes on foreign financial assets, a streamlined filing may be more appropriate.