We frequently represent clients who have a federal tax lien for outstanding IRS federal tax debt and can now obtain financing from a new creditor who insists the IRS subordinate its lien to their lien. The IRS often agrees to a subordination, which means that it will agree, in writing, to allow another creditor to lend money to the taxpayer and have that lenders lien take priority over the existing IRS tax lien.  Inn order to obtain a subordination, we make a written request with very specific information that demonstrates how the IRS’s ability to collect the old tax debt will be improved by agreeing to subordinate its federal tax lien for the new creditor.  These include: The proceeds loaned will be used to pay down the outstanding federal tax debt; and The proceeds loaned will help im... 10/26/2011

We frequently represent clients who want to resolve their outstanding IRS federal tax debt with an Offer-in-Compromise in Stamford, Connecticut often ask us how much they have to offer?  The truth is it depends upon the individual’s personal financial situation.  The IRS looks to obtain what it can based upon the taxpayer’s Reasonable Collection Potential, or “RCP.”  It is the RCP that will determine whether the taxpayer’s Offer-in-Compromise is ultimately accepted by the IRS.  So what is involved with the RCP?  For our clients in Stamford, Connecticut and elsewhere, the RCP consists of what the IRS could expect to collect from both the taxpayer’s assets and their future income.  The combination of the assets and future income is the RCP, and that will be the amount the IRS uses to eval... 10/26/2011

We frequently represent tax return preparers who find themselves the target of an IRS criminal investigation.  These issues often start when the IRS picks up on issues with a client or two, who without any other excuse point the finger at the tax preparer to deflect the blame from themselves.    Internal Revenue Code Section 7206 makes it a crime for anyone to assist a taxpayer in the preparation and/or filing of a false tax return.  Internal Revenue Code Section 7201 for tax evasion is also an oft used weapon by the IRS, as defendants don’t have to be evading their own taxes but can also get caught if they help others to evade a tax.    We recommend preparers contact us immediately if they believe there is an issue with one of their clients.  The best defense is often a good offense to... 10/26/2011

We frequently represent clients who owe significant sums of back payroll taxes, to the IRS.  For years it was rare to see a criminal prosecution for unpaid payroll taxes, but that is no longer the case.  We have seen a significant increase in IRS criminal prosecutions, and it appears payroll taxes are a new IRS Criminal Division priority.     Internal Revenue Code Section 7202 makes it a crime for an employer to willfully fail to account for and pay over payroll taxes.  We always advise our clients in Stamford, Connecticut and elsewhere to take serious steps to resolving their outstanding payroll tax issues, and the sudden cascade of payroll tax prosecutions by the IRS has simply added more urgency to the issue.   Employers who are prosecuted for willful failure to account and or payove... 10/26/2011

We frequently represent clients who have hidden bank accounts in foreign countries and would like to come forward and clean up their issue and sleep better at night.  Prior to 2009 we did through a voluntary disclosure with the IRS criminal division.  Since 2009 there have been two voluntary disclosure initiatives (the 2011 one ends August 31st).  If sleeping better at night and reduced penalties with reduced risk of criminal prosecution was not enough of an inducement, the recent headlines should be. Reading the IRS announcements that have been streaming out of its criminal investigations division makes for interesting reading.  The cases include a litany of plea bargains and stiff sentences for those who failed to come forward.  These include the following:  May 24, 2011 — Harry Abrah... 10/26/2011

With the recent uptick in enforcement by the IRS comes a new trend in criminal tax prosecutions of payroll tax cases.  Whether your business is located in Stamford, Connecticut or elsewhere, the failure to collect and pay-over the payroll taxes may create more than just financial problems for you. We frequently represent taxpayers having a difficult time paying their payroll tax obligations to the IRS.  In general these matters remain civil issues with the IRS and we help our clients resolve these matters either through installment agreements or by filing an offer in compromise.  However, there has been a significant increase in the number of these cases being referred over to the Criminal Investigation Division of the IRS. Internal Revenue Code Section 7202 makes it a felony for an emp... 10/26/2011

We frequently represent taxpayers who live in the Stamford, Connecticut area and other areas of Connecticut who have had the IRS levy their bank accounts or other assets, seizing assets and wreaking havoc on their business and personal lives. The number one priority for these taxpayers is having the IRS levy released.  Next is avoiding another IRS levy. We handle these issues all the time, and the first thing taxpayers should realize is that an IRS bank levy is not a continuing levy, meaning it only attaches to those assets the taxpayer owns at that moment.  For instance, if the IRS levies a taxpayer’s bank account on Monday when they have $100 in it, that is all the IRS levy would attach to.  The fact that the taxpayer deposited $10,000 the next day would not matter, the IRS only gets ... 10/26/2011

We frequently appear before both the Internal Revenue Service (“IRS”) and Connecticut Department of Revenue Services (“DRS”) on behalf of taxpayers in Stamford, Connecticut as well as other parts of the state, and tax compliance is almost always raised as an issue. So what is “Tax Compliance” and what is its importance to your case? What tax compliance means is that the taxpayer is currently complying with the tax laws, which means that:  All past due tax returns have been filed  They are having the proper tax withholding done currently if they are an employee, or if they are self-employed, they are making their current estimated tax payments   The reason for the IRS and CT DRS’ focus on current compliance is this: whether you line in Stamford, CT or elsewhere, there will be no deal on ... 10/26/2011

When of the biggest pitfalls for a taxpayer or their representative in Stamford, CT or elsewhere is to extend the statute of limitations for a civil IRS exam where there are indications that tax fraud has occurred.  We handle a significant number of civil examinations as well as represent taxpayers in criminal investigations by the IRS, and can tell you that requesting an extension for the three-year statute of limitations is a frequent IRS tactic to use when there is a criminal tax fraud investigation going on behind the scenes.  The general rule is that the IRS has three years to examine a return once the return is filed.  Often the IRS examiner will seek an extension to give them time to wrap up their work and conclude the examination.  In cases where there is no question of fraud be... 10/26/2011

We handle a significant number of civil and criminal sales tax investigations, and we can assure you that in the last year the Connecticut Department of Revenue Services (“DRS”) has increased its focus on enforcement and prosecuting businesses for the willful failure to file sales tax returns or the filing of false sales tax returns. It is our experience that many small businesses either fail to file the Connecticut Sales Tax return or understate the sales numbers when business is slow and the cash flow is bad.  Most of the business owners assume they can work out a deal with the CT DRS later.  None of them ever dream that they may be criminally prosecuted for their decision. The Connecticut DRS has started an “Arrest Summary” report, which is located on its website, publicizing the rec... 10/26/2011

Whether your business is located in Stamford, CT or elsewhere, there are a number of pitfalls when purchasing an existing business, and one of the largest is obtaining a Clearance Certificate from the Connecticut DRS for Sales Tax and Withholding Tax.  Failure to do so will leave you not only the proud new owner of a business but a potentially huge state tax problem! We help many clients purchase and sell businesses, as well as represent companies and their owners before the Connecticut DRS, and we can assure you that failing to obtain a Tax Clearance certificate may be the end of your new business before you collect your first dollar! To avoid being deemed responsible for the old taxes under the theory of successor liability, Connecticut requires a purchaser to request a clearance cert... 10/26/2011

On April 19, 2011, the Connecticut Supreme Court upheld the ruling of the Tax Session of the Superior Court in a Connecticut DRS Sales Tax case that summary tapes from cash registers, commonly referred to as “Z Tapes”, were not equivalent to cash register tapes and therefore were not sufficient to meet the taxpayer’s burden of maintaining business records as required under the Connecticut Regulations.  We handle a significant number of sales tax examinations, we can assure you that, until this decision, most business owners and their tax professionals have assumed that the Z Tape printed from their register was sufficient for proving the businesses sales tax numbers in a CT DRS Exam.  The Court’s decision proves otherwise. Connecticut Agency Regulation § 12-2-12(b)(1) states that:      ... 10/26/2011

Whether your business is located in Stamford, CT or elsewhere, there a number of ways to assure your business will be selected for a sales tax examination by the Connecticut Department of Revenue Services (“DRS”). We handle a significant number of sales tax examinations, as well as appeals and tax offers of compromise with the Connecticut DRS, and we can assure you that doing any of the following will almost guarantee a visit by the DRS Sales Tax examiners: Purchase more cigarettes or liquor than the reported sales on your sales tax returns; Do not file your sales tax returns; or Report higher gross receipts on your federal tax return than on your sales tax returns.   It is our experience that the CT DRS is checking the business’s purchase numbers, which it obtains from the tobacco and ... 10/26/2011

In Stamford, CT the students of Rogers International School are gearing up for the first day of school on September 1st. This brings to mind of a great commercial for an office supply store with parents pushing a cart full of office supplies to Andy Williams “It’s the most wonderful time of the year”.  The parents are followed by unhappy children walking slowly. Yes, it’s back to school time.  While my children are enjoying the last nights of summer, I am busy thinking of school uniforms, the list of school supplies and extra-curricular activities needed for the first day. So as I gather the package from school and begin my list of things to do, I thought I’d share the following: Uniforms – a blessing from above.  No more arguing in the morning, it’s a choice of khaki or navy.  Got to l... 08/13/2011

The real estate market in Stamford CT, like other areas, is very dynamic – lots of inventory, low interest rates and selling prices.  It’s the perfect time to purchase, whether you’re a first-time homeowner or an existing homeowner looking to sell your home and buy-up all while taking advantage of the current market.  The latter buyer must be flexible and patient throughout the process, but ultimately it will payoff big-time!  The first step is working with the right agent! Today I read a great article on Selling and Buying at the same time….the bottom line?  Know your credit and buying power, find an agent who will list your property and aggressively price and market the home. When I worked with a client who listed and purchased with me, they received a 30-day SPLASH marketing plan tha... 08/04/2011

Stamford Placed #6 on the Summer 2011 NetProspect Social Business Report! The report analyzed the number of profiles on Twitter, LinkedIn and Facebook registered with a work email address, in addition to the number of Twitter followers, Facebook friends and LinkedIn connections for these users, to rank cities across America by connectedness. Stamford, with a population of 123,000, is the smallest city to nudge its way into the top 10. San Francisco was cited as the most social city in America and San Jose, Calif., and New York City round out the top three.Read more: http://www.stamfordadvocate.com/news/article/The-Advocate-s-social-experiment-Is-Stamford-1709723.php#ixzz1U518ZyNn 08/04/2011

I've been so busy lately...running myself ragged and definitely lacking in the sleep department.  So much so, that I almost forgot to pay my Connecticut Sales Tax.  (one of my favorite activities...paying taxes...not). Anyway, I had a 2nd appointment last night to finalize the details of the flooring.  This is for a dentist in Yorktown and I was meeting w/ his accountant (who has some experience here and is trying to help the dentist manage his funds/investments in the office). At the end, we were chit chatting about how it's challenging to run your own business. He made a funny comment about how we don't charge sales tax; rather, we collect it.    Someone else had mentioned this to me a few weeks ago and I laughed...but then I wanted to cry because I realized that I forgot to take care... 08/02/2011

Kimberly Tapscott | Keller Williams | (203) 252-8327 2350 Washington Blvd #6, Stamford, CT Location! Location! 2bed/2.5 bath end unit overlooking the river. 3 Decks, formal dining room. Master bed with skylights. Low com. chrgs. 2BR/2+1BA Condo offered at $319,000 Year Built 1986 Sq Footage 1,360 Bedrooms 2 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Uncovered spaces Lot Size Unspecified HOA/Maint $180 per month DESCRIPTION Spacious end unit overlooking the river. Formal dining room and living room with hardwood floors. 3 decks on the first level. Upper level master bedroom, 2nd bedroom, 2 full baths, skylights and laundry! A must see! see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Hardwood floor - Living room - Dining room - Dishwasher - Refrigerator -... 07/31/2011

As you are probably aware, many homeowners   in the Stamford community are facing tough financial decisions due to the economy. The people I am talking to daily are looking for answers or trying to understand options that are available to them if they have fallen behind on their mortgage payments. You can be part of helping others in our community find this information.I specialize in working with homeowners who are facing the possibility of foreclosure. My  website www.CTForeclosureReliefGroup.com  gives homeowners  a place they can go to in confidence. This website is factual, accurate and complete with answers to frequently asked questions. It is updated when changes are made that affect the programs and/or the information relating to distressed homeowner's options.Please visit the w... 07/25/2011

Here is the most updated list of FHA approved condos in Stamford, CT. Condo Name Condo ID Address FHA Concentration Status BRIDGEWATER P002172001 STAMFORD, CT 06902 N/A Approved CAMBRIDGE COURT P001355001 STAMFORD, CT 06902 N/A Approved CANDLELIGHT P002138001 STAMFORD, CT 06902 N/A Approved (expired) COLONIAL GARDENS TERRACE P012479001 131 LAWN AVE APT C6 STAMFORD, CT 06902 8.33% Approved DEPINEDO COURT P001599001 STAMFORD, CT 06902 N/A Approved (expired) EASTSIDE COMMONS  P000167001 838 E. MAIN STREET STAMFORD, CT 06902 9% Approved ELMCROFT P002168001 STAMFORD, CT 06902 N/A Approved FINNEY COURT P001891001 STAMFORD, CT 06925 N/A Approved (expired) FIRST FAIRLWAN P001305001 STAMFORD, CT 06902 N/A Approved (expired) FOUNTAIN TERRACE P001326001 STAMFORD, CT 06902 12.38% Approved (expired)... 07/12/2011