What happens when affluent individuals cannot pay their income tax? MWE Tax Partner Lance Christensen offers his thoughts in a recent Reuters article.
“The key element is proactivity,” says Lance D. Christensen, a certified public account and partner with Margolin, Winer & Evens, a CPA and business advisory firm in Garden City, Long Island.
“Be proactive in filing for an extension. Be proactive in communicating your inability to pay. If the collections unit of the IRS reaches out to you first, things can get ugly.” Read More>>