Tax Representation You Can Trust

Clear the way for a brighter future with tax representation from our firm in Iselin, New Jersey. Law Offices of Marc D. Marsico Attorney at Law provides the assistance you need during challenging financial times.
Statue of justice - tax attorney in Iselin, NJ

Levy Releases

Simply stated, a levy is the actual seizure of a taxpayer's property. Typically, the IRS will levy a taxpayer's bank accounts or wages, although other assets such as a taxpayer's home, car, investments, retirement accounts, rental income and accounts receivables can also be subject to government seizure. The effects of such enforcement action can be devastating. Therefore, it is crucial for a taxpayer that has been subject to a levy to act quickly.

Marc D. Marsico Esq. is experienced in dealing with all forms of IRS levies and can act quickly to obtain a Release of Levy and in some situations, a return of seized property.

Innocent Spouse Relief

According to the Internal Revenue Code, married individuals who file joint income tax returns, are jointly and severally liable for the tax that is due for the taxable year in which the joint return was filed. By filing jointly, the IRS can go after both individuals who signed the tax return. A common problem arises when one spouse does not report all of his or her income and is subsequently audited, with the end result being both individuals are responsible for the tax debt and the IRS is permitted to collect against each one. Fortunately, Congress enacted legislation protecting the "Innocent Spouse" from joint and several liability. Thus, if a taxpayer lacked the requisite knowledge of the circumstances resulting in the tax debt, he or she could be granted relief.

Marc D. Marsico, Esq. has been successful in obtainng Innocent Spouse relief for individuals for almost two decades. Call for a free consultation to see if you qualify for this program.

Lien Releases

A federal tax lien is a legal claim to a taxpayer's property. The IRS files liens to protect the government's interest in the taxpayer's property or assets. Once a lien is filed it is very difficult to get removed, therefore, it is important for a taxpayer to contact a competent tax attorney for advice in how to prevent the filing of a federal tax lien. Marc D. Marsico, Esq., is familiar with the IRS rules pertaining to the filing of tax liens and can properly advise on how to prevent a lien filing or adivse on the possibility of a release of lien in the event one has been filed.

Penalty Relief

In addition to the tax due, the IRS can assess various penalties as a result of late filing, late payment, negligence in preparing the return, fraud, etc. These penalties can have the effect of significantly increasing an already insurmountable debt. Fortunately, relief is possible if a taxpayer can establish what the IRS consideres "Reasonable Cause" and not willful neglect. Reasonable Cause is both a factual and legal determination and must be effectively argued to maximize your chances of success.

Marc D. Marsico Esq., can evaluate your case for potential savings through the filing of a request for penalty abatement.

Offer In Compromise

Most taxpayers have heard the relentless TV and radio commercials referring to the IRS Offer in Compromise (OIC) program. Accordingly, most are aware, that this program allows the IRS to reduce - sometimes substantially - a taxpayer's IRS debt. Unfortunately, many of those advertisements promote false hope and unreasonable expectations for those with the unfortunate reality of owing a significant tax debt. The good news is the program is real and can benefit those taxpayers who qualify for a debt reduction. The key is speaking with a reputable tax professional, familiar with the rules governing the OIC program and who will advise you honestly about your chances of obtaining relief.

Marc D. Marsico, Esq., can pre-qualify you for the OIC program, often times during the free initial consultation. Every effort will be made to obtain the most favorable result, but you can be assured that you will not be misled into thinking a reduction is possible, when in fact it is not.

Installment Agreement

An installment agreement is simply an arrangement with the IRS to pay your tax debt over an extended period of time. While most taxpayers are (understandably) interested in reducing their tax debt, those who legitimately do not qualify for a reduction can obtain alternative relief in entering into an extended payment plan as opposed to depleting assets to satisfy their tax debt. Depending on the taxpayer's specific circumstances, installment agreements can be extremely simple to set up or very complex requiring detailed financial disclosure. In those simple cases, Marc D. Marsico, Esq., will often times walk the taxpayer through the process providing him or her the confidence to request the agreement themselves and saving on attorney fees. Conversely, those that have significant debt and/or complex financial situations could benefit greatly by having an experienced attorney like Marc D. Marsico, Esq., represent them in obtaining the best possible payment terms.

Currently Non-Collectible

Those taxpayers experiencing a financial hardship to the extent that they cannot afford to pay any amount owed to the IRS may qualify for Currently Non-Collectible (CNC) status. Taxpayers should be mindful that CNC status is temporary and penalty and interest continue to accrue. For those taxpayers that do not qualify or choose not to pursue an offer in compromise and cannot afford to pay via an installment agreement due to financial hardship may benefit from CNC status. Marc D. Marsico, Esq., can advise you if this is the best option for your specific tax matter.

Payroll Taxes/Trust Fund Recovery Penalty

The IRS requires those businesses that maintain employees to collect and pay taxes that are withheld from employees wages. These taxes are called "withholding" or "trust fund" taxes and they are taken very seriously by the IRS. When such taxes are not remitted to the federal government, the IRS can collect against those "responsible persons" of the business. A responsible person can be an officer, partner, or even an employee of the business if he or she has control over the disbursement of funds and/or makes the day to day business decisions.
As stated, the IRS takes these matters seriously and aggressively pursues payroll tax debt. In some cases, the IRS institutes criminal proceeds against the responsible persons. It is extremely important that a person or business faced with payroll tax debt contact a competent tax attorney for advice and representation.

Marc D. Marsico Esq. practice focuses on small businesses and considers payroll tax cases to be those with which he can make a significant difference.

Audit Representation

Audits are among the most feared IRS actions a taxpayer can face. Whether personal or business, the thought of an IRS agent combing through your tax documents gives many taxpayers nightmares. This fear is certainly understandable considering the time and effort required in responding to an audit as well as the concern that a large liability looms at the conclusion of the process. Many taxpayers instinctively reach out to their return preparer when notified that their return has been selected for audit. Many times this is the wrong approach as there is often times an inherent conflict of interest when the return preparer himself has to answer the auditor's questions regarding how the return was prepared. My advice to prospective clients is usually to obtain representation from a competent representative who was not involved in the preparation of the tax return. In the event a taxpayer is unhappy with the results of an audit, it is important to consult with a competent tax professional for advice on Audit Appeals or Audit Reconsideration.

Marc D. Marsico, Esq., has been representing individuals and businesses in audits for the past 20 years. Often times it is the CPA or account who reaches out to Mr. Marsico to request representation services, especially in those complex audits with multiple issues or potential criminal exposure.

Tax Court Representation

Litigating a tax matter in U.S. Tax Court is not a common occurrence, but necessary in some situations. A typical situation involves a taxpayer who receives a Statutory Notice of Deficiency (aka "Stat Notice" or "90 day letter") and is forced to decide whether a Petition to U.S. Tax Court should be filed. This notice is one of the most critical a taxpayer can receive and must be taken seriously. The deadline imposed on the letter is a firm one and responding late will likely result in losing your rights to protest your debt in court. Not all tax attorneys are experienced or comfortable with taking a matter to tax court. Marc D. Marsico, Esq. has several docketed tax court cases at any given time and is familiar and knowledgeable with the process. If your matter involves litigating a tax matter, give us a call to discuss your options.
Contact Law Offices of Marc D. Marsico Attorney at law in Iselin, New Jersey, to put a strong advocate in your corner.

State Tax Matters

The Law Offices of Marc D. Marsico is unique in that we are equally proficient in representing taxpayers before state taxing agencies as we are with the Internal Revenue Service. Marc D. Marsico, Esq. routinely represents taxpayers before the State of New Jersey Division of Taxation as well as the New York State Department of Taxation and Finance in matters such as audits, sales and use taxes, payroll taxes, closing agreements, penalty abatements and offers in compromise.