Phillip & Associates LLC

An estate plan helps ensure that your assets are distributed according to your wishes. It also can minimize taxes, safeguard your minor children and support your charitable goals. If you haven’t reviewed your estate plan recently, call us at (718) 241-2233. We can help assess whether revisions are needed due to tax law changes or a major life event. If you don’t have an estate plan yet, we can help you get started.

If you have unfiled tax returns, getting back on track may be easier than you think. But the longer you wait, the more costly it becomes. The IRS charges a failure-to-file penalty of 5% per month (up to 25%) of the unpaid tax. There’s also a separate failure-to-pay penalty of 0.5% per month (up to 25%) of the unpaid tax. If both apply in the same month, the combined penalty is generally 5% per month. Returns over 60 days late are subject to a minimum penalty. Filing, even if you can’t pay in full, can reduce penalties and open the door to payment plans or other relief options. Call us at (718) 241-2233 for help.