IRS Problem Solver Attorney Mary King Discusses New Issues For Filing 2014 Tax Returns
Jan 12, 2015
Attorney Mary E. King appeared on the talk radio show Money For Lunch to discuss new considerations taxpayers must deal with when filing their 2014 tax returns.
Chief among the concerns were the changes made to many tax forms to include additional information for the implementation of the Affordable Healthcare Act often referred to as ACA or Obamacare.... read story...
Tax Attorney Mary King Wins Two Awards At The EXPYS
May 12, 2014
IRS Tax Relief Attorney Mary King has Won Two Awards at The 2014 National Association of Experts, Writers and Speaker Awards.
Attorney Mary King With Kevin Harrington of "Shark Tank"
Mary King, owner of the Law Office of Mary King P.L. In Sarasota Florida, received an Award for her contribution as an expert author of Protect And Defend. In the bo... read story...
Florida Tax Attorney Mary King Joins Elite MasterMind Group, The X-Group
May 08, 2014
Mary King, attorney and tax lawyer, was recently selected to be a part of the exclusive “X-Group” – a new Dicks + Nanton Ultimate Celebrity Expert® Mastermind group.
Sarasota, Fla. – May 8, 2014 – Best-selling author Mary King, a tax attorney and frequent public speaker for civic organizations, is proud to announce that she has been accep... read story...
Florida Tax Attorney Mary King Now Taking IRS Criminal Defense Cases
Mar 01, 2014
Sarasota Florida Based IRS Tax Defense Attorney Mary E. King Esq., has expanded practice areas to include representing clients for criminal tax cases.
The IRS resolution law firm Law Office of Mary King P.L. Has added to it's list of tax-related practice areas and will be accepting new cases for individuals and businesses with criminal tax problems. Th... read story...
Bitcoin Owners Prepare For Coinbase Summons and IRS Audit Trouble
With the rapid growth of technology and changing standards in building out a digital global economy, domestic laws surrounding new forms of convertible currency can be almost as dynamic as its value in the markets themselves. It is important for investors and any other applicable parties who may be interacting with these new forms of currency in the virtual economy to understand tax laws involved with these new systems of money and how it all translates to the paperwork at tax time.
The volatile virtual currency bitcoin, which trackers like CoinDesk show can sometimes have spikes in price of hundreds of dollars in a matter of weeks, peaked at a value over $1,000 in early January 2017. This is a dramatic contrast to the virtual currency’s humble beginnings several years ago. Small amounts purchased at its inception in 2009 are now worth hundreds of thousands of dollars.
This revolutionary new form of currency has become perhaps surprisingly widespread and useful. Unfortunately, in doing so it also became a concern for taxpayers, and particularly for those individuals or entities who may now owe taxes on past virtual transactions.
Ever since the... ...read full post
Holiday Gifts Tax Deductible for Businesses
During the holiday season, it's pretty common to see businesses give their employees a gift as a way of saying thank you for all that you do. The bonus here is that in return, the IRS will deduct the cost of these gifts from taxes. Before you go shop crazy, though, it's wise to look into the limits of this business gifts tax deductable. There are certain limits to what you can and can't deduct.
In this article, we're going to take a look at how the system works in order to figure out what you can and can't do when it comes to holiday gift price deductions. Let's get started by taking a look at the general rules.
The General Rules
The IRS will allow your business to deduct up to $25 for business gifts that you give to one person per year. There's no limit opn how many people you can get gifts for, just as long as the total per person is $25. That means that if you give someone a $50 present, you can only expect a $25 deduction.
If you end up giving a customer two gifts--one of $15 and one... ...read full post
Why Should Your Hire an Attorney for FBAR?
What is FBAR?
FBAR means Foreign Bank Account Report. It is a report showing financial information of foreign bank accounts in form of a FinCen Form 114.
Who Should File a FBAR:
US citizens or Non-citizens with green cards;
Persons who own or control foreign accounts;
Persons whose foreign accounts are worth over $10,000 in the past year
What Accounts are Disclosed in a FBAR?
Bank, financial instruments, securities
Mutual funds where the one holding the account is entitled to a share of the funds
Foreign annuities and life insurance with cash surrender value
Foreign online gambling accounts
The Essence of an Attorney When Filing an FBAR: Self Incrimination and Attorney Client Privilege
Everyone has the right to protect themselves from self-incrimination. You are not required to talk to the police or authorities like DOT, IRS, or DOJ. Even though you do not accept to be interrogated or questioned by authorities, it does not mean that you are guilty. If the IRS or any other authority intends to talk to you directly, you should have an FBAR attorney present. Anything you say can be easily used to your disadvantage.
Even if your attorney knows all the facts about your condition, your lawyer... ...read full post
How Will Tax Policies Of A Trump Administration Affect Your Tax Returns?
Many people are wondering what effect a Donald Trump administration may have on their taxes. It is important to note that every plan that a president proposes has to go through congress, and that process alone can often greatly affect any legislation. However, if this plan is approved by congress in it's entirety, then many people would be able to save a lot of money on taxes. In fact, experts are stating that this proposed tax cut will be the largest one since Ronald Reagan, the sustainability of such large tax cuts however remains a matter of debate.
People who make between $48,000 and $83,000 per year will save about $1,000 on their taxes per year. Those who are making over $3.7 million, which are considered to be in the top 0.1 percent, will save $1 million per year. Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, is a man who has studied Trump's proposed plan in detail. Gleckman stated that the proposed tax plan will affect many people who may have been against Trump during the election.
Howard Wagner, managing director at Crowe National Tax Services, stated... ...read full post
What Happens If You Breach Your IRS Installment Agreement
If you owe back taxes, the IRS has the authority to do any number of unpleasant things such as seizing your bank accounts, personal assets, future federal and state income tax refunds, and anything else that has value and thus could be sold to pay off your tax debt.
Most people who have found themselves faced with this situation have negotiated an IRS Installment Agreement under which the back taxes will be paid in monthly installments. As long as the monthly payments are made, the IRS will agree to forego any further collection efforts.
Any tax attorney will tell you that the best way to avoid further troubles with the IRS is to, of course, make your installment payments on time and in accordance with the conditions specified in your agreement. There will be times, however, when unforeseen circumstances will make it difficult for you to make your payment. The IRS is aware that you might have such a problem, and even has policies that it will follow to help you through these rough times.
For whatever reason, or reasons, if you should breach the terms of your agreement with the IRS then that agency will exercise its right to declare the installment... ...read full post