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...
How Does An IRS Lien Affect Your Financial Life?
What is an IRS Lien?
An IRS lien is a legal claim that the government places on your property. If you do not pay your taxes, then the IRS will place a lien on your property. This is typically a last resort. The IRS will give you a Notice and Demand before they place a lien on your property.
If you do not respond within the specified amount of time, then the IRS will issue a silent or statutory lien. The reason that it is often referred to as a silent lien is because no one will know about it. However, if you do not respond to the IRS, then they will eventually place a federal lien on your property.
Keep in mind that the IRS is considered a supercreditor. Unlike other creditors, the IRS does not need a judgment to collect the money. It is important to note that a lien is not the same thing as a levy. The government will seize your property if there is a levy placed on it.
How a Lien can Ruin you Financially
If you have a lien on your property, then this is not something... ...read full post
Getting Ready For 2017 Tax Returns
It’s almost tax season, and if you want to make yours as simple and easy as possible, you’ll want to get started on preparing your taxes well before the deadline. The 2017 tax season is also going to introduce some changes, so it’s important to be aware of those and plan accordingly. There are a few steps you can follow to make sure that filing your tax return this year goes smoothly.
Learn the New Filing Deadlines
While the filing deadline for taxes is the same for personal tax returns and many business tax returns, there are two notable deadline changes: business partnerships and C corporations.
Business partnership tax returns were previously due by April 15th, but legislation in 2015 changed that, and the new deadline is March 15th. If you have a business partnership tax return, don’t end up filing it late because you forgot about the deadline change. If your partnership isn’t run on a traditional calendar year, then you must send in your Form 1065 by the 15th day of the third month after your partnership’s year closes.
C corporation tax returns were previously due on March 15th, but are now due on... ...read full post
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