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...
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
For many people, their homes are their largest and most expensive asset. In addition, for many people in the middle class their net worth is mostly tied up in the equity of their home. There are many people that have had issues with their homes over the past couple of years, however. When the housing market crash in 2007 and 2008, many people found themselves under water on their mortgages where they owed more than the home was worth. In general, when anyone is removed of their obligation on paying back a debt that amount is taxable. For example, if someone owed another person $1,000 and that was cancelled, that $1,000 would be taxable. If a person was in the 20% tax bracket, they would owe $200 on the $1,000 that was cancelled. The good news for home owners that find themselves in a bad situation on a home is that mortgage debt is generally tax exempt.
Whenever money is borrowed through legal means, a person has the responsibility to pay that debt back. However, due to a variety of circumstances people have to default on their debts all of the time. If a lender cancels a debt that is... ...read full post
IRS Hacked - Thousands Of Taxpayer Records Stolen
The Internal Revenue Service Website has been hacked, which has compromised the personal and financial information of thousands of people. The hackers were able to gain access to over 100,000 accounts. The Internal Revenue Service has stated that there were 100,000 other attempts made, but they were unsuccessful due to incorrect information. The agency has stated that the attacks first started in February 2015.
The criminals were able to obtain taxpayer information from other sources and use it to answer personal identity questions on the website. People's date of birth, social security information and street addresses were some of the different types of information stolen. The hackers used The Get Transcript Application to gain access to taxpayer information.
The Get Transcript Application allows people to view their tax return, wages and incomes reported to the IRS and tax account information on the IRS website. It is estimated that 23 million people used the Get Transcript Application last year in order to access their tax information.
One of the reasons that the hackers were able to use the access the Get Transcript Application was because it is relatively simple to access. In order to start the process, one must provide a valid email address... ...read full post
Top Tax Issues Florida Businesses Need To Know in 2015
2015 has introduced new tax reforms on the state level, federal level and international level. These tax reforms will impact business conduct and procedures in various ways. As long as executives remain familiar with the basic changes, conducting business as usual for 2015 through 2016 should be no sweat.
Some of the key reasons why businesses may be affected in 2015 is the government’s pressure for transparency and political members’ progressive economic projections for the coming years. Such pressures make for strategic plans and firm projections difficult for some companies. In order to remain in compliance with these reforms, hiring a law firm for business tax related purposes is essential, especially with the increase demand for documentation and reportings. Below are tips and outlines of issues that may assist leaders in strategizing and preparing for a challenging road ahead.
Increased Demand for Transparency
In late 2014, an increased pressure for transparency was put on businesses, with a demand for documentation of all transactions, and reporting obligations. These changes were put in place for the sake of putting public speculations and suspicions at ease. Companies that are in... ...read full post
Filing Your Taxes Late? What You Need To Know
April 15 is the deadline to file your federal income tax return. It is also the deadline to pay any taxes that you owe. The Internal Revenue Service can impose penalties for people who do not file their taxes by the deadline. People who owe taxes but do not pay them by the April 15th deadline may also be required to pay a penalty.
If you choose to file your taxes late, then there are a few things that you need to know. Below is a list of some of the most important things you need to know about filing your taxes late:
1.) If you do not file your taxes by the tax filing deadline, then you may be required to pay a failure to file penalty. You may also be required to pay a failure to pay penalty if you do not pay all of your taxes by the tax filing deadline.
2.) In most cases, the failure to file penalty is higher than the failure to pay penalty. Even if you will not be able to pay your taxes by the deadline, you should still try to file by April 15. You should try to pay as much of your... ...read full post
What happens if I cannot pay my taxes on time?
Management of taxes is one of the most important parts of any long term financial plan, often gets neglected for many reasons, not all of them predictable. There are times in life when at the end of the year taxes will be owed instead of getting a refund. Many people work 1099 jobs where taxes are not taken out during the year and must be accounted for before tax day. There are many other reasons why taxes could be owed, such as the sale of an investment or other taxable gain.
Many times, when a large amount of money is owed for taxes it comes as a surprise to the people that owe the taxes. For most people in the United States, having to pay several thousand dollars or more in taxes is not something that can happen with money in the bank. Thankfully there are programs provided by the Internal Revenue Service that can help taxpayers slowly pay off their tax debt over time.
Payment Plans Also Called Installment Agreements
If someone owes taxes and cannot pay them on time, there are several options available to them. First of all, it is important to know that any time taxes are owed to... ...read full post