Solve IRS Tax Problems - Florida IRS Tax Attorney Mary E. King

SOLVE YOUR IRS TAX PROBLEMS

Attorney Mary E. King Can Help.
IRS tax relief from an experienced tax attorney.

Tax Attorney Sarasota Florida
Tax Attorney, Mary E. King
Florida Bar Member,
Sarasota County
Bar Association Member
 941.906.7585

IRS Tax Help Blog

What Do These People Have in Common?

Jailed For Tax Evasion

Here’s a Quick Quiz……What do these people have in common: Chuck Berry, Ron Isley (of the Isley Brothers), Richard Hatch (of “Survivor” fame), Heidi Fleiss, Sophia Loren, Martha Stewart. If you answered: “they’re all celebrities.” Well, that’s partially right. If you guessed: “they’re all celebrities who went to jail on tax evasion charges.” You guessed right!

Do you know when the IRS has the option of sending you to jail? One of the first things that people ask me after I hear what their IRS problems is…“Well…what do you think? Is the IRS going to send me to jail?” That’s an easy question, really. Because the answer only really has two criteria: Did you file your taxes…or did you not file your taxes?

If you've accurately filed your taxes you cannot get sent to jail. If you've accurately filed your taxes, but you just haven't paid the tax, you cannot get sent to jail. Owing the IRS money is not considered a crime.

But don't break out the bubbly just yet...Although jail time is arguably the worst thing that can happen, it's not the only 'punishment' from the IRS that you should be wary of. By not taking action and facing your IRS debt problem, you could be looking into the ugly eyes of...*Wage garnishment * Seizure of your real estate * Seizure of Social Security benefits * Seizure of 401(k)'s, IRA's, * Seizure of Cars / Boats / Houses * Seizure of Accounts Receivable * Seizure of Cash Loan Value of Your Life Insurance * Seizure of Commissions Owed to You.

You can go to jail if you haven't filed your taxes >>> OR <<< Even if you've filed your taxes inaccurately. Not filing your taxes is considered a crime by the IRS. You can receive one year of prison time for each year that you don't file. Procrastinating only makes your chances of doing jail time that much worse. The IRS doesn't take kindly to those it has to "chase down". …And they will eventually chase you down, trust me. It doesn't matter if it's been a few years and it seems like you've somehow "slipped through the cracks". You haven't. Just ask our celebrity friends listed above.

Even they didn’t “slip through the cracks". Don't believe that you kind somehow get off "footloose & fancy-free" if you haven't filed your taxes. Slipping through the cracks just doesn't happen. However, the more willing you are to face up to your problem and seek a solution, the more likely it is that the IRS won't even threaten prosecution.

Why go through life being paranoid, looking over your shoulder, wondering when the IRS is going to jump out from the bushes and finally "call in your chips?" Life's too short to live this way. Even if it's been years since you've filed, you can get the IRS "monkey" off your back, once and for all…even if you feel your situation is hopeless.

In this situation, it's a very bad idea to go it alone without legal help. If you are ready to take action, please call the Tax Attorney Mary E. King at (941) 906-7585.

 

How Much In IRS Penalties Are You Paying?

Penalties and interest are adding up by the day if you haven’t paid the IRS what you owe them. And they’re adding up big-time if you haven’t filed at all.

Did You File and Not Pay?

If you did, there’s interest being compounded daily on what you owe, which is the quarterly federal short-term tax rate, plus 3%. As of this writing, the IRS is charging 8% per year.

In addition to interest, you’re also being charged a Failure-to-Pay Penalty, which is .5% of the tax owed for each month. There is no maximum for the failure-to-pay penalty. If you’re sent a number of notices from the IRS and you still don’t pay, the penalty increases to 1%.

What You Should Do If You Filed and Didn’t Pay?

The most obvious answer is to pay the tax debt.…it’s better to owe anyone other than the IRS. Why? Because the IRS has more power to collect in ‘mean and nasty’ ways than any collection agency you’ll ever deal with.

So what if you just can’t come up with the money? If you just don’t have the money, and you cannot get it, there are legal ways to negotiate with the IRS: Be declared Non-Collectible Status.

Have the debt reduced through an Offer-In-Compromise. Set up a monthly installment agreement plan. Set up a partial installment agreement (where you pay less than the total owed). Declare Bankruptcy.

Did You Not File at All?

If you didn’t file taxes this past year (or any other year for that matter), you have bigger problems. You still have the interest that’s being compounded daily on what you owe - the quarterly federal short-term tax rate, plus 3%.

But the penalty gets really harsh for non-filers –You pay the .5% late payment penalty plus a 4.5% late filing penalty, for a combined penalty of 5% for the first month your return is late.

However, it gets worse: Every month that you don’t file – your penalties double…until 5 months when it caps at 47.5% (22.5% late filing penalty + 25% late payment penalty). 47.5%...Ouch. That’s double what even some of the worst credit cards would charge.

If you are ready to address your situation with the IRS, please call Tax Attorney Mary E. King at (941) 906-7585.

Offer in Compromise Program newly streamlined by IRS to help troubled taxpayers

Over the years as I have been representing clients who have IRS problems, the IRS has been strict in its official requirements for accepting an Offer in Compromise (OIC). However, over the past year, with the downturn in the economy, the IRS has relaxed its unofficial position on its requirements for accepting an OIC, as well as other tax debt settlement options. Therefore, I have seen more taxpayer clients who have been able to qualify for an Offer in Compromise.

Generally speaking, an Offer in Compromise is where the IRS accepts less money than the taxpayer owes to settle their outstanding liability with the IRS. The IRS will only accept an OIC when all other tax collection alternatives have been exhausted. Other IRS tax collection alternatives may be a short extension of time to pay, an installment agreement (making monthly payments until the debt is paid in full), full payment of the debt or hardship status. Hardship status is where the taxpayer is unable to pay anything against their tax liability at the present time. It is usually a temporary solution due to unemployment or illness. Finally, a taxpayer may qualify for a bankruptcy discharge of the tax liability.

When the IRS considers an OIC, it is looking at the taxpayer’s Reasonable Collection Potential (RCP). The RCP is how the IRS determines whether or not a taxpayer has an ability to pay his tax liability in full. The RCP is based on the taxpayer’s assets such as real property, automobiles, bank accounts and any other assets. In order to come up with the total RCP, the IRS adds the taxpayer’s future anticipated income and then deducts any allowable expenses. Please note that I stated allowable expenses. The IRS has certain allowable expense standards and any expenses which are in excess of those standards must be proven to be necessary before the IRS will accept them.

There are three (3) categories of OIC’s: Doubt as to Collectibility; Doubt as to Liability; and Effective Tax Administration. Doubt as to Collectibility means that the IRS believes that it will not be able to collect the full amount of the tax owed based on the taxpayers ability to pay. Doubt as to Liability means that there is a legitimate doubt that the taxpayer owes the amount the IRS has assessed to the taxpayer. Effective Tax Administration is where although there is no doubt that the taxpayer owes the taxes and the taxpayer could pay the taxes, exceptional circumstances exist which allow the IRS to waive the amount due when the taxpayer demonstrates that it would create an economic hardship.

As I indicated earlier in this article, the IRS does appear to be trying to help struggling taxpayers in these difficult economic times. In fact, it appears that the IRS is even trying to look out for taxpayer’s FICO scores. Traditionally, the IRS did not care about what their tax debt collection efforts have done to taxpayers, their credit reports, their ability to borrow or their business reputations with their customers or vendors. However, in these difficult economic times, many individuals have trouble paying their monthly bills and most businesses are barely keeping afloat. As a result, the IRS is now taking a more friendly approach.

Instead of immediately filing tax liens, the minimum amount before a tax lien will be filed will now be $10,000. That amount will also be negotiable. Tax liens will also be withdrawn if a taxpayer enters into an installment agreement when he owes $25,000 or less. This is AMAZING! Taxpayers who have been making their payments on a regular basis can also request that their liens be removed. It is unheard of for the IRS to withdraw a Federal Tax lien without a tax debt being paid off in full. Additionally, the IRS is making it easier for small businesses to obtain Installment Agreements in order to pay off corporate or payroll tax debt. Finally, the IRS is making OIC’s more accessible to taxpayers.

A new streamlined Offer in Compromise program is now in place, where taxpayer’s who owe less than $50,000 and have incomes of $100,000 may qualify. The previous streamlined Offer in Compromise program was limited to taxpayer’s who owed less than $25,000. However, the current RCP standards are still in place. A second OIC program for taxpayer’s who are recently unemployed, gives the IRS the option to consider only the taxpayer’s current income (if any) and future earning potential. Generally, with an OIC, the IRS must consider the taxpayer’s previous income as well. This gives the IRS greater flexibility in deciding whether or not to accept an OIC and will theoretically open up the number of OIC’s accepted to a greater number of taxpayers.

Finally, the IRS may accelerate lien relief for taxpayer’s who need to refinance or sell their homes. For example, in the past it usually took in excess of 45 days for a tax lien to be released. Now the time frame is much shorter. Alternatively, in certain circumstances, the IRS will make the tax lien secondary to the primary lender in order for the taxpayer to be able to refinance or sell their home for less than the amount of the mortgage.

As you can see, the IRS is making significant efforts to assist taxpayer’s in these difficult economic times. Whether it is making OIC’s easier to qualify for or withdrawing tax liens, the IRS is trying to help taxpayer’s and not make their experience so painful.

If you have a client that has a Federal tax issue, that client needs to address the issue immediately. Unfortunately, procrastinating only makes the problem worse. I am happy to meet with tax clients for a complimentary initial consultation to discuss their options.

 

Mary E. King is a Florida Tax attorney with the Law Office of Mary E. King, P.L. in downtown Sarasota. She practices in the areas of IRS Problem Solving, Mortgage Foreclosure Defense, Estate Planning and Probate. She can be reached at (941) 906-7585.

Paying Taxes Twice on Military Benefits?

Due to a confusing and arguably unfair provision in Federal Law, military spouses may be paying taxes twice on military benefits. There are an estimated 57,000 military spouses who may be affected by this Federal provision.These are spouses who received Federal benefits as a result of their late spouse’s military service and have now remarried.   After the military spouse passes away and the surviving spouse has begun to receive benefits, in the event that they remarry, the Federal Government can request the full amount of the government benefits to be repaid. If the surviving spouse does not cooperate and set up a repayment plan, the government can begin garnishing funds to be repaid.  The problem is that when the surviving spouse received the benefits initially, they paid taxes on the benefits.When they repay the benefits to the government, they are required to pay the full amount back, so they are essentially paying taxes twice on benefits they will never have received.

If you have questions about this or any other tax issue, please call attorney Mary E. King at (941) 906-7585.

When To Hire A Tax Attorney

Very few people look at the calendar with wide eyed anticipation of that wonderful day when they must submit all their financial paperwork for the year. As a matter of fact, staring at that particular deadline is responsible for a considerable amount of avoidable stress and unhappiness in the general population. This is probably when to hire a tax attorney if you have need of one's services.

It can be very confusing and frustrating. There are so many boxes to check and spaces to fill out that it can be overwhelming for many people. Scrabbling through shoe boxes full of receipts and invoices, digging through filing cabinets stuffed haphazardly with uncollated paperwork, and trying to keep everything organized on the desk is more than most people are willing to do, legal requirement or not.

Feb. 9, 2011 by Tax Lawyer Mary E King

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Here’s How to Get Your Life Back from The IRS…  

I find that most people who don’t deal with their IRS problems until something ugly happens (like tax liens, seizure of property, bank accounts and other devastating IRS extreme measures) have one thing in common…  

They’re afraid…afraid that if they approach the IRS to resolve their problem: 

Jan. 14, 2011 by Tax Attorney Mary E King

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What to Do If You Disagree with An Audit

Did you know that you have the power as an individual taxpayer to appeal almost any decision made by the IRS? In fact, you can appeal audit findings, penalties and interest, rejected offers-in-compromise, liens, seizures, garnishments and other collection actions.

When You Cannot Appeal. According to the IRS, “Appeals is not for you if:

- Your only concern is that you cannot afford to pay the amount you owe.

- The correspondence you received from the IRS was a bill and there was no mention of Appeals.” So in these two instances, an appeal would be a premature action to take.

If you are concerned that you cannot afford to pay the tax you owe, there are channels to go through before you would begin the appeal process. For instance, you could work with an attorney and make your case to the IRS that your situation qualifies for one of these tax debt payment methods:

Jan. 12, 2011 by Tax Attorney Mary E King

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What’s the Minimum You Can Live On?

How much money do you need every week to survive?

… if you owe unpaid taxes to the IRS and they garnish your paycheck to get their money, I hope your answer to that question is “not much”…

Are you single with 2 kids (exemptions)? I hope you can live on $299.04* per week…because that’s all the IRS is going to leave in your paycheck if they garnish your wages! No kids (exemptions) to claim? The IRS will leave a whopping $168.27* in your weekly paycheck…and take the rest.

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Have You Paid Your Payroll Taxes?

Take a guess…what do these business owners have in common?

Chad Wetzel, owner and operator of a heating and ventilation company, Minneapolis, MN…
Scott R. Lennander, owner of five Minnesota construction companies…
Baxter Worth Paschal, Jr., Chiropractor in Greensboro, NC…
Eddie Ju Ling Ni, restaurant owner, Cleveland, OH

All of them plead guilty to not paying payroll taxes to the IRS. In fact, 3 out of 4 of these men were sentenced to anywhere from 16 months to 72 months in prison for their crimes. As you can see, not paying payroll tax is something that the IRS considers very serious…

Why the IRS Deals Harshly With Businesses That Don’t Pay Their Payroll Tax.

As an employer, you are responsible for withholding part of your employees’ wages to pay their: 1. Income tax and 2. FICA (Social Security & Medicare) tax. Since the employees place their trust in you that you are taking this money out of their paycheck and are paying these taxes with their money, they are called “Trust Fund Taxes”. However, if for any reason you fail to pay this money - in the eyes of the IRS you have betrayed the “trust” of the employees and you have taken money that does not belong to you. Therefore, the IRS can be particularly aggressive with businesses that don’t pay their payroll tax.

Dec. 12, 2010 by Tax Attorney Mary E King

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Even Stars are at risk for tax evasion

Wesly Snipes Tax Evasion CaseLast week, lawyers for actor Wesley Snipes were in federal court in Ocala defending him on charges of tax evasion. The lawyers have argued that Snipes did not receive a fair trial due to jurors who had made up their minds about his guilt prior to deliberating on the verdict in his 2008 tax evasion case. Snipes had originally been charged with failing pay his taxes from 1998 through 2000 on earnings of approximately $38 million. Since the trial, Snipes has been free on bond.

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Nov. 15, 2010 by Tax Attorney

Are You Non-Collectible To The IRS?

One way to get out of IRS debt is to be declared “Currently Non-Collectible” (CNC) by the IRS. Note the term “Currently”…As the name implies, Currently Non-Collectible means that the IRS considers that your current financial situation makes it impossible for you to pay your taxes and they determine that they cannot collect the money from you…at least not for now.

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Nov. 15, 2010 by Mary E King Florida Tax Attorney

Do You Know What You’re Paying In Penalties?

Penalties and interest add up by the day if you haven’t paid the IRS what you owe them. And they add up big-time if you haven’t filed at all. Every day that you put off taking care of your IRS problem only makes it worse.

Did You File and Not Pay?

If you did, there’s interest being compounded daily on what you owe, which is the quarterly federal short-term tax rate, plus 3%. As of this writing, the IRS is charging 4% per year.
In addition to interest, you’re also being charged a Failure-to-Pay Penalty, which is .5% of the tax owed for each month. There is no maximum for the failure-to-pay penalty. If you’re sent a number of notices from the IRS and you still don’t pay, the penalty increases to 1%.

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Nov 15, 2010 by Mary E King Florida Tax Attorney

Even Millionaires Collected Unemployment Benefits Last Year
IRS Releases Data That Shows Nearly 3000 Millionaires Collected  Unemployment In 2008

millionaires claim unemployment in 2008The IRS has recently released data concerning unemployment insurance claims in 2008 and the data revealed that benefits were collected by nearly 3000 individuals who are considered millionaires. Of those 3000, 806 made over 2 million and 17 made over 10 million.

How is this possible you may ask? The fact is, unemployment is an insurance program that employers contribute to, it is not a welfare program based on need.

So, regardless of your income level, if you have lost your job and your employer paid insurance benefits, you are entitled to make a claim.

It is hard to think that a person making 10 million dollars a year would bother with a $300 a week check, but every penny counts when you are unemployed.

While this may seem outrageous, these numbers are really nothing compared to the actual number of people that filed for unemployment insurance in 2008. The actual number released from the IRS has shown that a total of 9.5 million individuals made claims during the year; an astounding figure.

These numbers are much higher than those in 2007. The IRS even refused to publish the amount of millionaires filling for claims in 2007 because the number was so low that identities could be discerned from the figures. The figures from 2009 are still being calculated.

The IRS has also stated that these figures are related to households and not necessarily the millionaire earner.

As an example, a millionaire CEO who has a wife that is laid off from her teaching position. The millionaire is not collecting benefits, instead his wife is, but the household will reflect that the benefits were collected.

All in all, these figures are a good reflection of what is really going on in the economy.  If you are having IRS tax issues as a result of being unemployed, please feel free to contact Tax Attorney Mary E. King at (941) 906-7585 to discuss ways to resolve these issues.

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Nov. 3, 2010 by Tax Attorney Sarasota

 

Can You Really Pay the IRS Pennies on the Dollar?

Is it really possible to pay the IRS “pennies on the dollar” and have the rest of your tax bill forgiven? Yes – it is possible…but it’s not very likely. It’s called an Offer-In-Compromise - and it used to be the only legitimate way to negotiate an actual lowering of the amount of taxes owed to the IRS by a taxpayer…sometimes far less.

However, since the IRS has seen so much “abuse” of this particular method of tax relief in recent years, they have shown by their actions that they are less and less apt to accept an Offer-In-Compromise.
In a press release dated October 2004, the IRS stated “This program serves an important purpose. But we do warn taxpayers to watch out for unscrupulous promoters charging excessive fees to taxpayers who have no chance of meeting the program’s requirements,” said IRS Commissioner Mark W. Everson. “Taxpayers should not be duped by high-priced promises.” In fact, as of 2006, the IRS now rejects 85% of all Offers-in-Compromise.

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Nov 2, 2010 by Tax Attorney Sarasota

 

What You Never Want To Have In Common
With Jennifer Lopez

Do you owe back taxes? If so, realize that you’re not alone.

Even the world’s richest and most popular people owe back taxes, too. And the IRS will get their money, regardless of who you are. Just ask Jennifer Lopez.

J-Lo In Tax TroublesHere’s what El Pais, the most widely read newspaper in Spain, had to say in 2007 about singer Marc Anthony, husband of singer/actress Jennifer Lopez:
“At least three companies he owns have not paid their taxes correctly and have been told to pay $2.5 million to the state and city of New York. They will also have to pay an additional $180,000 in fines.”

“So much for anyone being “above the law”. The IRS usually gets their man, eventually (even if he spends a lot of time walking down the red carpet…).

 

What Are Back Taxes, And Why Should You Worry About Them.

Back taxes are simply taxes that you owe that you didn’t pay when they were due.
If you’ve underpaid taxes for any reason, the balance that you owe is considered back tax. You may have failed to report taxable income (intentionally or unintentionally, it doesn’t matter) - as the IRS sees it…you still owe them money in the form of a back tax.

Oct 12, 2010 by Mary E King, Tax Attorney

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CAN I GO TO PRISON FOR FAILING TO FILE OR PAY MY TAXES?

I hear varieties of this question frequently in my office.  In this week’s blog, I have taken two examples from newspaper articles of examples of individuals who violated different sections of the tax code and unfortunately ended up in prison. 

Oct 10, 2010 by Mary E King, Tax Attorney

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Who Would You Rather Owe...The IRS...Or a Credit Card Company?

I don’t know your financial situation personally, but I would venture a guess that if you have problems paying the IRS…that you may have credit card debt problems as well.

So I certainly don’t mean to throw “fuel on the fire” of a debt problem by making the following suggestion, but I’ll throw it out there as an option and only you’ll know if it is a legitimate option for you.
Did you know that the IRS accepts Visa, Mastercard & American Express?

With credit cards, according to the IRS website “you can pay current and past due Form 1040 balances along with current year Form 940 balances and current quarter plus the three prior quarters Form 941 balances.”
You may be thinking “isn’t paying the IRS with a credit card like robbing Peter to pay Paul?”

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Sept 16, 2010 by Tax Attorney Sarasota

No More Refund Anticipation Loans IRS Wipes Out the “Quickie Tax Loan” Business with New Ruling

IRS Spokesman David Stell declared that the agency shall no longer release “debt indicators” of taxpayers to tax preparation services.

Debt indicators released by the IRS are those that indicate whether the taxpayer will receive any tax refund, and if that refund would be offset by payment of delinquent taxes, student loans or child support. Tax preparers and payday loans companies use this information to process Refund Anticipation Loan (RAL) or RAC (Refund Anticipation Checks).

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Sept 10, 2010 by Mary E King Florida Tax Attorney

Two Ways You Should NEVER Deal with IRS Problems

If you had cancer, who would you want to see first?
a) Nobody. I’ll go it alone.
b) a Nurse
c) a Doctor
d) an Oncologist

An Oncologist, right? Why? Because an Oncologist is a physician that specializes in the treatment of cancer.  Along that same line of thinking, if you had a problem with the IRS, would you go it alone?  Don’t believe for a second that reading a couple books, a website or a couple emails about “how to deal with the IRS” will prepare you to deal with the IRS if you owe them money.

The IRS has employees who make a career out of extracting money from people who owe taxes.  They deal with it every day. They’re good at it. This is something you deal with once in a lifetime (hopefully).  Face it – you’re not good at it.
These people are trained to act like your friend and make you comfortable…and then use it to get you to say something you’ll regret.

You wouldn’t “go it alone” with a deadly disease – don’t go it alone with the IRS.

What about an accountant?
Most accountants spend 3 months out of the year dealing with taxes. They spend the rest of the time balancing books and preparing financial statements.
Just like having a good nurse can be a huge help to a cancer patient, a good accountant is a fantastic resource while you are still “in the clear” with the IRS. They can give you great advice on how to set up your personal finances and/or business finances to take advantage of legal tax breaks. But even the best nurse doesn’t have the power to prescribe the powerful medicines that are needed by a cancer patient – that right belongs to the Oncologist.

August 19, 2010 by Mary E King, Tax Attorney

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Why You Shouldn’t Be Comfortable With “Just a Tax Lien

Have you developed a false sense of security?

Maybe the IRS placed a lien against your property as a “warning shot across the bow”, but you haven’t responded.

Sure, the tax lien can ruin your credit and make it virtually impossible to sell your house, but it doesn’t necessarily put a damper on your day-to-day finances.
Besides, the fact is – a tax lien doesn’t necessarily give the IRS what they really want…the tax money you owe them.

August 8, 2010 by Mary E King, Tax Attorney

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Checking Your Credit Score Can Alert You to IRS Problems

If the IRS places a claim on your property as a tax lien, it shows up on your credit report and can greatly damage your credit score Florida IRS Tax Attorney Mary E. King advises.

June 27, 2010 by Mary E King, Florida IRS Tax Attorney in Sarasota

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Warning by Florida Tax Attorney Highlights Importance of Checking Details When Preparing Taxes

Taxpayers should pay attention to every detail of their tax returns, according to Florida tax attorney Mary E. King.

That's because attorney Mary E. King said a variety of simple mistakes — including math errors, absentmindedness, inaccuracies as a result of rushing to complete returns, etc. — can all lead to nightmare scenarios if the Internal Revenue Service (IRS) targets them for an audit.

"Taxpayers should prepare their returns as if they were interviewing for a job,"Mary E. King said. "Like a job applicant wanting to make a favorable impression and be honest about their background, taxpayers should prepare returns that are complete and that they know are correct."

Attorney Mary E. King suggested several tips that taxpayers should remember to assure their returns are free of mistakes that include:

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 June 16, 2010 by Mary E King Florida Tax Attorney

Tax Attorneys Aren’t For Wealthy Individuals Only

Don’t let false assumptions get you in trouble with the IRS! Local tax attorney, Mary E. King warns that wealthy individuals or large corporations aren’t the only ones that need experienced tax attorneys.

There are any number of situations a taxpayer may be involved with, in a given calendar year, that demand the expertise of a tax attorney. Seeking the services of a tax attorney is not something an individual needs only when they are preparing their yearly returns.

Other scenarios, for which an experienced tax attorney can be vitally helpful, but which are often overlooked, are instances in which someone has a taxable estate or is involved with a business.

 June 3, 2010 by Mary E King Florida Tax Attorney...

Renting out Your Spare Room to Cover Your Bills May NOT be the Answer!

The current housing crisis means that many homeowners are considering renting their properties as an alternative to selling, or even renting out spare rooms to help meet their mortgage payments. But homeowners desperate for additional income in these tough economic times may find themselves in trouble with the Internal Revenue Service (IRS) when it comes to renting property.

Leasing one’s home (or a portion of it) to meet mortgage obligations can lead to disaster with the Internal Revenue Service (IRS) if any money collected as rent is not reported as income.

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 May 6, 2010 by Mary E King Florida Tax Attorney

Prepare for Back Taxes by Using An Expert

Paying back taxes may cost taxpayers more than they realize as a result of fees and penalties, interest and other factors, according to Sarasota tax attorney Mary E. King. It’s important taxpayers not only realize that improperly dealing with their tax burdens can cause them more than they might have initially paid the Internal Revenue Service (IRS), but also understand how tax attorneys can help ease their burden. READ MORE...

 May 10, 2010 by Mary E King Florida Tax Attorney

 

Wage Garnishment Can Be Minimized

Taxpayers beware: The Internal Revenue Service (IRS) will claim any back taxes and fines they determine are due to the agency. Sarasota Florida tax attorney, Mary E. King, warns that the IRS will not hesitate to take money from a taxpayer’s paycheck if they determine that they are due money. READ MORE...

 May 6, 2010 by Mary E King Florida Tax Attorney

The Evidence Is Now Out There. Congressman Hints at Additional Taxes to Reduce Deficit

It is expected that the IRS will be more thorough in reviewing tax returns this year. It’s been rumored that tax increases will be necessary to reduce the budget deficit, but now Washington leaders are coming out and saying it.

 Rep. Steny Hoyer(D-MD) said at the first of this month READ MORE...

April 20, 2010 by Mary E King Florida Tax Attorney

 

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Tax Attorney Mary E King In Sarasota Florida Solves IRS Problems

Sarasota Florida IRS Tax Relief Attorney Mary E. King, works to help taxpayers' IRS Tax problems offering guidance for IRS Tax debt solutions including, offer in compromise, Installment agreements, Penalty abatement, Innocent spouse relief, currently not collectable status, bankruptcy and other methods to resolve your tax problems.

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