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:

• Always using a calculator when preparing returns. This is important even for the simplest of additions or subtractions because a minor mistake can snowball into a larger one in terms of the final amount reported on a return.


• Taxpayers should never complete returns when they are tired or rushed. Attorney Mary E. King said that doing so can result in mistakes that may be minor but, as with math problems, IRS tax problems can worsen later as a result... ...read full post

Paying back IRS taxes may cost Florida federal taxpayers more than they realize as a result of IRS fees and tax penalties, interest and other factors, according to Sarasota Florida tax attorney Mary E. King. It’s important taxpayers not only realize that improperly dealing with their IRS 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 tax burden.

A taxpayer who thinks they can escape the wrath of the IRS by simply paying taxes on a few items they neglected is likely to be in for a very unpleasant surprise. That’s because there are a series of items the IRS can go after that can create a nightmare scenario where taxpayers are concerned.

Taxpayers who do not know the best solutions in dealing with the IRS can be putting themselves at further risk. She said paying all taxes due to the IRS on time is the best way to prevent the accumulation of tax penalties and interests, thus avoiding IRS tax problems in the first place.

But she adds that a skilled IRS tax attorney is invaluable when it comes to sharing their expertise about other issues that include:

• The inability to pay taxes by April 15th, with attorneys available to provide information about how to deal... ...read full post

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).

The usual target market for the loans are taxpayers in the lower-income bracket. Tax preparers take advantage of these individual’s need to get hold of cash quickly to process such loans. Both refund anticipation loans and refund anticipation checks are being used by taxpayers so that instead of having out-of-pocket payments, the tax preparation fees and products are paid for. The target of such loans and checks are those who have no cash-at-hand to pay for services done under tax preparation.

However, according to IRS Commissioner Doug Shulman, the reason behind the non-release of debt indicators in the next tax filing season is that tax returns and refunds can now be processed in just 10 days. Because the processing has become faster, taxpayers are instead ... ...read full post