Law Office Of Mary E. King, P.L. Attorney and Counselor Of Law Because Life Should be Less Taxing ® 941-906-7585
941-906-7585 Florida Bar Member
Sarasota County Bar Member

Why Should Your Hire An Attorney For FBAR?

Panamal City Panamal - Hub Of Offshore Tax Havens

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 article

Mary King
Attorney Mary King

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.

possible huuuuudge tax cuts under Trump administration

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 article

Mary King
Attorney Mary King

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 article

Mary King
Attorney Mary King

7 Legitimate Fears Associated With Unpaid Payroll Taxes

Bert Martinez is a wildly successful and highly sought after marketing and business strategist. He is CEO of Bert Martinez Communications (BMC), hosts a weekly radio show on business and money matters, is a best-selling author, is in high demand as a public speaker and the list goes on and on. He and his business are worth millions today.

Three years into being an entrepreneur, Martinez nearly lost it all due to irresponsibility with his payroll taxes.

The year was 1999 and Martinez' business was booming. He had an office space, several full-time employees and 8 big accounts secured for the year. He'd recorded exponential financial growth from one year to the next since he started his business. This particular year, despite how well everything looked on paper, he had cash flow problems due to untimely payments from his clients. Martinez decided that he would skip out on payroll taxes and pay up once his clients paid him. In actuality, once all of the money came in that was owed to him, he had more than enough to pay his employees salaries, his payroll taxes, his business expenses and still turn a significant profit. He... read article

Mary King
Attorney Mary King

IRS Problems? The Law Office Of Mary E. King, P.L. Is Your Solution

The IRS is not an agency of which most people speak favorably. They are a source of fear and anxiety for many. The tax problems that people face, for the most part, are avoidable and cause unnecessary stress in their lives by avoiding them.

My name is Mary E. King and I am more than just a tax lawyer who has a solution and plan for your tax problems, but I am here to help, counsel and educate you on how to better handle your taxes in the future.

I began my journey in 1988 at the University of Florida where I earned a Bachelor of Science in Business Administration Degree. In 1990, I studied at Babcock Graduate School of Management (at Wake Forest University) where I earned a Master of Business Administration Degree in Finance. Finally, in 1993 I graduated from Stetson University's College of Law and began my career as an attorney.

While tax defense representation has been the majority of my focus, I am well versed in all aspects of tax law. The services of my law office can be broken down into 3 main areas of tax strategy.

1. IRS Tax problems.

There are a multitude of IRS tax problems that... read article

Mary King
Attorney Mary King

Undisclosed Foreign Assets? The IRS Is Coming For You.

If you have assets in an offshore bank account, you more than likely know the name Bradley Birkenfield. Once a banker for the Union Bank of Switzerland (UBS), Birkenfield cooperated with the IRS and the US government giving them information for approximately 19,000 clients and assets totaling $19 billion US dollars. Birkenfield served 40 months in a federal prison for his involvement in helping his clients evade taxes.

When released from prison, he was compensated $104 million dollars for being the first person to officially expose Swiss bank accounts for what the IRS suspects they may be - a haven for tax evaders.

As a direct result of Birkenfield's cooperation, the IRS developed a program to entice taxpayers with offshore accounts to willfully come forward without fear of criminal prosecution and potential imprisonment for tax evasion. That program is called the Offshore Voluntary Disclosure Program (OVDP).

Since the program's inception, the IRS has made adjustments and changes to what it offers. In fact, it's not even certain how long this program will be an option. Not to mention that the IRS' power, authority and access to taxpayer information increases by the day. They almost constantly gain new ways to gather... read article

Mary King
Attorney Mary King

5 Ways The IRS Can (and Will) Destroy Your Life If You Avoid Them

Procrastination is a way of life for many people. For some, it's the mundane and simple annoyances that are avoided. It's washing their dirty car. It's sorting through and condensing their email inbox that's overflowing. Or maybe it's not annoying at all and it's something like catching up on their favorite tv show. For others, it tends to be more substantial of an avoidance and one that can radically change their lives.

Avoid The IRS At Your Own Risk

I'm talking about procrastinating with taxes.

There is no avoiding the IRS. It's impossible. Whether you embrace this idea sooner rather than later is completely up to you. If the IRS is on your list of things to procrastinate, my advice to you is to take them off immediately.

Here are 5 ways the IRS can ruin your life if you procrastinate filing and/or paying your taxes.

1) Direct financial penalties.

First of all, penalties with the IRS are "stackable" which means one does not void the other one out. If you filed late, you get a penalty. After you file, if you pay late, you get a penalty on top of that. So on and... read article

Mary King
Attorney Mary King

International Agreements Turning Up Pressure For Offshore Bank Account Disclosure

The IRS and U.S. Justice Department, now more than ever, due to a the combined efforts of willful witnesses, whistleblowers, and data from the Foreign Account Tax Compliance Act (FATCA, are able to track down offshore accounts. Offshore account holders have been warned that they either disclose now or face severe consequences. Banks all over the world now want to know if account holders are in compliance with the IRS. It is easier to be discovered by the IRS. The list of accounts that are facing costly penalties has expanded considerably. As of 2016, with the help of these offshore account programs,the IRS has collected over $8 billion in taxes and penalties.

It is becoming increasingly difficult for offshore account holders to go unnoticed from the IRS. Under FACTA, the U.S. and partnering territories now have an complicated web of intergovernmental agreements (IGAs). The IRS now has an updated and expanded list of foreign banks with a cost-prohibitive 50% penalty (formerly 27.5%) with the Offshore Voluntary Disclosure Program (OVDP).

Since 2009, the OVDP has offered offshore account holders with undisclosed income, the opportunity to get up-to-date with their taxes and other pertinent tax information. The OVDP encourages taxpayers to cooperate... read article

Mary King
Attorney Mary King

8 Tips To Keep Your IRS Problem From Getting Worse


If you’re in trouble with the IRS, it’s important to address the issue head-on, and not allow the problem to get any worse. Mary E King has been a tax attorney for over 20 years, and these are the common mistakes that she sees folks make that only makes their problems worse:


1) Open Your Mail

As soon as you get something in the mail from the IRS, open it. I know, I know, it’s not easy. But letting mail from the IRS stack up on your desk or kitchen table unopened can be one of the worst mistakes you can make. Chances are very good that they’ve given you a deadline to respond, and if you don’t respond, things will get worse. It may seem a little scary, but it’s better to know exactly what’s going on at all times. If you open your mail from the IRS and it’s a letter that’s threatening to garnish your wages, put a lien on your property, or levy your bank account, download the free report called “The 5 Things You MUST Do IMMEDIATELY If You've Received a Threatening Letter From The IRS” and then give us a call today at 941-906-7585 to schedule a consultation.

2) Always File your Returns

The majority of the people who fail to file their returns on time believe that since they can’t pay what they owe – it’s better not to file at all. Not true. Even if you can’t afford to pay a penny, file anyway. Filing without paying is better than failing to file, because failure to file racks up some serious penalties.

Also, filing on time is important, as timely filing helps you avoid the late filing penalties. But it’s still better to file late than not file at all. With every passing month you don’t file, the penalties start getting higher, so it’s better to file even if you can’t pay. Plus, the sooner you file, the sooner the statue of limitations kicks in, which could be of help to you down the road.


 



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Have You Received a Threatening Letter From The IRS? 

Download this FREE Report NOW and call us IMMEDIATELY at 941-906-7585 to schedule a consultation. Time is of the essence! If the IRS is threatens to garnish your wages, seize your assets, or place a lien on your property - THEY CAN AND WILL DO IT if you don't take action FAST. Call941-906-7585 today before it's too late.



3) If you cannot pay right now, work something out

Never subscribe to the idea that if you can’t fully pay your taxes, you shouldn’t try to pay at least something. When you make an agreement with the IRS, it can help avoid levies, liens and wage garnishments. If you owe less than $50,000 in combined personal income tax, you can apply for an installment agreement with the IRS through federal form 9465-FS, Installment Agreement Request. And there’s nothing to keep you from sending in some cash here and there while you’re trying to work something out. Something is always better than nothing.

4) Figure Out What You’re Doing Wrong and Change It

It may sound obvious, but you would be surprised at how often we see taxpayers repeating the same mistakes over and over. It could be that just making a few small changes moving forward will keep you from perpetuating your “always in trouble” status with the IRS. For instance, you should make sure you’re claiming the correct number of exemptions. Another thing would be to check your filing status and make sure it’s right for your situation. Make sure you’re claiming all the deductions you should be, and not claiming ones you shouldn’t. Check your retirement plans and make sure you’re withdrawing the correct amounts. Report all sources of income, including any foreign income and make sure your estimated payments are correct. Don’t keep repeating the same mistakes.

5) Contacting the IRS

Ignoring your tax problems is not the way to resolve your IRS issues. You can contact the IRS directly by simply calling the name & number that’s included in the top right of the notice you receive from the IRS. This is the best contact at the IRS because this person will be able to access your account easily and will be able to explain what’s going on with your account. However, if you lost the notice, or would like to present another concern, you may call IRS directly, through their toll free line, 1-800-829-1040, Monday through Friday, 7.00 am to 7.00 pm (Alaska and Hawaii follow Pacific Time). If you’re calling about a business account, call 1-800-829-4933. The toll free line is open Monday to Friday 7.00 am to 7.00 pm.

If you are hearing impaired, call toll free 1-800-829-4059 (TDD). This line is also open from Monday to Friday at your local time, 7.00 am to 7.00 pm. For persons living outside the United States, four U.S. embassies and consulates have full-time IRS representatives; London, U.K.; Beijing, China; Paris, France and Frankfurt, Germany. In other areas outside the U.S., call 267.941.1000 from Monday-Friday, 6.00 am to 11.00 pm (EST) or fax direct to the Philadelphia Service Center Office through 267-941-1055.

6) Reach out to The Taxpayer Advocate Service (TAS)

If after consulting with the IRS your issues remain unsolved, you can consider utilizing the taxpayer advocate service (TAS). TAS is an independent firm within the IRS that helps taxpayers resolve their tax problems. Although it is significant to note that TAS works for the IRS. By consulting a Sarasota tax attorney instead, you will have an advocate who is working for you, not the IRS.

7) Take Ownership of the Problem

When things don’t go according to plan when dealing with your IRS problem, you may be tempted to blame your stupid boss, the business partner who ripped you off, or your lousy ex. Don’t do it. Wasting your energy to try to get someone else in trouble won’t help you, and could make things worse. Focus your energies on resolving your problems once and for all and let the others deal with their own problems.

8) Find a Qualified, Experienced IRS Problem Solver

When you’re in a tough situation with the IRS, it’s critical to get help from an experienced, competent IRS problem-solver. Someone who has a complete understanding of the current tax code, but who also understands tax law and how to use it to protect you. If you’re unsure of where you stand with the IRS and you would like our professional advice, call us today at 941-906-7585 to schedule a consultation. You’ll be glad you did.


 



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Have You Received a Threatening Letter From The IRS?

Download this FREE Report NOW and call us IMMEDIATELY at 941-906-7585 to schedule a consultation. Time is of the essence! If the IRS is threatens to garnish your wages, seize your assets, or place a lien on your property - THEY CAN AND WILL DO IT if you don't take action FAST. Call941-906-7585 today before it's too late.

 ... read article

Mary King
Attorney Mary King

Not Just IRS Defense - Tax Attorneys Are Uniquely Qualified For Business Planning

Assuming they are thought of at all, and that may be a rather charitable assumption, tax attorneys tend only to come up in relation to a looming IRS issue. Without the terrifying prospect of an IRS incursion, taxes are usually little more than an annoyance to be handled by either an accountant or the adventurous souls who will brave mountains of paperwork to self-file.

Business Tax Planning Attorney

Even when the tax attorney's talents are deployed, it tends to be at a late stage in the game. Many citizens attempt to handle IRS issues on their own, using the attorney as a measure of last resort. Their options compromised by their clients prior actions, many attorneys in these circumstances are only able to mitigate damage, as opposed to acting as a bulwark against the IRS.

Almost every tax issue should be handled by a tax attorney, and the term 'tax issue' is far broader than episodes featuring an IRS investigation.

A competent tax attorney can provide services that reach far beyond cleaning up sloppy or incomplete tax filings. While there are a wide range of benefits employing a tax attorney can... read article

Mary King
Attorney Mary King

AVVO Rating 10 out of 10 Attorney Mary King A+ better business bureau rating 5 out of 5 Lawyers.com rated Member Florida Bar AV Rated
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