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Most Florida couples file their joint income tax returns. Meaning, both of them are legally held to be individually and jointly responsible for the payment of the rightful sum of taxes. The spouse who has a limited source of income is made to be held responsible in the event that the other spouse fails to pay the correct total of the due taxes. The innocent spouse is by and large the one who usually gets into default with the seizures, audits, and tax levies.
Such situation will only be averted if the married couple files a separation or a divorce. It is during these occurrences when both parties get devoid of the fact regarding the exact amount of the taxes owed by one another.
During the time of the separation or divorce, the couple is advised to file their income tax returns jointly while this results to the payment of lower amounts of taxes. The situation becomes a medium for tax indemnification. This means that neither of them is to be held up responsible for the liabilities of each other with their own tax dues. The bad...
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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...
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First of all, facing the IRS means that you either haven't hired an accountant, or your current accountant has done a pretty bad job of managing your finances. This means that it is already too late to hire another CPA to fix your problem. The IRS has already done the math, so you will be wasting resources if you hire another person to do it all over again. You need to focus on areas that you still need to prepare for. What you need is a competent Sarasota, Florida tax law attorney to help you with the legalities that you will be facing.
There is also the issue of client-attorney confidentiality. While a CPA can be forced to divulge any information concerning your accounts to a court, a tax law attorney is legally exempted from doing so. Remember that this confidentiality can be extremely important during trials.
Another advantage that tax attorneys have over CPAs is a deep understanding of the ambiguity of tax law. CPAs are trained to recognize something as either black or white. They are trained to categorize things very specifically and may not recognize...
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Running a company or just running the personal finances is not always going to be so easy. In fact, those who do not follow the law and pay their taxes might run into a lot of trouble with the IRS. There are many out there who will turn to a tax attorney for the right amount of help. There are numerous tips to look into before hiring an individual for the much needed job. Those are in need of various services including strategic tax planning will need to make sure that they use this guide right now. This is the best way to seek a tax attorney - hire a business tax attorney within the shortest amount of time possible. Take note of the services that are offered to individuals and how the professional will be able to help. The sooner the search begins, the sooner the taxes can be taken care of so get started.
It is important to sit down and assess the current needs. Those who are thinking of opening their own business do...
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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.
Although an Offer-In-Compromise is one option for paying off IRS debt, it...
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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...
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When I counsel people dealing with IRS problems, I usually end up asking the one big nagging question ...“Why did you wait so long to do something about this?” Here’s the usual reply: “I thought I would end up going to jail.”
Let’s go ahead and get something straight about the IRS and prison time…
“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 them, you cannot get sent to jail. Owing the IRS money is not considered a crime.
However…Don’t be in a hurry to celebrate…By not taking action and facing your IRS debt problem, you could face any or all of the following severe consequences:
*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
If you’ve filed your taxes accurately, but you just can’t pay them…there is hope for you. There are six different ways available to pay your debt to the IRS and avoid the particularly nasty consequences mentioned above.
“You Can Go to...
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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?”
Not exactly. First, you’re not “robbing Peter” in this scenario. If you’ve been extended enough credit by your credit card company to pay off your IRS bill, it’s apparently because you have a good enough credit rating to justify the credit card company’s risk...
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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...
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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.
Former Wisconsin Restaurant Owner Receives Prison
Term for Evading Income Taxes
On February 27, 2008, in Madison, Wis., Sabi Atteyih was sentenced to 12 months plus one day in prison, to be followed by a three year term of supervised release for income tax evasion. On January 2, 2008, Atteyih pleaded guilty to evading his income taxes for 2002. While owning the Casbah Restaurant in Madison, Atteyih underreported his taxable income from the restaurant from 2002 through 2005 by $349,673 and he evaded income taxes totaling $128,938.
Minnesota Woman Sentenced for Failing to Pay Employment Taxes
On April 20, 2009, in St. Paul, Minn., Kara Kristine Sommer, of Burnsville, Minn., was sentenced to 18 months in prison and three years of supervised release for failing to pay the Internal Revenue Service (IRS) payroll taxes from employees of a...
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