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STRATEGIC TAX LAWYERS:  TAX BLOG

Using My Tax Attorney to Get the Best Results

Wednesday, October 5, 2011

No matter what tax situation you face, using My Tax Attorney services can yield you the results you are seeking. There are many qualified attorneys available via My Tax Attorney, all of whom are able to resolve many different types of tax scenarios or refer you to a tax attorney who can help. If you are unsure of whether or not you need the services offered through My Tax Attorney, you can call or email for a free consultation to determine what path is right for you. Living with a tax burden is a great way to create unease in your life. With the help of the professional strategic tax lawyers behind My Tax Attorney, you will find that your tax burden is eased with a plan that works for you and the IRS alike.

What Types of Services does My Tax Attorney Offer?

There are many different services that you will find upon reviewing the My Tax Attorney website. This list is just a partial list; you will also be able to seek help for other issues by consulting the firm’s attorneys. The best part of My Tax Attorney is that the lawyers who you speak to will also refer you to another qualified attorney if they are ill equipped to handle your case. Here are some services that you may seek help with when consulting My Tax Attorney.

  • Delinquent Filings – it happens from time to time, where we get stressed out and life happens. In the meantime, we forget to file our taxes. Unfortunately for us, the IRS is aware of the late filing and charges penalties appropriately when returns are filed late. In addition, the IRS will add interest to the balance you owe each day that it is outstanding. My Tax Attorney can help you with these late filings, even if you have had multiple cases of late filings. By negotiating with the IRS to settle for less than the amount owed to even establishing a payment plan, My Tax Attorney will help you achieve your goal of settling your IRS tax liabilities.
  • Business TaxesMy Tax Attorney is skilled in helping business owners ensure that their taxes are calculated and paid correctly. There are many types of taxes that a business owner is required to file – sales tax, payroll tax and income tax – My Tax Attorney can help with each one of these taxes. If you find that you are in trouble with the IRS for past taxes due and your business assets are being sought after by the IRS, My Tax Attorney has professionals that are able to help you even in the direst of situations.
  • Estate Planning – Estate planning is not just for the wealthy, it is for anyone who has any semblance of assets to leave behind. Consulting My Tax Attorney professionals can help to ensure that your assets are left to whom you want them to be left to and that the appropriate taxes are paid so that your relatives are not left fighting in probate court.

Outbound: If you are looking for information on how to handle your most recent tax situation, or even one that has been outstanding for a few years visit www.mytaxattorney.com for more information on how My Tax Attorney professionals can help you resolve your liabilities. Various publications are available through the IRS website at www.irs.gov



Choosing the Best Strategic Tax Lawyers

Wednesday, October 5, 2011

Choosing a tax attorney should not be as simple as picking a name out of the phone book. You want someone who is going to work for you and someone who has several years of successfully representing tax clients. Strategic tax lawyers are those who work in the favor of the client while using their industry knowledge to ensure that the results of the tax situation work for both the client and the IRS alike. Each tax situation is unique and therefore strategic tax lawyers need to apply unique strategies and knowledge to each situation to ascertain a positive outcome. If you are amongst those who find themselves in a hairy tax situation, consider contacting strategic tax lawyers today to find out what your options are.

What to Look for in Strategic Tax Lawyers

There are certain factors that you should look for when determining whether strategic tax lawyers are the right ones for your particular case. Keep all of the following considerations in mind when choosing strategic tax lawyers for your needs.

  • Success in the field – Good strategic tax lawyers have a list of clients who are ready to provide testimonials to their success. While you should not contact previous clients, you may hear about the strategic tax lawyers through friends who have done business with the firm. Ask around amongst friends and family members for strategic tax lawyers that they would recommend and even those who they would not. This way you know if your chosen firm has any degree of success beforehand.
  • Years of Experience – There is certainly nothing wrong with strategic tax lawyers who have little experience, providing they are working under the guidance of more experienced professionals. Inexperienced strategic tax lawyers may not be aware of the many options that exist to solve existing tax problems. Since most people contact tax attorneys after the problem has come to light, courtesy of the IRS, there may not be much time available for a new attorney to educate himself on the specifics of your particular case and the plethora of options.
  • Use Internet Services to Your Benefit – You can find ratings for many strategic tax lawyers right at your fingertips so why not use the benefit. Check into the ratings that others have left the strategic tax lawyers you are considering using as these ratings can help you determine if the firm is right for your particular needs. Avoiding strategic tax lawyers with a plethora of negative reviews is a good step in the right direction. Rather, you want to work with strategic tax lawyers who know what they are doing and have the testimonials to prove it.

When it comes to tax problems, you want to get the best services that your money can buy but at the same time, you want strategic tax lawyers who are in your corner and can help you fight the charges against you. Because the IRS has the power to not only fine you heavily but also charge you with criminal intent as well as even take possession of your cherished assets, hiring smart is your only solution.

Outbound: For more information on tax relief services and the various options that are available to you for just about any tax situation, visit www.irs.gov online. IRS publications are available for your perusal and any clarification can be sought through your strategic tax lawyers. 



Reducing Estate Taxes with the help of Strategic Tax Lawyers

Wednesday, October 5, 2011

Estate taxes are taxes imposed on the inheritance of taxable properties, if the value of the properties reaches a certain amount. As of 2010, inheritance worth more than $5 million incurs estate taxes in the United States.

However, strategic tax lawyers can help you to find ways to lower estate taxes so that your heirs can inherit your properties intact, as much as possible. Strategic tax lawyers have the expertise in plotting plausible estate plans that help reduce taxes and even increase the value of your properties when you die.

Ways That Can Reduce Estate Taxes

If you are looking to reduce estate taxes, strategic tax lawyers can show you a variety of ways to do so. Below are just some of them.

  • Gifts – Individuals looking to reduce their estate taxes might be advised by strategic tax lawyers to give gifts to their children/spouse, without incurring taxes by not going over the annual or lifetime limits. The wisdom behind this estate planning strategy is to gift as much as possible, to reduce the size of your estate substantially.

A different version of this is gifting to minors. However, the gifts are put under the care of a custodian until such time the minor reaches a defined age of maturity. Your strategic tax lawyers will also advise you to never go over the yearly and lifetime limits to avoid taxes.

  • Forming Family Limited Partnership – Forming a family limited partnership is an estate planning technique usually advised by strategic tax lawyers. It is a way for families to transfer ownership of family-owned businesses, bonds, stocks, and other properties to their heirs, thereby significantly lowering estate taxes. These transfers are tax-free when transferred without going over the yearly limit.

  • Donate to Charity – Don’t be surprised when your strategic tax lawyers advise you to make donations to charitable institutions. These donations do not only reduce estate taxes significantly, it also allows you to sow goodwill among your fellowmen.

  • Real Estate Valuation – As you may be familiar by now, your properties may be valued more than it should be due to certain factors, like being located near commercial places. Because of this, the value of your property increases more than its actual use, affecting estate taxes. Your strategic tax lawyers can assist you in requesting the IRS to value your properties based on their actual use, not on their highest or best use.

 

  • Private Annuity – Private annuity is another estate planning strategy that strategic tax lawyers resort to. This step is usually taken to transfers high-appreciated properties to other members of the family in exchanged for unsecured payments for the rest of your life, allowing you to hold on to the properties until you die as your strategic tax lawyers will explain. Effectively, the transfer is a sale minus gift and estate taxes.

  • Establishing Irrevocable Life Insurance Trusts (ILIT) – An ILIT is one way of avoiding taxes on life insurance proceeds at the time of your death. Strategic tax lawyers can help you establish an ILIT with your spouse or children as trustees. You can then transfer ownership of your life insurance policies to them in small increments. Since you are no longer the owner of the policies, the proceeds will not be part of taxable properties at the time of your death.

These are just some of the several ways to significantly reduce estate taxes. You will know more about estate planning by consulting strategic tax lawyers.

To further your knowledge about tax exemptions and estate taxes you may visit the IRS website here.



How A Beverly Hills Tax Attorney Can Help You with Back Payroll Tax

Tuesday, October 4, 2011

Running a successful business is a complicated endeavor, and this is before you even bring taxes into the mix. Payroll taxes are an area that most business owners would prefer to ignore, but doing so can put one into financial straights. If you are behind on your payroll taxes, do not try to face the IRS alone. Arm yourself with as much information as possible and a high quality Beverly Hills tax attorney to protect your business, and your livelihood.

Back Payroll Tax

Owning a business is a financial risk, and failure to file the required IRS Form 941 - a quarterly tax form - can be a real threat to your business. Failure to file alone can incur your business hefty penalty fees, and then there are the back taxes! Collection efforts by the IRS are much harsher than that of many others as they have much wider enforcement abilities. A well qualified Beverly Hills tax attorney can help you with your back tax issues before they get out of hand. The consequences for continual failure to file and/or pay really add up and can be the end of a business.

Many businesses who find themselves in this situation think of looking at bankruptcy only to find that these debts cannot be erased by filing. You are stuck with these debts. This is why it is vital to team up with a Beverly Hills tax attorney so as to tackle this problem before it gets out of hand. There are ways in which you can pay off your debts to the IRS and keep your business, you will just need to be armed with knowledge and an experienced Beverly Hills tax attorney at your side.

Your Options

A Beverly Hills tax attorney is likely to be able to negotiate a number of different options for you that will allow you to repay your debts, but also allowing you to keep your business. The most common plans negotiated are payment plans or settlements. If your Beverly Hills tax attorney works out a payment plan for you, you are liable for making the agreed-upon monthly payments to the IRS (without continuing to incur penalties) until the debts are repaid.

Settlements are another avenue your Beverly Hills tax attorney might be able to secure for you. If you have a significant amount of back tax liability, this is often the most feasible way to go about repaying the debt and keeping your business afloat. A settlement with the IRS is something that you will need the assistance of a highly qualified Beverly Hills tax attorney to negotiate to your best interests. A settlement is often repaid in a lump sum, so this is something that you must be prepared for. However, what you end up paying is often significantly less than the overall debt that you actually owed.

If you own a business and are starting to receive exceedingly ominous-sounding letters from the IRS, contact a Beverly Hills tax attorney today and get the relief you need. With a highly qualified Beverly Hills tax attorney, you can exercise your rights to your best interest. There is no need to watch your business go down the proverbial drain due to unpaid back payroll taxes when a Beverly Hills tax attorney can help you work out an affordable payment plan or lump sum settlement.



How to Deal with a Bank Levy with the Help of California Tax Lawyers

Tuesday, October 4, 2011

Dealing with the IRS can be a headache-inducing experience, but thankfully, with the help of highly qualified California tax lawyers, these issues become much less difficult to handle. When faced with the threat of a bank levy imposed by the IRS, it is vital to know your rights, and know that there are California tax lawyers waiting to assist you in any way possible. While this is a scary situation to be in, knowing that there are places to get high quality advice and excellent legal services can make the threat of an IRS bank levy a bit less of a concern.

What is an IRS bank levy?

Though the specifics may be different from state to state (which is why it is important to contact California tax lawyers with any questions you might have), a bank levy is a way in which the IRS can collect on back debts you owe. When you have an IRS bank levy put on your bank account, all or a portion of the money you have in your account are frozen and then sent to the IRS to repay your back IRS debts.

This will not happen without your knowledge. The IRS is required to notify you if they are preparing to put a levy on your bank account. You are often given a chance to contact the IRS in an effort to avoid your assets being seized. If you fail to respond, or make arrangements to pay off your back debts, the IRS will move forward with their efforts to seize your monies. If you have received a letter like this, all hope is not lost, with the help of California tax lawyers, you can protect your assets to the best of your abilities.

Being armed with this knowledge gives you the time to contact California tax lawyers to find out what your rights are. Your financial solvency is at risk, it is vital that you keep all documentation sent to you and that you contact a local California tax lawyer immediately so as to protect your rights and your assets.

If faced with the threat of a levy, what can I do?

You do not have to just roll over an allow the IRS to seize all of your assets. You have rights and with qualified California tax lawyers, you can ensure that your finances are protected as much as possible. You do not have to let the threat of an IRS bank levy put you into financial dire straights. If you act before you account has been levied, there is a good chance that our California tax lawyers can help negotiate a payment plan that will work with your budget. But even if you have a levy on your account at the current moment, it isn't too late to get help.

The bank holds your seized monies for 21 days after the levy monies are disbursed to the IRS. During this period, you can make moves to have the monies returned to you. California tax lawyers with experience in the field of bank levies can help you to work with the IRS to have your monies released. There are a number of different areas that will qualify you to have the levy lifted off your accounts or wages, and California tax lawyers can help you in the negotiating process.

Do not try to fight the IRS alone and do not ignore those letters in the mail. If you are receiving notices of a possible IRS bank levy, or if your bank account or paycheck is currently being levied, there are options available to you. With the help of qualified California tax lawyers, you can negotiate with the IRS and keep your monies in your possession. You must know your rights and have a knowledgeable negotiation partner in your proverbial corner.



Surviving Spouses to Benefit from Portability Election

Tuesday, October 4, 2011

 Estate Tax Return Required to Make this Choice For Some, Form 706 Due as Early as Oct. 3 

WASHINGTON — The Internal Revenue Service reminded estates of married individuals dying after 2010 that they must file an estate tax return to pass along their unused estate & gift tax exclusion amount to their surviving spouse.

Available for the first time this year, the new portability election allows estates of married taxpayers to pass along the unused part of their exclusion amount, normally $5 million in 2011, to their surviving spouse. Enacted last December, this provision eliminates the need for spouses to retitle property and create trusts solely to take full advantage of each spouse’s exclusion amount.

The IRS expects that most estates of people who are married will want to make the portability election, including people who are not required to file an estate tax return for some other reason. The only way to make the election is by properly and timely filing an estate tax return on Form 706. There are no special boxes to check or statements needed to make the election.

The first estate tax returns for estates eligible to make the portability election (because the date of death is after Dec. 31, 2010) are due as early as Monday, Oct. 3, 2011. This is because the estate tax return is due nine months after the date of death. Estates unable to meet this deadline can request an automatic six-month filing extension by filing Form 4768. The IRS emphasized that estates of those who died before 2011 are not eligible to make this election.

The IRS plans to issue regulations providing further guidance on this election and welcomes public comment on a number of issues



How To Close a Business in New York with the Assistance of a New York Tax Attorney

Tuesday, October 4, 2011

Surviving in the world of business is hard, and with the problems facing the world today, it has become harder no matter where your business is located. For instance, some businesses in the State of New York are struggling to survive. Not only do they have to face cutthroat competition, they also have to sell their products or services to a market full of consumers tightening their budgets. As a result, many business owners are forced to make drastic actions to ensure their businesses survive.

Sometimes, some situations call for desperate measures, and closing or ending a business might be the right decision to make. If you are an owner of a struggling business in the State of New York, you might need the advice of a New York tax attorney, especially if your situation calls for the closing of your business.

What to Do When Closing a Business in New York

There are several things that a New York tax attorney can help you with to manage things smoothly in closing your business. The following are the steps you need to take:

  • To begin the process, ask your New York tax attorney to file your final business tax returns. With the help of your New York tax attorney, you will be able to file these returns appropriately and properly.

If you are unsure whether your business has outstanding taxes left unpaid, your New York tax attorney can secure an updated balance of your outstanding liabilities with the Collections and Civil Enforcement Division.

You should also ask your New York tax attorney to verify if your business has unpaid real estate taxes. However, this is only applicable to those who own real property or leases real property.

  • Naturally, by closing your business you stop paying wages to your employees. This means that your New York tax attorney needs to file a final Form NYS-45, Quarterly Combined Withholding, Wage Reporting and Unemployment Insurance Return.

This form will state the date you stopped paying your workers and is due within 30 days from that date.

  • The form NYS-45 will also state whether you have sold your business to someone else. If this is the case, or if you are in the process of doing so, your New York tax attorney should provide the buyer with a copy of Form TP-153, Notice to Prospective Purchasers of a Business or Business Assets.

TP-153 informs the buyer/s to notify the Department of Taxation and Finance when they become the new owner/s of your business.

  • You or your New York tax attorney must also contact the New York State Department of Labor to inform them about the change in your unemployment insurance status.

  • If you were registered for sales taxes, you and your New York tax attorney should file final sales tax return and mail your Certificate of Authority to the New York State Department of Taxation and Finance.

  • If you have a Certificate of Registration and/or any other licenses or certificates, ask your New York tax attorney to surrender them on your behalf.

  • If you own a corporation, you will be granted consent allowing the voluntarily dissolution of your corporation, but only after you have satisfied all requirements (e.g. filing tax returns, paying unpaid taxes). In case your corporation is based in another state, you will be asked to surrender your authority to do business in New York.

  • Finally, carefully check the list provided by the IRS on how to close a business, and make sure you do all the steps required.

Closing or ending a business might be a bitter pill to swallow, but sometimes the better plan is to cut your losses and move on a different direction. Plot your future ahead and make the necessary changes. End your business properly complying with New York State tax laws with the aid of a New York tax attorney.



How IRS Tax Lawyers help you Resolve your IRS Debt

Monday, October 3, 2011

How IRS Tax Lawyers help you Resolve your IRS Debt

The last thing anyone needs to add to their list of worries is an outstanding debt with the IRS that can only be handled with the help of IRS tax lawyers. Sometimes through unforeseen circumstances a person can owe more taxes than they planned without having the ability to pay back those taxes when the time comes. If you have recently discovered that you will owe taxes for the current year and are unable to pay the full bill or if you have not filed taxes for a year or several years, there are options for repayment available that you can consult IRS tax lawyers to help you with.

Depending on your unique situation the IRS tax lawyers will determine how best you can repay the debt. For instance someone who has filed their taxes for the current year but is unable to pay the full outstanding debt will be in a better position than someone who has neglected to pay their taxes for several years. This does not make a difference; however, because IRS tax lawyers can help you resolve your outstanding tax liabilities no matter how old they are.

Listed below are a few methods allowed and available through the IRS and they may not require an attorney for the arrangement. However, to obtain the best results, it is strongly recommended that you seek the assistance of IRS tax lawyers in your endeavors.

  • Short Term Agreement- This type of agreement is designed for the person who cannot pay the full bill now, but does have the ability to repay the debt within 120 days. This is a better option than an installment agreement because the interest and penalties are considerably less. When repaying your outstanding tax liabilities, you will find that IRS tax lawyers will advise you on your cheapest overall options for settling with the IRS.
  • Installment Agreement- IRS tax lawyers will tell you that this agreement was designed for the individual who has no possible chance to pay off the debt short term due to hardships or simply not having the money available. The installment agreements can vary in length of time anywhere from one year to three, giving the tax payers a chance to repay without the IRS instituting a bank levy or garnish of wages. The interest and penalties continue to accrue until the full balance it paid.
  • Extension- A taxpayer has the right to extend the filing date out six months in order to repay the debt. However understanding that even though the taxes have not been filed the interest in still accruing and there is a onetime penalty for the extension. It is best to consult with either an IRS employee or IRS tax lawyers to find out what the penalty and interest may be and if an installment agreement may be a better option.
  • Compromise- If you fall into the category of unfiled taxes that have recently been either discovered by the IRS, you make be able to offer a compromise on the debt. A lot depends of any prior tax issues and how old the taxes are. Again this matter may be best handled through IRS tax lawyers to get the best settlement offer possible.

It is always in your best interest to pay your taxes that are due on time, but if you have fallen upon difficult times and are just not able to pay in full, pay what you can by using IRS tax lawyers to negotiate a settlement. By paying down as much of the debt as possible up front, you will save yourself enormous amounts of interest and penalties over the length of your agreement.



How a Beverly Hills Tax Attorney can help with IRS Penalty Abatement

Monday, October 3, 2011

How a Beverly Hills Tax Attorney can help with IRS Penalty Abatement

If you have had trouble in the past with filing your taxes and have ignored warnings from the IRS to pay your taxes in a timely manner, you may find that your tax liability has nearly doubled. This is because your taxes are subject to both interest and penalties when they are not paid and are allowed to accumulate over the course of several years. A Beverly Hills tax attorney can help you negotiate down your IRS tax liability by way of penalty abatement.

What is IRS Penalty Abatement?

Penalty abatement is when the penalties that you have accumulated over the course of your outstanding tax liabilities are reduced or waived. A Beverly Hills tax attorney who has experience in penalty abatements can help your case tremendously. It may be hard to pay off the original liability without having to worry about paying for the additional penalties. IRS penalty abatement will either reduce or waive your penalties, but it will not eliminate the interest accrued over the life of the outstanding tax debt. A Beverly Hills tax attorney can help you negotiate with the IRS to remove the penalties if you have a qualifying circumstance.

What are Qualifying Circumstances?

Your Beverly Hills tax attorney will advise you to file for IRS penalty abatement if you meet the standard requirements that the IRS looks for. According to a Beverly Hills tax attorney here are some qualifying events that will allow you to file for IRS penalty abatement.

  • Family events that have held significance in your life. Such an event might include a divorce that constitutes a disruption in your business or personal life.
  • Major illnesses that incapacitate you will allow your Beverly Hills tax attorney to file for abatement on your behalf.
  • If you have previously received bad advice from a certified public accountant or other tax attorney, your Beverly Hills tax attorney can help you to resolve the issues.
  • Unemployment – if you have been unemployed for a lengthy amount of time, your Beverly Hills tax attorney is likely to encourage you to file for penalty abatement. Unemployment is not something that you can usually help and it should not be allowed to drastically affect your taxes.
  • Loss of business or personal records may qualify you for penalty abatement. Speak with your Beverly Hills tax attorney to determine if your lost paperwork will allow for abatement.

How do I file for IRS Penalty Abatement?

According to the IRS website there are three different ways in which a person can file for IRS penalty abatement. Your Beverly Hills tax attorney will be able to help you with the process.

  1. Write directly to the IRS, state your case for reasons why you feel the penalties should be reduced or waived. You can also request a refund at this time for any monies that was paid in regards to your income taxes.
  1. If writing does not work, you can ask for a hearing where you state your case to the IRS verbally. Sometimes this is more effective than writing a letter as you are sharing your personal experiences directly with the people responsible for making the decision on your abatement request.
  1. File IRS form 843 to request abatement. All of the filing instructions are included in the form packet for your ease of understanding. If you struggle with the paperwork, your Beverly Hills tax attorney can help. 


Using a Los Angeles Tax Attorney to help with an IRS Offer in Compromise

Monday, October 3, 2011

Using a Los Angeles Tax Attorney to help with an IRS Offer in Compromise

Many Americans whether it comes to personal taxes or business taxes may occasionally find themselves slapped with an outstanding tax liability. A Los Angeles Tax Attorney can help you to either eliminate or drastically lower your outstanding liability by use of an IRS Offer in Compromise. Many people do not understand what an IRS Offer in Compromise is regardless of having heard about it several times. It is a complex tax settlement that your Los Angeles Tax Attorney can help you with. Let’s take a further look at what an IRS Offer in Compromise consists of and how your Los Angeles Tax Attorney can help you reduce or expunge your tax liability.

What is an IRS Offer in Compromise?

An IRS Offer in Compromise is a settlement reached between you, your Los Angeles tax attorney and the IRS in where your tax liability is either reduced or in some cases, even waived. Because it is a complex procedure, you will want the assistance of a Los Angeles Tax Attorney to help you establish the best case when applying for an Offer in Compromise. If you succeed in filing for an Offer in Compromise, you are likely to see a reduction in your taxes. It is very difficult to get approved for an Offer in Compromise as the IRS is keen to collect on outstanding debts. However, with the help of a Los Angeles tax attorney, your chances may be better than you think. Only a consultation with the attorney will reveal your options.

How can I qualify for an Offer in Compromise?

Qualifying for an IRS Offer in Compromise requires that you meet one of three conditions. These conditions will require written proof and the assistance of a Los Angeles tax attorney to help you ensure that your case is presented the best way it can be. The following conditions may qualify you for an Offer in Compromise.

  • Collectability is in doubt – if you owe a large sum that is outstanding, there is a statute in which the IRS is allowed to pursue the collection process. Doubt of collectability occurs when there is substantial evidence that you will not be able to pay your debts within the time allowed for collection. If you have little or no assets and are suffering from extreme circumstances, you may qualify for an Offer in Compromise based on this consideration. Speak with your Los Angeles tax attorney today to determine if you qualify for this first condition.
  • Doubts surrounding the liability – there are three reasons why a doubt may surround the actual liability. These include the incorrect interpretation of the tax law by the examiner, the taxpayer has new evidence refuting the liability or the original evidence was not examined by the examiner. Your Los Angeles tax attorney can help you put together the claim if you find that this situation applies to you.
  • As with all cases, there is one for exceptional circumstances in regards to filing for an Offer in Compromise. However, the difference with exceptional circumstances is that there is no refuting that the tax liability is correct and there is significant evidence that the taxpayer is able to pay the liability. The concern comes where paying the liability will cause an economic hardship in the taxpayer who is being sued. Speak with your Los Angeles tax attorney today to discover your options.