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Law Office of Mary King, P.L.
The Law Office of Mary King P.L. offers complete IRS problem-solving services, including all areas from tax debt settlement to planning the most efficient tax strategy for individuals and businesses.
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Secure Your Financial Future with Sarasota's Proven IRS Tax Debt Attorneys
Trust Sarasota's proven IRS tax debt attorneys to secure your financial future. Expert guidance for resolving tax issues effectively.
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Secure Your Financial Future with Sarasota's Proven IRS Tax Debt Attorneys
Trust Sarasota's proven IRS tax debt attorneys to secure your financial future. Expert guidance for resolving tax issues effectively.
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Unfiled Tax Returns in Florida: Risks and Solutions with Professional Legal Guidance
Unfiled tax returns can be a source of stress and anxiety for individuals in Florida, as they pose various risks and consequences. However, with the right professional legal guidance from an IRS tax department solution attorney, Floridians can navigate this complex situation effectively.
Understanding the Risks:
The failure to file tax returns can lead to severe repercussions from the Internal Revenue Service (IRS). Some of the risks associated with unfiled tax returns include:
1. Penalties and Interest: The IRS imposes penalties and interest on unpaid taxes, which can accumulate over time and significantly increase the total amount owed.
2. Loss of Refunds: Taxpayers who fail to file returns may forfeit potential refunds they are entitled to receive.
3. Legal Consequences: In extreme cases, individuals could face criminal charges for willful failure to file tax returns, resulting in fines and even imprisonment.
4. Collection Actions: The IRS has broad powers to enforce tax collection, including wage garnishment, bank levies, and property seizures.
Seeking Professional Legal Guidance:
Given the serious implications of unfiled tax returns, it is crucial to seek professional legal guidance from a qualified IRS tax attorney in Florida. Here are some solutions they can offer:
1. Assessment of the Situation: A tax attorney will assess the taxpayer's situation, including the number of unfiled returns, outstanding tax liabilities, and any relevant circumstances.
2. Communication with the IRS: The attorney can act as a liaison between the taxpayer and the IRS, communicating on their behalf to address the unfiled returns and negotiate a resolution.
3. Voluntary Disclosure: In cases where non-compliance was unintentional, the attorney may recommend voluntary disclosure to the IRS, which can mitigate penalties and reduce the risk of criminal prosecution.
4. Filing Past Returns: The attorney will assist the taxpayer in preparing and filing all overdue tax returns accurately, ensuring compliance with IRS requirements.
5. Negotiating Settlements: Depending on the taxpayer's financial situation, the attorney can negotiate with the IRS to establish a reasonable payment plan or settle the tax debt for less than the full amount owed through offers in compromise.
6. Appealing Penalties: If the IRS has imposed excessive penalties, the attorney can file an appeal to challenge them and seek relief on behalf of the taxpayer.
7. Legal Representation: In cases where the IRS initiates enforcement actions, such as wage garnishment or bank levies, the attorney will provide legal representation to protect the taxpayer's rights and negotiate a favorable outcome.
Conclusion:
Unfiled tax returns can have serious consequences for individuals in Florida, but they are not insurmountable with the right legal guidance. By consulting with an experienced IRS tax department solution attorney, taxpayers can address their unfiled returns, mitigate risks, and achieve a resolution with the IRS. It's essential to take proactive steps to address this issue and avoid further complications down the road.
This article gives you an overview of the risks associated with unfiled tax returns in Florida and the solutions available with professional legal guidance from an IRS tax attorney. It emphasizes the importance of addressing this issue promptly to mitigate potential consequences and achieve compliance with IRS requirements.
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Navigating Tax Audits: Tips for Sarasota Small Businesses
Tax problems can be a significant source of stress for small businesses in Sarasota. From unexpected audits to complex regulations, navigating the world of taxes can be daunting. However, with the right approach and knowledge, you can effectively address tax issues and ensure compliance with local and federal tax laws. In this guide, we'll explore some practical tips for Sarasota small businesses to tackle tax problems and find solutions.
Stay Organized: One of the most crucial steps in avoiding tax problems is to maintain accurate and up-to-date records. Keep track of all financial transactions, including income, expenses, and deductions. Utilize accounting software or hire a professional accountant to streamline this process. By staying organized throughout the year, you'll be better prepared in case of an audit.
Understand Your Tax Obligations: Sarasota small businesses must familiarize themselves with their tax obligations at the local, state, and federal levels. This includes understanding sales tax requirements, employment taxes, and income tax obligations. Ignorance of tax laws is not an excuse, so take the time to educate yourself or seek professional advice to ensure compliance.
Seek Professional Help: When facing complex tax issues or audits, it's essential to seek assistance from experienced tax professionals. A certified public accountant (CPA) or tax attorney can provide valuable guidance and representation during audits. They can help you navigate the audit process, respond to IRS inquiries, and negotiate settlements if necessary.
Respond Promptly to IRS Notices: If you receive a notice from the IRS or other tax authorities, don't ignore it. Promptly respond to any inquiries or requests for information. Failure to address tax notices can lead to additional penalties and legal consequences. Be proactive in resolving tax issues to minimize potential damage to your business.
Review Deductions Carefully: While deductions can help reduce your tax liability, it's essential to review them carefully to ensure compliance with tax laws. Avoid claiming excessive or questionable deductions that could raise red flags during an audit. Keep thorough documentation to support any deductions you claim on your tax return.
Consider an Installment Agreement: If you're unable to pay your tax bill in full, consider entering into an installment agreement with the IRS. This allows you to pay your tax debt over time in manageable monthly installments. Be sure to adhere to the terms of the agreement to avoid default and additional penalties.
Explore Tax Relief Options: In some cases, Sarasota small businesses may qualify for tax relief programs offered by the IRS or state tax agencies. These programs can provide relief from penalties, interest, or even reduce the amount of tax owed. Research available tax relief options and determine if your business qualifies for any assistance.
Stay Informed About Tax Law Changes: Tax laws are constantly evolving, so it's essential to stay informed about any changes that may affect your business. Subscribe to tax newsletters, attend seminars, or consult with a tax professional to stay up-to-date on current tax regulations and compliance requirements.
In conclusion, tax problems can pose significant challenges for Sarasota small businesses, but with careful planning and proactive measures, you can effectively navigate these issues. Stay organized, understand your tax obligations, seek professional help when needed, and respond promptly to any tax notices or audits. By following these tips and staying informed about tax law changes, you can minimize tax-related stress and focus on growing your business.
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IRS Audit Attorney - Tax Problems Solutions Law Firm Sarasota, Florida
Attorney Mary King provides IRS audit and tax problems solutions for individuals & businesses throughout Sarasota & Punta Gorda, Florida.
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Crafting a Secure Future with Sarasota Estate Planning and Probate Lawyers
Planning for the future is a wise step to secure the well-being of your loved ones and the protection of your assets. In Sarasota, Florida, estate planning and probate lawyers play a pivotal role in helping individuals navigate the intricate legal terrain of wills, trusts, and probate proceedings. Additionally, Powers of Attorney lawyers in Sarasota, Florida, offer a crucial element in ensuring that your financial and healthcare decisions are in safe hands when you need it. In this article, we'll explore how these legal professionals can make a significant difference in your life.
Sarasota Estate Planning Attorney: Crafting Your Legacy
Estate planning is more than just preparing a will. A Sarasota Estate Planning Attorney helps you create a comprehensive plan to manage your assets and provide for your family's financial future. Whether you have substantial assets or simply want to ensure your wishes are followed, these professionals can guide you.
One of the significant advantages of working with a Sarasota Estate Planning Attorney is their ability to customize your estate plan to your unique circumstances. They understand the specific nuances of Florida law and can help you make informed decisions regarding wills, trusts, and other estate planning tools. With their assistance, you can leave a lasting legacy that reflects your values and protects your loved ones.
Probate Lawyer Sarasota, Florida: Navigating the Legal Process
Probate can be a complex and time-consuming process. When you pass away, your assets and estate may need to go through probate to ensure they are distributed correctly. A Probate Lawyer in Sarasota, Florida, can be your invaluable partner in this journey, making the process smoother and less stressful for your loved ones.
Probate lawyers are well-versed in Florida's probate laws, making them equipped to handle the intricacies of the legal proceedings involved. They can help ensure that your assets are distributed according to your wishes and in compliance with the law. By working with a local probate lawyer, you can minimize delays and reduce the stress on your family during an already difficult time.
Powers Of Attorney Lawyer in Sarasota, Florida: Protecting Your Interests
Granting someone power of attorney is a significant decision. A Powers of Attorney Lawyer in Sarasota, Florida, can help you understand the implications and choose the right individual to act on your behalf in financial, healthcare, or other matters when you are unable to do so.
These lawyers can assist you in drafting powers of attorney documents that align with your preferences and ensure that your interests are safeguarded. Whether you require someone to handle your finances, make healthcare decisions, or oversee specific legal matters, a powers of attorney lawyer can help you establish the necessary legal documents to grant those powers while protecting your interests.
Conclusion
Sarasota, Florida, is home to a dedicated group of legal professionals specializing in estate planning, probate law, and powers of attorney. They are essential allies in securing your future, preserving your legacy, and ensuring your interests are protected. By working with these experts, you can navigate the legal complexities with confidence, knowing that your loved ones and assets are in capable hands.
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Navigating Tax Troubles in the Sunshine State: The Role of a Tax Attorney in Florida
Introduction
Florida's sunny beaches, warm climate, and vibrant lifestyle make it a dream location for many. However, if you're looking to purchase a home in the Sunshine State, you might be wondering, "Can I get a mortgage without tax returns?" To answer this question and explore the vital role of a tax attorney in Florida, we'll dive into the world of tax troubles, mortgages, and how a tax attorney can be your guiding light.
The Mortgage Dilemma: Can You Get One Without Tax Returns?
Many aspiring homeowners often find themselves in a predicament when it comes to securing a mortgage without tax returns. Traditional lenders typically require tax returns as part of the application process to verify your income. This can be a challenge if you're self-employed, have irregular income, or haven't filed tax returns for various reasons.
Here's where the expertise of a tax attorney in Florida can come into play. They can help you explore alternative mortgage options and navigate through this seemingly complex issue.
Understanding Your Mortgage Options
Bank Statement Loans: Some lenders offer bank statement loans that don't rely on tax returns. Instead, they use your bank statements to determine your income and eligibility. A tax attorney can assist in finding lenders who provide these loans.
Stated Income Loans: These loans allow you to state your income without providing tax returns. However, they may require a larger down payment and a higher credit score. A tax attorney can help you understand the nuances of such loans.
Alternative Documentation Loans: Lenders offering these loans may accept alternative documentation to prove your income, making it easier to secure a mortgage.
The Role of a Tax Attorney in Florida
A tax attorney Florida is a valuable asset when you're facing tax-related challenges that affect your financial goals, including homeownership. Here's how they can help:
1. Tax Compliance and Resolution
If you haven't been up-to-date with your tax obligations, a tax attorney can assist you in resolving any outstanding tax issues. This is crucial before applying for a mortgage, as lenders often require tax compliance.
2. Income Verification
A tax attorney can help you gather the necessary documentation to verify your income for mortgage purposes. They understand the tax code and can assist you in navigating the complexities of the system.
3. Negotiating with Lenders
In cases where traditional lenders may not be an option, your tax attorney can negotiate with lenders on your behalf to secure a mortgage through alternative means, like the aforementioned options.
4. Legal Expertise
Tax attorneys have a deep understanding of tax laws and regulations. They can provide guidance on reducing your tax liability, which can make a significant difference in your financial standing.
5. Asset Protection
A tax attorney can help protect your assets and wealth, ensuring that your financial stability is maintained during the mortgage application process and beyond.
Conclusion
When it comes to navigating tax troubles and securing a mortgage without tax returns in Florida, the expertise of a tax attorney is invaluable. They can help you explore alternative mortgage options, ensure tax compliance, and provide legal guidance to protect your financial interests. So, if you're dreaming of homeownership in the Sunshine State, remember that a tax attorney can be your guiding light through the process. Don't let tax troubles dim the radiance of your Florida dream – consult a tax attorney and secure your piece of paradise.
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When Should You Consider Hiring a Tax Attorney for IRS Negotiations?
Introduction
Dealing with the Internal Revenue Service (IRS) can be a complex and daunting task, especially when faced with intricate tax matters. While many individuals attempt to handle IRS negotiations on their own, there are specific situations where it's not just advisable but essential to seek the professional expertise of a tax attorney or tax lawyer. In this article, we will explore these situations and help you understand when you should consider hiring a "tax attorney near me" or a "tax lawyer."
1. Complex Tax Issues:
When your tax issue is more intricate than a routine tax return, it's a clear indicator that you should consider hiring a tax attorney. Complex tax issues can include:
Tax Fraud Allegations: If you're accused of tax fraud, whether intentionally or unintentionally, the IRS takes these allegations seriously. A tax attorney can provide vital legal guidance and representation to navigate these complex allegations.
Offshore Accounts: Holding offshore accounts or assets can introduce significant complexity to your tax situation. A tax attorney experienced in international tax law can help ensure compliance and navigate any issues that may arise.
2. IRS Audits:
Facing an IRS audit can be a highly stressful experience. A tax attorney can provide valuable assistance in the following ways:
Expert Guidance: A tax attorney understands the audit process inside out and can offer expert guidance on how to respond to IRS inquiries, gather necessary documentation, and protect your rights.
Negotiation Skills: If discrepancies are found during the audit, a tax attorney can negotiate on your behalf to resolve the issues, potentially reducing penalties and liabilities.
3. Tax Court Proceedings:
If your case escalates to the point of tax court proceedings, it's imperative to have a qualified tax attorney by your side. They can:
Provide Legal Representation: A tax attorney is equipped to represent you in court, presenting your case effectively and ensuring that your rights are protected throughout the legal process.
Navigate Complex Tax Laws: Tax court cases involve intricate tax laws and regulations. A tax attorney's deep knowledge of tax law can make a substantial difference in the outcome of your case.
4. Negotiating Settlements:
When negotiating a tax settlement with the IRS, such as an Offer in Compromise or an Installment Agreement, a tax attorney can be a crucial asset. They can:
Maximize Your Chances: A tax attorney can help you craft a compelling proposal that maximizes your chances of securing a favorable settlement, potentially reducing the amount you owe.
Handle Communication: Your tax attorney can handle all communication with the IRS, relieving you of the stress of dealing with the bureaucracy directly.
5. Business Tax Issues:
If you're a business owner facing complex tax problems, such as payroll tax issues, employee classification disputes, or tax audits related to your business operations, a tax attorney can provide invaluable assistance in resolving these matters efficiently and effectively.
Conclusion
While handling routine tax matters may be manageable on your own, certain situations demand the expertise of a tax attorney or tax lawyer. Whether you're dealing with complex tax issues, facing an IRS audit, navigating tax court proceedings, negotiating settlements, or addressing business tax matters, the guidance and representation of a qualified tax attorney can make a significant difference in the outcome of your case. When facing these specific situations, seeking a "tax attorney near me" or a "tax lawyer" should be a top priority to ensure that your rights are protected, your interests are well-represented, and you achieve the best possible resolution for your IRS negotiations.
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Tax Attorney vs. CPA: Which One Do You Need?
Handling tax matters often requires professional help. Two common options are tax attorneys and certified public accountants (CPAs). While they both assist with taxes, there are some key differences between the two:
Role and Focus
Tax Attorney: Licensed legal experts focused on tax law, tax litigation, and resolving IRS issues.
CPA: Accounting professionals that prepare tax returns and provide general tax planning and compliance services.
Education and Training
Tax Attorney: Juris doctor law degree and must pass the bar exam.
CPA: Bachelor's degree in accounting plus 30 additional credit hours and must pass the CPA exam.
Scope of Practice
Tax Attorney: Can represent clients before the IRS and in court for tax litigation. Can draft legal tax opinions.
CPA: Cannot litigate in court but can represent clients in IRS audits and appeals. Opinions are limited to interpretations of tax code.
Services Provided
Tax Attorney: Tax planning, audit defense, IRS dispute resolution, tax litigation, tax fraud representation.
CPA: Tax compliance including preparation of returns, basic tax planning and accounting services.
When to Use Each
Tax Attorney: Complex tax planning, offshore accounts, tax controversies, business structuring, estates.
CPA: Individual and business tax preparation, bookkeeping, general tax planning within scope of practice.
Pros and Cons
Tax Attorney:
Pros: Legal advocacy in IRS disputes; litigation services; expertise in specialized tax areas.
Cons: Higher hourly rates; focused exclusively on taxes.
CPA:
Pros: Lower cost tax preparation; broad accounting knowledge; tax planning for common situations.
Cons: Limited representation if disputed by IRS; less expertise in complex tax law matters.
For most routine tax compliance and preparation needs, a CPA is the most cost-effective choice. But for navigating complex IRS legal issues, a tax attorney's specialized skills are critical.
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Navigating Gift Tax Exemptions in Florida: How Much Can You Give Without Tax Implications?
How Much Can You Give Without Tax Implications?
Introduction
Giving monetary gifts or other assets to loved ones is a common practice. However, large gifts may trigger gift tax obligations under federal and Florida state laws. Understanding the various gift tax exemptions is key to avoiding unexpected taxes. This article explores the ins and outs of Florida gift taxes and exemptions.
Federal Gift Tax Overview
On the federal level, gift tax applies when you give money or assets valued over $15,000 to an individual in a single year. Gifts above this annual exclusion amount require filing a gift tax return. However, no federal tax is due until lifetime gifts surpass the federal lifetime gift and estate tax exemption amount, which is $11.7 million for 2022.
Gifts to spouses qualify for an unlimited marital deduction. Transfers for educational or medical expenses are also exempt if paid directly to the provider.
Florida Gift Tax Rules
Florida follows the federal gift tax system but also imposes its own state gift tax. The Florida gift tax exemption matches the federal level at $11.7 million for 2022. Lifetime gifts above this amount are subject to Florida’s gift tax rate, which ranges from 2.25% to 16%.
For gifts between $15,000 and $11.7 million, you must file a Florida gift tax return. However, no tax is due unless the lifetime exemption is exceeded.
Notably, Florida does not recognize the unlimited marital deduction. Gifts to a Florida resident spouse are exempt up to $30,000 per year. Amounts above this qualify for a marital deduction, but reduce the lifetime exemption.
Gifts for tuition and medical expenses qualify for exclusions if paid directly to the provider. Florida also exempts charitable donations and gifts to political organizations.
Navigating Gift Taxes in Florida
With proper planning, most Florida residents can avoid state gift taxes. Keeping gifts under $15,000 per person per year and not exceeding the $11.7 million lifetime exemption will sidestep any Florida gift tax obligations. For large gifts or wealth transfers, speak to a local tax professional to navigate the nuances. Proper documentation and filing is essential even when no tax is due. With some care and awareness of the rules, Floridians can successfully give monetary and asset gifts without triggering surprise taxes.
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Exploring the Benefits of Forming an LLC in Florida for Your Business
Introduction
When it comes to establishing a business, choosing the right legal structure is a crucial decision. In the vibrant business landscape of Florida, opting for a Limited Liability Company (LLC) structure can provide a host of advantages that can set your business on the path to success. In this article, we will delve into the benefits of setting up an LLC in Florida, including limited liability protection, flexible management structure, and potential tax benefits. Whether you're pondering "how much is an LLC in Florida?" or seeking insights into the advantages of LLCs in the state, read on to discover why this might be the right choice for your business venture.
Limited Liability Protection: Safeguarding Your Assets
One of the primary reasons entrepreneurs choose to open an LLC in Florida is the unparalleled level of limited liability protection it offers. This protection essentially creates a legal separation between your personal assets and the business's liabilities. In the unfortunate event that your business faces legal actions, debts, or other financial challenges, your personal assets like your home, car, or savings are shielded from these liabilities. This security ensures that your personal wealth remains untouched even if your business encounters difficulties.
Flexible Management Structure: Tailored to Your Business Needs
LLCs in Florida provide a unique advantage in terms of flexibility in management structure. Unlike corporations, which typically have a rigid hierarchical structure, LLCs allow business owners to choose between member-managed and manager-managed structures. If you opt for member-managed, you and other co-owners actively participate in the day-to-day operations. On the other hand, if you choose manager-managed, you can hire professional managers to handle the business operations while you focus on strategic decision-making. This flexibility empowers you to mold the management approach that best suits your business's objectives.
Potential Tax Benefits: Optimizing Your Finances
One of the questions often asked is, "How much is an LLC in Florida, in terms of taxes?" LLCs in Florida offer a unique taxation approach that can potentially benefit your business. By default, LLCs are treated as pass-through entities for tax purposes. This means that the profits and losses of the LLC are passed through to the owners' personal tax returns. This approach can lead to potential tax savings, as you avoid the double taxation that corporations often face. However, it's essential to note that tax laws can be complex, and seeking professional advice is recommended to maximize your tax benefits while ensuring compliance.
Easy Formation Process: Quick and Cost-Effective
Forming an LLC in Florida is relatively straightforward and cost-effective. This simplicity can be attributed to the clear guidelines provided by the state. The process typically involves selecting a unique business name, filing articles of organization with the Florida Division of Corporations, designating a registered agent, and paying the required fees. The state also offers online filing options, making the entire process even more convenient.
Conclusion
In the dynamic business environment of Florida, choosing to establish an LLC can offer a plethora of benefits. From the shield of limited liability protection to the adaptability of the management structure, an LLC in Florida can be a strategic move for any business venture. The potential tax advantages further enhance the appeal of this legal structure. So, whether you're a budding entrepreneur wondering "how much is an LLC in Florida?" or an experienced business owner seeking ways to optimize your business's structure, consider the advantages that LLCs in Florida can provide. It's a step toward securing your business's future success while navigating the competitive landscape of the Sunshine State.
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Should I Negotiate with The IRS Myself or Hire a Tax Attorney?
If you’re considering whether or not to negotiate your tax concerns with the IRS, there are a few things you need to know. First, it’s important to understand that negotiation is a two-way street.
#how to negotiate with irs#tax attorney near me#how to settle with the irs by yourself#can a tax attorney really help
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