Atkins Law Firm, P. A.IRS Tax Resolution | Atkins Law Firm, P. A.

REMINDER: FREE IRS PROBLEM RESOLUTION SEMINAR

Tripp — Mon, 23 Mar 2009 13:00:01 +0000

I wanted to send out a reminder about the FREE IRS Problem avoidance and resolution seminar that my law firm is putting on is tomorrow night. RSVP details are below if you would like to secure your spot at the seminar.

The IRS wants you to think that you only have one option: pay the tax, interest and penalties they say you owe in full. In actuality, you have several options and it is to your benefit to know your rights and options so you don’t pay more than you have to and so you don’t get stuck with tons and tons of penalties.

Here are the seminar details:

When? Tuesday, March 24, 2009 at 7 pm
Where? The Buck Mickel Center, Greenville Technical College
How to RSVP: Online or by Telephone (1-800-216-1116)

You will also learn 5 Tax Secrets that will Save you Money:

Why it is important to file all of your tax returns, even if you cannot afford to pay the tax
How to keep from paying IRS penalties
Why you should always pay your company’s payroll taxes on time
How to avoid IRS audits and if audited, how to end it quickly
How to pay less taxes utilizing an offer in compromise

If you would like to attend one of the free seminars, you can visit the online RSVP page here. You can also call toll free to give us your reservation information at 1-800-216-1116.

REMINDER: Free IRS Problem Resolution Seminar

Tripp — Wed, 18 Mar 2009 13:00:31 +0000

REMINDER of UPCOMING SEMINAR

The law firm that I am a member of, The Greene Law Firm, P.A., is putting on a free seminar to discuss ways you can avoid IRS problems and let you know about your rights in case you find yourself in the midst of IRS problems.

Here are the seminar details:

When? 2 Sessions: Thursday, March 19, 2009 or Tuesday, March 24, 2009 at 7 pm
Where? The Buck Mickel Center, Greenville Technical College
How to RSVP: Online or by Telephone (1-800-216-1116)

You will also learn 5 Tax Secrets that will Save you Money:

Why it is important to file all of your tax returns, even if you cannot afford to pay the tax
How to keep from paying IRS penalties
Why you should always pay your company’s payroll taxes on time
How to avoid IRS audits and if audited, how to end it quickly
How to pay less taxes utilizing an offer in compromise

If you would like to attend one of the free seminars, you can visit the online RSVP page here. You can also call toll free to give us your reservation information at 1-800-216-1116.

How to Avoid and Solve IRS Problems Free Seminar

Tripp — Mon, 16 Mar 2009 16:57:27 +0000

Here are the seminar details:

When? 2 Sessions: Thursday, March 19, 2009 or Tuesday, March 24, 2009 at 7 pm
Where? The Buck Mickel Center, Greenville Technical College
How to RSVP: Online or by Telephone (1-800-216-1116)

You will also learn 5 Tax Secrets that will Save you Money:

Why it is important to file all of your tax returns, even if you cannot afford to pay the tax
How to keep from paying IRS penalties
Why you should always pay your company’s payroll taxes on time
How to avoid IRS audits and if audited, how to end it quickly
How to pay less taxes utilizing an offer in compromise

If you would like to attend one of the free seminars, you can visit the online RSVP page here. You can also call toll free to give us your reservation information at 1-800-216-1116.

IRS Lien Releases

Tripp — Tue, 03 Feb 2009 13:31:45 +0000

QUESTION: I owe the IRS a substantial amount of money, but I do not have any money left over at the end of the month after I pay my bills to be able to afford to pay anything on my taxes. I could refinance my house since the rates are a lot lower now and save a few hundred dollars per month, but the IRS has a lien. Can you help me?

ANSWER: Yes, it is possible to work with the IRS to have the lien either released or subordinated beneath the lender’s mortgage so you can refinance your home. In fact, due to the state of the economy there are some new rules where the IRS is expediting the process of releasing or subordinating liens for taxpayers so they can refinance their homes to take advantage of the low mortgage interest rates. They are especially excited to be able to subordinate a lien when you will be able to take some money out of the equity in your home to pay your tax debt, but that is not always necessary.

Happy New Year from AtkinsSC.com

Tripp — Tue, 30 Dec 2008 14:00:28 +0000

Dear Readers,
Can you believe that there is just one more day left in 2008? It is hard to imagine that this year has gone by so fast. While tomorrow will be a time to celebrate the entrance of a new year, today you can look forward to what that new year will bring. We will experience several new beginnings in 2009: our new President will begin his duties in a few weeks, the country is experiencing an economic crisis, and there is no question that we will all encounter new challenges throughout 2009. It is refreshing to look forward at a new year to imagine how we will move forward and build on the things we achieved in the previous year. I know many of our readers are dealing with legal issues that have caused a lot of stress over the past year. The only sure thing about those issues is that they will not go away on their own. Whether you are dealing with tax problems and the IRS or you lost a loved one in 2008 and need assistance with the probate process we can assist you with your legal needs and help make your new year better. We can also assist you with real estate and estate planning matters. Please call us today to set up a free, no-obligation, consultation so we can discuss how your legal matters can be resolved.
Happy New Year from AtkinsSC.com!

Merry Christmas from AtkinsSC.com

Tripp — Thu, 25 Dec 2008 11:15:27 +0000

Dear Readers,
This is an exciting time of year and I am excited to wish you a Merry Christmas on behalf of AtkinsSC.com. While this time of year is a happy time it is also filled with hurry and stress. It is my hope that you and your family will take the opportunity to spend some quality time together this Christmas. I understand that many of the people that have retained our firm to assist them this year or who are considering coming to speak to us are feeling extremely anxious about what may happen to them because of the money they owe the IRS, and Christmas may seem like just another day of stress. I encourage everyone to take some time today to not worry about your tax liability and celebrate the true reason for Christmas, Christ’s birth. After you have taken some time to be thankful for what you have been blessed with in 2007, I would encourage you to call our office to set up a free consultation to discuss the possible resolutions to you problems. No matter how dire your situation may sound, I would like to give you some hope this Christmas season so you know that there is a way to resolve your problems with the IRS. Please call our office for a consultation soon. There is no charge and no obligation. We want to assist you with resolving your tax problems and take that burden off of you. I would also like to remind our readers that we also handle probate, real estate and estate planning matters and would be happy to discuss those matters with you for free as well. Call us soon for your free consultation.
Merry Christmas from AtkinsSC.com!

Using Deed to House to Pay IRS Offer in Compromise

Tripp — Thu, 23 Oct 2008 13:47:24 +0000

Question: Can I use the deed to a house we own free and clear to make an offer in compromise to the IRS for back taxes?

Answer: The short answer is no. Basically, in determining whether you qualify for an offer in compromise, the IRS will examine you entire financial “self.” You can kind of compare this to an audit. The IRS will want to see a financial form (433-A for individuals) that shows all the assets that you own including real estate, stocks, bonds, checking accounts, cash, cash-value insurance, vehicles, etc. You will also be required to show back up documentation for most of these assets as well as account statements for the past three months and receipts for payments that you have made. You will also be required to disclose your monthly income and expenses to the IRS (as well as the income of any non-liable person who lives with you such as a non-liable spouse).

You will gather all of this information so that you can properly prepare your offer in compromise to the IRS. Based on your particular financial information you will be able to determine the amount of your offer in compromise.

To get back to your specific question, if you own your home free and clear that will simply be a much larger amount that you offer the IRS for your offer in compromise because you have 100% equity in the home with no debt. The IRS, however, will not want the deed to your house. They are not in the real estate business. They want the money you can get for the house. So it will be up to you to either sell the house, refinance or take out an equity line on the house and give the IRS the proceeds.

Now, as a practical matter, I would not recommend that you immediately go out and refinance your house or put it on the market. I would suggest that you do some research and make sure you will qualify for a refinance by speaking with several banks. Then you can submit your offer in compromise and if it is accepted you can then go out and refinance your home or take out an equity line that you can then use to pay off your offer in compromise. But keep in mind that you only have a limited time after the acceptance of your offer in compromise to pay the full balance.

Offer in Compromise Manual

Tripp — Tue, 30 Sep 2008 13:30:49 +0000

If you are in tax debt with the IRS there is a way you can negotiate with the IRS to settle the amount you owe for less. This IRS program that allows for this is called an offer in compromise. As an attorney, I have negotiated lots of these for my clients. However, I know that not everyone can afford an attorney, and some would just prefer to do it themselves so they are in complete control.

Would you be interested in a product that walked you step-by-step through the offer in compromise program? If so, please complete the very short survey. Everyone who completes the survey will receive $20 off the product when it is released – to get the discount, just leave your e-mail address on the last question of the survey and I will e-mail you when the product is released. It should be very soon.

Hobby vs. Business: Do you Depend on Income from this Activity

Tripp — Tue, 23 Sep 2008 13:01:57 +0000

We are continuing on through the Hobby vs. Business series and have come to the second of the factors used to determine whether your activity should be considered a business or a hobby and we remember that this determination could make a huge impact on your tax returns and what you will owe the government this year.

Factor 2 is somewhat similar to the first factor relating to the time and effort put into the activity. But it starts to get a little deeper. The question is, “do you depend on income from the activity?” I would like to add a few more words “for your survival?” Some activities make money; some make lots of money, and lots of times you have to spend a lot of money to make this money. But, are you relying on this activity to be able to pay your bills this month? If so, it is much more likely that your activity is a business rather than a hobby. If you are doing the work and just piddling around with the little bit of money that you are earning it may not be considered a business.

Keep in mind that none of these factors are determinable in themselves in the determination of “hobby or business” but they are each considered in the equation by the IRS.

Hobby vs. Business: A Brief Overview

Tripp — Mon, 15 Sep 2008 19:27:22 +0000

I am frequently asked if you have a “small” business in your home do you have to pay taxes on what you earn. Of course, you have to pay taxes on your net gain. So that leads to the next question. What type of expenses can I write off in my business. The IRS regulates what expenses can be deducted from your business income to determine what the net profit is for a business. For a legitimate business you can deduct “ordinary and necessary expenses for conducting a trade or business.

For this post and probably a short series posts we are going to discuss what sets a legitimate business apart from a hobby.

There are several factors that are used by the IRS to determine what is a “business” and what is a “hobby.” The difference could mean whether you can deduct expenses on your tax return and for some people that may be a substantial amount of money you will owe Uncle Sam at the end of the year. These factors (listed below) are not all-inclusive and they are all weighed in the decision, stated another way – one factor does not determine the classification as hobby or business.

Does the time and effort put into the activity indicate an intention to make a profit?
Do you depend on the income from the activity?
If there are losses, are they due to circumstances beyond your control or did they occur in the start-up phase of the business?
Have you changed your methods to improve profitability?
Do you have the knowledge needed to carry on the activity as a successful business?
Have you made a profit in similar activities in the past?
Does the activity make a profit in some years?
Do you expect to make a profit in the future from the appreciation of assets used in the activity?

With few exceptions, an activity is presumed a business if it has made a profit in at least three of the last five years. Follow along with me through this series to determine if that little “business” you have going on in your garage is truly a business or more of a hobby.