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General Article

Current Strategies to Use When Seeking Tax Debt Relief

Current Strategies to Use When Seeking Tax Debt Relief

There are times when an individual could find themselves burdened with a huge amount of back taxes. Understandably, this is a considerable amount of stress to face. Back taxes may be incurred due to miscalculations or failure to file a return from previous years. If the IRS has sent you letters with huge amounts of money requested in a short period of time, you may feel overwhelmed. You might think that you have limited options to pursue for tax debt relief, but this doesn’t have to be the case.

As tax regulations are continually changing, so too are the ways in which individuals can either reduce or make more manageable their back tax debt. Many find solace in the knowledge that there are options to get out of the headache-inducing mess they’d found themselves in. Read on for some options you could have when it comes to IRS debt relief. Such relief may allow you to find a solution that will work with your budget and get the IRS off your back.

Many don’t know that the IRS themselves offers payment arrangements and that your tax bill does not have to be paid in full, all at once. Of course, each arrangement is decided on individual merits and circumstances. Some of these types of debt relief arrangements are referred to as “installment agreements” and are very similar to receiving any other monthly bill. Taking advantage of this option allows you to negotiate a payment plan (not the amount of the bill) with the IRS that actually matches your budget.

Sometimes, significant tax miscalculations may have occurred. In the instance of a spouse being the guilty party, there is a process to provide the “innocent” or “injured” spouse some form of tax debt relief. If you find yourself in this situation, you shouldn’t hesitate in contacting a qualified tax debt relief professional.

The option called an “Offer in Compromise” is another way an individual can seek tax debt relief. This is the process whereby one can negotiate an overall reduction in the total amount that needs to be paid. This reduced payment is also subject to a payment plan that is an agreement to pay the reduced balance in a set period of time. This generally requires one to prove that they are unable to pay the total amount of their tax liability to the IRS. Ultimately, this agreement provides tax debt relief in the form of a reduced amount that is tailored specifically to fall within a taxpayer’s budget. This can really serve to reduce stress levels as it is a viable and manageable solution.…

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Free Legal Advice

Should You Make a Will?

The writing of a will or testament is something people don’t usually dwell on. Obviously they are usually associated with death, and when you are considering making your own will, it will more then likely bring your own eventual demise to mind. But none of us will live forever. So unless you have already made a written legacy, it is something you should really give serious consideration to.
So why should you make a will?
Most people want to leave their families and loved ones something when they die. It could be enough to give them a more comfortable future, or just something to help them remember you by. A will is a legal document which states exactly who gets what following your death. You may well think that you do not own enough to leave your family, so making a bequest is just not worth the bother. Your estate, what you leave following your death, is made up of your money, and any property and possessions you owned. You may not think you are worth a lot while living, but after you die you could well be worth a tidy sum through insurances etc. If you have made a will your estate will be divided between those people you stipulated in it.
So what happens if you die intestate? In that case one of the main beneficiaries from your estate will more than likely be the tax authorities, meaning that family and loved ones could well lose out on a large proportion of what you would have liked to have left them. In such cases the law is quite specific about who will gain a share, once the tax authorities have taken their cut. While the people who benefit will more than likely be family and relatives, it could be that you never wanted some of them to benefit from your estate following your death.
By making a written testament, what you leave following your death will be divided between only those you wanted to have a share. For that reason alone, you should most definitely make a will.…

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General Article

What Is Business Bankruptcy and When Should It Be Used?

What Is Business Bankruptcy and When Should It Be Used?

Filing for Bankruptcy is a process that can help your business eliminate or repay its debt under the protection of the bankruptcy court. One can file for bankruptcy in order to protect oneself from harassment by creditors, and in many cases have part of the debt discharged. It also gives struggling borrowers a chance to reduce losses and reorganize finances. Business bankruptcies are usually described as either liquidation or reorganizations depending on the type of bankruptcy that is needed.

A business becomes bankrupt when it cannot pay its bills. The company can declare itself bankrupt when it feels that its cash flow is not going to be able to pay off all creditors. In most cases, the business’s financial status seems hopeless and there is likely no chance of recovery. It is advisable for a business to file for bankruptcy rather than wait to later have creditors impose an involuntary bankruptcy. In such cases, chances are that the creditors may impose a lien on assets that the business’s owners must pay. A lien is agreement in which the creditor or bank gets the right to sell the mortgaged or collateralized property of those who fail to meet the obligations of a loan contract.

Types of Business Bankruptcy:

Business Liquidation – Chapter 7

Chapter 7 bankruptcy is also known as liquidation. When the debts of the business are so overwhelming that restructuring of them is not feasible, it is advisable to opt for Chapter 7, or liquidation. It may eliminate unsecured debt like credit cards, medical bills, loans, and utility bills. Student loans, DUI personal injury judgments, trust fund penalties and taxes, and child support cannot be eliminated via Chapter 7.

An attorney or certified public accountant will act as the Chapter 7 trustee, whose job it is to gather your assets and funds and distribute them to creditors. In some cases, you may be able to hold on to some or all of your assets. Your home, 401K, IRA, pension, and cash value life insurance funds are generally exempt from being seized in bankruptcy and are not factored into any payment plan that you may be required to complete to retain control of your assets. Businesses are not protected from being seized by the trustee. Therefore a Chapter 7 is not always the appropriate bankruptcy for self-employed individuals.

Once the assets are distributed and the trustee is paid, a business owner receives a “discharge” at the end of the case. A discharge means that the owner of the business is released from any obligation for the debts. However, partnerships and corporations do not receive a discharge.

Business Reorganization – Chapter 11

Chapter 11 is a better choice for businesses that may have a future. Here the company reorganizes and continues in business under a court-appointed trustee. The owner of the company may actually be the trustee. The company files a plan of reorganization outlining how it will deal with its creditors who vote on the plan. If the court finds the plan is fair and equitable, they will approve the plan. Reorganization plans provide for payments to creditors over some period of time that may exceed twenty years. Chapter 11 bankruptcies are exceedingly complex and not all of them are successful.

Personal Bankruptcy – Chapter 13

Chapter 13 bankruptcy refers to personal bankruptcy. It may stop foreclosure and act as a foreclosure defense to provide you time to repay your secured debts (like your home mortgage or car loans). This Chapter is also known as the wage earner’s bankruptcy. If you make more than the state median income, you may be required to file Chapter 13 instead of Chapter 7. Also, if your personal assets are involved with your business assets, as they are if you own a sole proprietorship, you can avoid problems such as losing your house if you file for Chapter 13 instead of Chapter 7.

In this type of bankruptcy, you have to file a repayment plan with the bankruptcy court detailing how you are going to repay your debts. This plan is usually for three to five years, and for it to be approved, you must pass a liquidation test that guarantees payment to the unsecured creditors of at least as much money as you would have received if your assets were sold and distributed in a Chapter 7 liquidation. The amount you will have to repay depends on your earnings, the amount of the loan and the property you own.

What are your options for getting help?

There are many bankruptcy lawyers and bankruptcy law firms that can help you in order to file bankruptcy. They specialize in all legal and corporate matters related to bankruptcy. A bankruptcy attorney can also help negotiate with …

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Personal Injury Lawyer: Economic Vs Non-Economic Damages

From the first conversation with a personal injury lawyer, many clients realize that they need to separate the economic damages that they have experienced from the non-economic damages. This is not always easy and in some cases, lawyers struggle to try and prove that clients deserve compensation for those non-economic damages. Here’s a look at both issues and what it takes to find the value of both.
Economic Damages
For most people, it is easier to understand and put a price tag on economic damages. He or she can tell you to the dollar how much the medical bills have been. It is easy to figure up the amount of work that has been missed and what a person’s daily wage would be. These figures can be obtained by looking at different paperwork like a doctor’s bill or a person’s last paycheck. This gives a personal injury lawyer what he or she needs to build a case.
There are some economic damages that are not as easy to figure. In the case of the loss of life of a loved on, it may not be as easy to show the economic effect on a family. Some speculation is required to determine how much income this person would have brought in or how much his or her retirement account would have contained if there had not been an accident. A skilled personal injury lawyer relies on experts to assist in coming up with the right figure.
Non-Economic Damage
When a person is disfigured, he or she can show the medical bills that needed to be paid in order to get better and possibly make some adjustments to the appearance. While these are considered economic damages, they are not the only extent of the damage. Now that this accident has occurred, the victim must live with this disfigurement forever. It could mean that the quality of life has diminished or that there are going to be future complications or problems from it. How is it possible to put a price tag on the fact that someone could be stared at when they walk out in public for the rest of his or her life?
A personal injury lawyer with experience can help a victim come up with a figure that seems reasonable to compensate him or her for the trauma caused by the incident. While an attorney needs to be compassionate to a patient, he or she is slightly removed from the situation, making it easier to come up with a monetary value. Relying on experts is another efficient method for determining non-economic damages.
It is important to find a competent personal injury lawyer with the knowledge and experience necessary to pursue this case. A person’s compensation is often tied to the legal representative that he or she chooses.…

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How to Get Free Legal Aid?

There are many people all around United States who cannot afford to pay a lawyer or attorney for getting legal advice. Legal Aid program is designed to make sure that people who do not have enough money to pay a legal firm can still have access to the legal justice system.
Here are some ways you can Find Free Legal Aid in your local city.
The first and easiest way is to start looking in your local yellow pages phone book. You may be able to find few attorneys who have affiliation with a legal aid program or they may be providing pro bono legal services.
The next option is going to your local court house can also help you locate list of attorneys or lawyers who are willing to give legal advice on cases where people do not have money to pay for their services.
You can also talk to your friends and relative may also help you find legal help in your local city. Could be they had used such service in their past.
Free legal services are available only for people with income at or below 125% of the federal poverty level. These legal aid offices will check your personal financial situation to see if you can qualify for free legal advice. Many factor play when getting qualified. As each case is different, it all depends on your family responsibilities and your monthly expenses.
Here are few thing you should have before going to get Free legal Aid
Document showing your identification such as your driver’s license, birth certificate or Passport
Documents relating to your legal case, such as court orders, separation agreements, divorce papers etc
Documents related to your personal financial situation showing proof of income such as pay stubs, welfare cheque stubs or employment Insurance statements
Document related to your income and expense such as rent receipt, mortgage payment, gas, car payment receipts of canceled cheques, credit card statements, car insurance bill.
Mostly free legal help are provided for assistance in some kinds of civil and family cases. If you are dealing with a criminal case and cannot afford a lawyer, you may be eligible to apply for public defender services through the court. Free legal aid is normally not provided if you are to sue someone and ask for money damages. Such cases are taken by private attorneys for a fee or a percentage of the claim.…

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Common Law

What Is the Actual Authority of an Agent in Law?

The agents authority to do things may come from various sources. It may be formally and expressly given in instrument of appointment or it may be given orally. It may be implied by the conduct of the parties or it may be inferred from the nature of the employment of the agent. It may arise from necessity. It may come from a valid ratification by the principle after the event. These sources of the agents authority are only part of the story. Authority the agent may be classified in three ways as either actual, implied, or apparent or ostensible authority. Companies are principles of a nonphysical kind, and the position of third parties dealing with company agents and in particular the assumptions they are entitled to make in terms of reliance are dealt with in the corporations legislation.
The most common role of an agent is to make contract between principle and the third party based upon the actual appointment of an agent. The actual authority of an agent consists of powers actually given to it by the principle all powers implied in the agency itself. Powers which arise from necessity or by operation of law are also other sources of the authority of an agent.
The actual authority of an agent includes authority to make representations which are principle will be responsible, to receive representations from third parties on the half the principle, to make contracts on half the principle, to make payments were principle, to receive monies owing to principle and to give a receipt. In agent employed to find a purchaser does not have implied authority to receive the purchase money, to direct the purchase money be paid to a third party or any other authority in which it is sometimes thought that they have.…

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General Article

How a Criminal Tax Attorney Can Fight an IRS Audit

How a Criminal Tax Attorney Can Fight an IRS Audit

Even though the IRS is a very scary word for many people, a criminal tax attorney can help you get through the process when the IRS audits you. Because a criminal tax attorney is a professional that knows all about the IRS and what to do with the tax laws, he’s the person you need to turn to in order to get out of a court case that involves criminal charges for evading taxes. Even though it may cost you a good amount of money to hire an attorney, it will save you in the long run with the fees that you won’t have to pay the government. Remember that the IRS is just out to get your money.

In order to properly fulfill your tax duties, there are a lot of IRS tax forms that must be filled out. It’s possible that you have misfiled something and so the IRS is just a little confused and wants you to get everything just right. This process could be nothing more than a little dance with the government to get your forms done correctly in order to avoid their massive fines. Although you could go to jail if you don’t get everything done right, the more likely sentence is high fines, but of course that isn’t what we want. Just make sure all your i’s are dotted and all your t’s are crossed.

The best way to know if you have everything done correctly is to hire a criminal tax attorney. Gather your financial documents from the past year and go over it all with your attorney to see what you may have missed that’s causing the IRS to get all upset with you. If you have kept a good record of everything that you have filed, your attorney should be able to quickly identify what discrepancies there are between what you’ve filed and what was required to have been filed. After that you just need to find out what mistakes you may have made that is causing the IRS to want more money from you.

Presenting the corrected information to the government is the next step. Usually after you have double checked your work and have things corrected you should be on your merry way, but sometimes it escalates into a court case and you’re going to need every ounce of your criminal tax attorney to help you figure out what is going wrong and to make sure you stay out of jail.…