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Be Aware Of Your Rights When Dealing With The IRS

Be Aware Of Your Rights When Dealing With The IRS published on

In a recent matter with the IRS, a business owner had paid a balance due in full for a business tax debt; however, the IRS had used the payment to offset another liability that the business had incurred.

In situations such as these and in order to ensure that taxpayers are aware of their rights when disputing IRS actions, the agency has released a Taxpayer’s Bill of Rights. Int the business taxpayer’s situation, it is critical to indicate to what debt a payment should be attributed; otherwise, the IRS will designate the payment to any liability that serves the IRS’s interest, such as penalties and interest.

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We The People – Be Aware of Your Rights

It is important, therefore, to be aware of your rights when dealing with IRS decisions as a business owner. These include:

  • The Right to Be Informed
  • The Right to Quality Service
  • The Right to Pay No More than the Correct Amount of Tax
  • The Right to Challenge the IRS’s Position and Be Heard
  • The Rights to Appeal an IRS Decision in an Independent Forum
  • The Right to Finality
  • The Right to Privacy
  • The Right to Confidentiality
  • The Right to Retain Representation
  • The Right to a Fair and Just Tax System

While many issues can be resolved via a phone call to the IRS or a visit to the nearest taxpayer assistance center, more serious disputes can be addressed through an independent forum. These include the Taxpayer Advocate Service (an independent organization within the IRS), the office of Appeals, and the U.S. Tax Court. Representation is strongly encouraged when pursuing an appeal to ensure that your business interests are zealously advocated.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have any tax related questions, call (800) 734-9900 or clubassist@amerilawyer.com for assistance. Remember, as a member of the  General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

 

What You Have To Do Next After You Win $1.4B Powerball

What You Have To Do Next After You Win $1.4B Powerball published on

As you work hard and commence to acquire assets and invest in different things, it is often a chilling thought to imagine something happening to you and what is to then happen to your assets and your loved one’s access to these assets.

Many times poor planning leads to loved ones having to spend too much money attempting to marshal and probate someone’s estate, because the person either did not even have a will or passed away with only a will, which requires a probate be established in the competent court.

“A trust is an arrangement where either money, real estate or other assets are transferred from the settlor, many times while the settlor is still alive, to be managed and administered for the benefit of another pursuant to the terms of the trust agreement”

A revocable living trust is where the trust is created during the settlor’s or grantor’s lifetime and can normally be changed and modified during the settlor’s or grantor’s lifetime. Generally, the revocable living trust is created by a written document, known mainly as a trust instrument or trust agreement. The funding of the trust should occur at the same time or shortly thereafter. Funding or vesting requires assets to be transferred into the trust.

Many times the grantor or settlor, the creator of the trust, and the trustee and the administrator of the trust are the same individual, and the grantor or settlor has the right to amend or revoke the trust.

The primary reason to consider using a revocable living trust is to avoid the sometimes lengthy and expensive probate process which many will be subject to when their loved one passes with or without a will only. The trust provides that in the event of the grantor or settlor’s incapacity, mental or physical, or death, the successor trustee takes over the administration of all trust property.

The most important or popular reason for its use is the avoidance of probate upon the grantor’s or settlor’s death. Probate is avoided because the Trust assets are owned by the trust rather than the grantor or settlor.

Do you have any questions about trusts?  It is important that you have a well drafted trust. Speak to one of our attorneys by calling 800-743-9900 or visit our website www.AmeriLawyer.com today!

AmeriLawyer Has Served Over 265,000 Clients

AmeriLawyer Has Served Over 265,000 Clients published on

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Spiegel & Utrera, P.A. has been in business for 20 years because of it’s professional service and value pricing and has over 265,000 satisfied clients. Our lawyers are qualified and highly experienced in Forming Corporations, Limited Liability Company and Sub Chapter S Corporations.

If you have any questions about our service and what we can do for you, don’t hesitate to call us at 800-603-3900, fax us at (305) 857-3700 or send a letter to P.O. Box 450605, Miami, FL 3324

Our prices are the lowest in the industry and we guarantee a top rated service. Make sure to visit our website today for more details!

www.AmeriLawyer.com

Browse our client testimonials for your Amerilawyer Reviews!

Things You Need To Know When Preparing A Will

Things You Need To Know When Preparing A Will published on

Do-It-Yourself (“DIY”) Estate Planning seems great, because why pay a professional for a job you could do yourself? Open the computer and a few clicks later you have a Will for what seems like a deal. However, when it comes to your Estate Planning do you really want to risk it to save a few dollars only to leave your family entangled with court costs and litigation? Creating a Will online creates risks in an area that will have lasting consequences. Mistakes in a Will can alter family relationships, leave family confused, disappointment, embittered, or locked in hostile litigation.

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Things to consider before delving into the DIY project: who will be the guardian of your child and is that person capable; will you provide for a special needs child, what about divorce, marriage or death, or incapacity of a beneficiary or yourself; are property and accounts held separately, jointly, or in different states; who will be in charge of your estate; and what about tax-savings strategies.

Say you made your own Will, was it properly executed? Did you use dispositive (“I convey”) or precatory (“I would like”) language? Is your intent clear? The answers matter because if the answer is no, then the Will is void, and now your family is left without a Will.

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There are many things to evaluate before drafting your own Estate Planning documents that perhaps may be best left to the professionals. Different States have different rules for all of the above-mentioned issues and the person drafting the documents should know those rules.

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Who will be in charge of your Estate? Was your Will properly executed? Call AmeriLawyer today at (800) 603-3900 for answers to your Estate Planning questions.

Here at AmeriLawyer, our goal is to provide each of our clients with as much information as possible about Asset Protection, Trusts and Wills. We want you to know we are available to speak with you about any legal aspects of Asset Protection, Trusts and Wills at your convenience either over the telephone or in person at the Spiegel and Utrera, P.A., office nearest you.

AmeriLawyer.com

Phone: (800) 603-3900

Email: info@Amerilawyer.com

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