IRS SCAM 

 

The IRS scam that began a few years ago is still in full force.  I recently had a client call me in a panic, because she was on the other line with a gentleman, who identified himself as Jeremy Walker.  Mr. Walker gave an employee ID number and claimed to be calling from the IRS.  Mr. Walker had an accent, identifiable as not being from this country.

My client was told, quite forcefully that she owed taxes from 2008-2012.  He told her that she had been sent two certified letters that she had not claimed.  She was told if she hung up that it was further evidence that she was guilty of fraud.

1.  The IRS will never call you demanding money.

2.  You will receive a deluge of regular mail letters demanding money, prior to receiving certified letters.

3.  If you have a regular preparer for your taxes, immediately contact that person if you receive one of these telephone calls.

4.  You can visit the website IRS.gov for additional information regarding this scam.

5.  Even if you wanted to make a payment to the IRS for your tax bill, you cannot complete this over the telephone, THEY WILL NOT TAKE YOUR PAYMENT.

I had at least three clients call me last year and now four clients call me this year, regarding the IRS calling them to collect money on fictitious taxes owed.  Please do not pay anyone any money over the telephone for the collection of any debt that you do not recognize or agree with. Also, share this information with the older loved ones in your life.  They tend to be the biggest targets.

If you need help with a tax issue, either legitimate or fraudulent, please contact my office for a free initial consultation. 719-638-8877 or visit us at www.angielawcs.com

Proper Business Organization

   

If you have decided to open a new business, make sure you do it right.  Consult with a professional to ensure that you have the best organizational structure for your type of business.  This will ensure that you are protected not only from personal liability if necessary, but also from paying too much in income taxes. 

Sole Proprietor

Any individual who engages in an enterprise for the purpose of making a profit is a sole proprietor.  There is no special paperwork to complete, unless you 

are selling products and then there will be state and local sales taxes to deal with.

Partnership

The same is true for more than one person who are joining together to make a profit.  This is now a partnership.  The same rules apply to a partnership as to a sole proprietorship, except the income tax forms that needs to be completed annually.

Limited Liability Company (LLC)

Many individuals have heard of the Limited Liability Company (LLC) and know that an LLC will limit liability so that if someone is injured by your business, there is usually a layer of protection to insulate your personal assets.  It is very important to seek professional guidance with this entity, because if the proper forms are not completed, the tax ramifications can be shocking at tax time.

S Corporations

S Corporations contain more strict record keeping requirements than an LLC, but offer the same level of liability protection.  If the record keeping is not kept up to date and properly, the liability protection an end up being stripped away because of the deficiency.

This time of year, there are a number of businesses that learn the hard way that they missed something when they were completing their initial set up. Even though you may have not initially completed the documents properly, not all is lost.  We can usually fix the deficiency before another year goes by.  Contact the office to schedule an appointment and I can evaluate your situation and offer you the best "fix" for your situation.

Law Offices of Angela Boeck-Giscombe P.C.

719-638-8877 For more information "Visit Our Website" 

Why now may the best time to file bankruptcy

   Many people wonder if there is one time of year that is more advantageous to file bankruptcy.  When you decide to file a bankruptcy, one of the potential assets that the trustee will look at is your expected income tax refund.  The trustee will look at the month that you file and determine any percentage of non-exempt portion that belongs to the estate.

(This means they can take the money.)  The exempt portion of your tax refund is any earned income tax credit you may be entitled to.  (This means they can not take earned income tax credit.)  They can however look at any portion of your refund that is child tax credit, education credit or withholding.

     When planning the best time to file, there are a couple of considerations.  The most important of course is whether or not you are being garnished.  If you are, then the analysis must include whether you will lose more in garnishment than potential tax refund.  If the answer is yes, then you file immediately in order to stop the garnishment.

     Another important consideration is whether you are trying to stop a foreclosure or repossession. These are not usually issues that you can do a whole lot of waiting, as there is often a strict deadline involved.

     If you can wait and time your filing, try to file after you have received your tax refunds and have spent them.  They can not be sitting in the bank for a rainy day. Many of my clients will use their tax refund in order to pay they attorney fees and filing fees associated with filing their bankruptcy.

     It is important to consult with an attorney regarding what you are allowed to spend your tax refund money on and not run into any trouble with the bankruptcy court.  For example, do not go buy a car or a big screen television.  You could very possibly lose it as a non-exempt asset.

     Contact our office for a free initial consultation.  We will be happy to provide you with guidance on proper planning for a smooth and stress free filing that still ensures you are in compliance with the bankruptcy rules.

     Remember, we are a debt relief agency.  We help people file for relief under the U.S. Bankruptcy Code.

Angela Boeck-Giscombe P.C. 

A Law Firm of Straight Talk, Straight Answers

719-638-8877

Important Tidbits For Your 2014 Taxes

Rumors of delays in getting your refund..
The 2014 tax season is under way.  The first day of electronic filing to the IRS was January 20, 2015 and for the most part things went off without a hitch.  While the rumor is that the IRS suffered a major budget cut and refunds would be substantially delayed, the direct deposit refunds seem to be arriving in the standard 7-14 days.

Noncustodial Parents...

Please remember some important points for this tax filing season.  If you are the noncustodial parent claiming a child this year, make sure you have a signed Release of Claim to Exemption, Form 8332.  The IRS does not care what the final court orders say regarding who is entitled to claim the child.  Protect yourself with the signed form for the file.  If you need a blank copy, IRS.gov has them, or you can contact the office and we will be happy to provide one.

More on Health Insurance...

Additionally, the open enrollment for health insurance is ending on February 15, 2015.  While the penalties for not having health insurance during 2014 was seemingly small compared to the cost of health insurance, the penalties increase substantially for 2015.  The health insurance companies will be sending you a form to show the time periods you had health insurance.  If you are not sure what time periods you had coverage, wait for this form in order to properly file your taxes.

The office is currently scheduling appointments for tax preparation.  Don't forget the deadline for Corporate Tax returns is March 16 and for personal returns, April 15.

Give us a call 719-638-8877  or visit us at www.AngieLawCS.com 

http://www.angielawcs.com/

Welcome to our blog! 

Here at "Legal News" The purpose of our blog is to keep you informed of the ever changing laws and new updates on our website.

What we plan to offer on this blog is advice, new law changes, and much more on the services that we provide listed below.

• Bankruptcy
• Business
• Civil
• Criminal
• Driving/DUI
• Family
• Tax
• Wills & Trust

Plus topics like:
- Tips on how to prepare yourself for the Adoption process.
- New bankruptcy laws.

- Check list of what's important to have in your business contracts.

- Tougher laws and stiffer fines for vehicle citations. 

  

If you find yourself in need of legal assistance call us!

719-638-8877

nniic2130 S. Academy Blvd. Suite 100, Colorado Springs, CO 80916 | www.angielaws.com