July 27, 2010

Going Out Of Business?

Closing your California business? There’s much to do. The Internal Revenue Service provides procedures for getting out of business, including how to handle additional revenue received or expenses you may incur and what forms to file. Here are some useful links:

Closing a Business Checklist

Sale of a Business

Changing Your Business Structure

Declaring Bankruptcy

Terminating a Retirement Plan

See the Video

Need additional help? Call an attorney experienced in business transactions; call Mitchell A. Port at (310) 559-5259.

July 23, 2010

Received A Notice From The IRS?

The IRS has a video on YouTube covering receipt of a notice in the mail. It's short but worthwhile. Click here.

Have you received a notice? Call a tax attorney about solutions to your tax problem. Call Mitchell A. Port at (310) 559-5259.

July 21, 2010

Kinder And Gentler IRS: Understanding Your Notice

If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. The notice you receive covers a very specific issue about your account or tax return. Generally, the IRS will send a notice if it believes you are due a larger refund, owe additional tax, there is a need for additional information or if there is a question about your tax return.

Redesigned notices are now being sent to us as taxpayers. Don't panic: instead, call a tax attorney. Call (310) 559-5259.

The redesigned notices cover these topics:

Balance Due

Additional Child Tax Credit

Refund

Overpayment

Direct Deposits

Tax Exemptions

Filing Requirements. You may no longer need to pay the Alternative Minimum Tax.

Filing Requirements. You may no longer need to file Form 941 and Form 940.

Payment Process

Filing Requirements. You may no longer owe excise tax.

July 12, 2010

No Charging Order Protection For Single Member LLCs

In a recent decision (Olmstead v. FTC, Supreme Court of Florida, June 24, 2010), the Florida Supreme Court held that Florida’s general collection statute authorizing liens and levies on all assets was not limited by the charging order statute even though the plain meaning of the charging order statute provides that it is the exclusive remedy for a creditor pursuing an LLC membership interest.

The text of the decision follows:

Continue reading "No Charging Order Protection For Single Member LLCs" »

July 8, 2010

Do You Have A Tax Dispute?

Do you have a tax dispute? If you are a California resident, you probably do. But since the IRS reaches across the world in its efforts to collect a tax debt, anyone anywhere can have a tax problem.

If so, then you need to determine if Appeals is right for you.

Appeals is the place for you if:

You received an IRS correspondence explaining you have the right to come to Appeals to dispute an IRS decision.

AND

You do not agree and are not signing an agreement form sent to you.

If you meet the above qualifiers listed above then you may be ready to request an Appeals conference or hearing.

If you've received an IRS correspondence and already know your case qualifies to be reviewed with Appeals then you should go to the Appeals homepage to determine your next steps.

You are ready to request an Appeals conference or hearing if you can explain why you disagree. If you believe the facts used by the IRS are incorrect, then you should have records or other support available to back up your position.

Appeals is not for you if:

Your only concern is that you cannot afford to pay the amount you owe.
The correspondence you received from the IRS was a bill and there was no mention of Appeals.

If you cannot identify the requirements, or if you do not meet the conditions for coming to Appeals as explained above, contact a qualified tax attorney for help. Call Mitchell A. Port at (310) 559-5259.