Tax Planning and IRS Issues

Tax planning is a very important part of running a successful business. We have many clients who come to us owing the Internal Revenue Service thousands of dollars. The simplest way to avoid any problems with the IRS is to file your taxes in a timely fashion and pay all the taxes owed. However, in this economy, it is not always that easy. If you do receive a notice from the IRS, there are a number of things that can be done if you do in fact owe the taxes. You can (a) file bankruptcy if you qualify; (b) file an Offer in Compromise; (c) set up a payment plan; or (d) settle.

2012 Estate Tax

On January 1, 2012, the federal estate tax exemption rate increased to $5.12 million for an individual ($10.24 million for a couple). That's up 2.4% from $5 million in 2011. This means that estates get an additional $120,000 that is exempt from the federal estate tax rate of 35%. Planning your estate to take advantage of emerging beneficial tax laws is imperative, especially for estates valued between $5 and $20 million.

Contact us today and find out how we can assist you in getting the most out of your wealth.

Brand new blog!

Welcome to our new blog! Our law firm is dedicated to assisting clients in their IRS issues, estate planning, probates, asset protection and entity formation. Our attorneys and paralegals are devoted to providing the very best personal service and legal advice to our clients.

We'll be updating our followers with the latest in firm news, legal news and legal opinions, and hope to hear from you soon.