The IRS collection and enforcement efforts are perhaps at their highest level. In most cases there is an opportunity to stop these efforts and to get into a position to either pay the debt overtime or settle the debt. Give Paul a call to discuss your situaiton and options. Click here to contact Paul.
For tax purposes, when a person dies he or she is left with a “gross estate” A person’s gross estate consists of everything that person owns or has an interests in at the date of their death . The fair market value of these items is used to determine the person’s gross estate. Specific examples of what kind of property is includible in a person’s gross estate are cash and securities, real estate, insurance, trusts, annuities, business interests and other assets. A person’s gross estate will likely include non-probate as well as probate property. If your gross estate is $1,000,000 or more there is very likely some complexity to your estate. An estate tax return filing is required for estates with combined gross assets and prior taxable gifts exceeding $1,500,000 in 2004 – 2005; $2,000,000 in 2006 – 2008; and $3,500,000 effective for decedents dying on or after January 1, 2009. There are legal and legitmate ways to pass on property before death to minimize estate tax. Gove Paul a call to discuss your estate affairs or click here to contact Paul through this web site.
The IRS has stepped up enforcement lately. Do not go before the IRS unrepresented. They do not represent your interests. Paul is both a CPA and an Attorney that deals with the IRS and tax matters nearly every day. Call Paul if you need assistance with your problem with the IRS. Click here to contact Paul.
Effective January 1, 2009, the annual gift tax exclusion will increase from $12,000 to $13,000. That amount doubles to $26,000 if the spouse joins in the gift. Contact Paul to discuss gifting and gift tax by clicking here.
One tax issue that is often considered when investing in, or starting, a small business is whether the income generated by the business will cause the business owner to owe self employment tax. Paul would be happy to discuss with you the issue of self employment tax in the context of your small business. To contact Paul about a self employment tax issue, click here.