Checking Your Credit Score Can Alert You to IRS Tax Problems

If the IRS places a claim on your property as a tax lien, it shows up on your credit report and can greatly damage your credit score Florida IRS Tax Attorney Mary E. King advises.

The worst part is that you may not even be aware of the tax lien until you go apply for a credit card, car loan, home equity loan or to refinance. By that point lenders are hesitant to loan you any money.

Plus, an IRS tax lien may make it very difficult to sell your house. A buyer will be reluctant to buy since the IRS lien comes with the property and becomes his problem if you don’t take care of it Attorney King adds.

If you receive a “Notice & Demand of Payment” from the IRS and you don’t pay the tax bill, you have 10 days before the IRS can begin the process of placing a lien on your property.

If you don’t respond to the “Notice & Demand of Payment”, the countdown to a lien begins. You must act quickly. Realize this - a lien is just the beginning before even nastier IRS tactics begin, like wage garnishment and property seizure.

Your IRS tax troubles may have just begun if you’ve received a “Notice & Demand of Payment.” Attorney Mary E. King states these are the types of tax problems that she helps clients with on a daily basis. If you would like to meet with Mary, please contact her at the Law Office of Mary King P.L. in Sarasota Florida. (941) 906-7585.

June 27, 2010 by Mary E King Florida IRS Tax Attorney

Tax Attorneys Aren’t For The Wealthy Only

Don’t let false assumptions get you in IRS tax trouble! Sarasota tax attorney, Mary E. King warns that wealthy individuals or large corporations aren’t the only ones that need experienced tax attorneys.

There are any number of situations a taxpayer may be involved with, in a given calendar year, that demand the expertise of a tax attorney. Seeking the services of an IRS tax attorney is not something an individual needs only when they are preparing their yearly returns.

Other scenarios, for which an experienced tax attorney can be vitally helpful, but which are often overlooked, are instances in which someone has a taxable estate or is involved with a business.

For instance, tax attorneys can be invaluable for those who have started small businesses and need insight on tax structures. And, IRS tax attorneys can also give advice on matters such as quarterly filings to make sure that a taxpayer is not hit with fines and penalties because they have not filed their returns properly or at the right time.

IRS tax attorneys can also make a difference in helping those who are being investigated by the IRS for previous returns or non-filing of returns. Clearly, it is a false assumption to think that tax attorneys are only needed if an individual or business is being investigated by the IRS.

In conclusion, it’s prudent for an individual and for businesses to consult with tax attorneys, because many situations can arise throughout the year that require expert tax advice.