Tax Law Attorney in Sarasota, Florida

Mary E. King P.L.

46 N Washington Blvd.
Sarasota, Florida 34236
USA

(941) 906-7585

(941) 906-7586

www.floridataxlawyers.com/

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Mary E. King, a dedicated IRS Tax Attorney, has been helping clients get tax debt relief by negotiating currently non-collectible status, offers in compromise, installment agreements, innocent spouse cases, audits, removing levies, releasing liens, and negotiating penalty abatement.

Mary’s career as an IRS tax attorney began in 1993 after graduating from Stetson University College of Law. She graduated from the University of Florida with a Bachelor of Science in Business Administration Degree in 1988 and a Master of Business Administration Degree in Finance from Wake Forest University, Babcock Graduate School of Management in 1990. Her career in tax law has primarily focused in IRS tax representation, estate planning, probate as well as mortgage foreclosure defense.

Mary is a member of the Florida Bar and is licensed to practice in the United States District Court, Middle District of Florida and the United States Tax Court. She is a member of the Sarasota County Bar Association, the American Business Women’s Association - Sunset Chapter, and the Palm Aire Women’s Club. As a native Floridian, she grew up in St. Petersburg, and has lived in Sarasota since 1999 with her husband Steve and their two black Labrador Retrievers.

Practice Areas

Additional Practice Areas: Wage Garnishment; IRS Liens and Levies; IRS Tax Audit; Installment Agreement; Offer In Compromise; Penalty Abatement; Innocent Spouse Relief; Statute Of Limitations; Currently Not Collectible.

Practice Areas Description

Our practice includes:

- Tax Problems

* IRS Tax Problems

Individuals with tax problems fall into 2 main categories. Those who have filed their IRS taxes and have not paid the taxes due, and those who have not filed their federal taxes and therefore, not paid the taxes due. In either event, as an experienced IRS tax attorney, these are the types of tax problems that I help taxpayers resolve. There are many reasons that individuals do not file and/or pay their taxes. However, the important thing to remember is that filing your Federal Income Tax returns is the first step to solving your IRS Tax Problem.

* Tax Debts

Once your tax returns are prepared, you may be surprised in one of two ways. Either you owe very little to the IRS or you owe quite a lot to the IRS. Hopefully it is the former. Unfortunately, if you owe a lot to the IRS, it is generally due to the penalties and interest which grow quickly. However, there are settlement options available to you to resolve your IRS problem and allow you to obtain IRS relief. After performing a comprehensive analysis, I determine which settlement option best fits my client's situation and then I negotiate with the IRS to obtain the most advantageous outcome.

* Past Due Tax Returns

If you obtain an extension to file your federal tax return, and then do not file it by the time the extension time period expires, or if you do not ever file your tax return, you could be in serious trouble. Pursuant to Federal Statutes, willful failure to file your tax returns is a felony. Felonies are the types of crimes that can earn you prison time and fines. As a local Sarasota Tax Attorney concentrating in IRS Problem Resolution, I can help you put your IRS tax debts behind you.

* Wage Garnishment

If you owe the IRS money, they will not hesitate to take any money from a taxpayer’s paycheck that they believe that the taxpayer owes in back taxes and fines. Wage garnishments imposed by the IRS can total upon to 25 percent of a taxpayer’s earnings for each pay period when you add up the penalties and interest. In today’s struggling economy, the loss of a quarter of a wage earner’s salary can have a devastating impact on their budget. Using a knowledgeable source will not only help prepare a taxpayer for the pain of wage garnishment, but can also work to make sure that the taxpayer only pays the minimum amount that he has to.

* Back Payroll Taxes

The IRS takes this issue very seriously and will come down hard on anyone delinquent with payroll tax payments. Many business owners in the current economy are forced to make drastic measure including using the payroll tax fund to keep their companies operating then find themselves unable to pay the payroll taxes. IRS can and will do a variety of harsh options to recover the funds including closing the business and selling the assets. Worse still if the assets do not cover the amount owed the business owner is held liable for the remainder.

* IRS Liens and Levies

Congress has granted the IRS 2 very efficient methods of enforcing its collection rights: the federal tax lien and the levy. As the IRS continues to strengthen their policy of enforcement, the taxpayer will most likely be faced with both of these methods of enforcement if the taxpayer fails to pay. Levies can be divided into 2 categories. The first are levies directed to the taxpayer and covering property owned by the taxpayer (sometimes called a seizure). The second category is levies served on third parties who hold intangible property belonging to the taxpayer (such as bank deposits and wages).

* IRS Tax Audit

An IRS Tax audit can be a difficult and confusing process. Don't make the mistake of going it alone. Choosing a Tax law professional to guide you through the complex maze of ever-changing rules and regulations can make all the difference. Experienced IRS Tax Attorney Mary E. King has helped many taxpayers protect their interests and avoid making very costly mistakes.

- IRS Tax Solutions

* Installment Agreement

The IRS does not have to agree to an installment agreement, nor do they have to agree to the amount of the installment agreement. There are 3 types of installment agreements: streamlined installment agreement, installment agreement, partial pay installment agreement. A streamlined installment agreement is for individuals who owe $25,000 or less to the IRS and can afford to pay that amount over 60 months.

* Offer In Compromise

I am sure that you have heard the advertisements on TV, radio, etc. stating that you can pay your IRS debt for "pennies on the dollar." Consider this. If that were true, wouldn't everyone be doing it? The fact of the matter is this. The Offer in Compromise program is very difficult to qualify for. That's right; I said "qualify for." Approximately only 1% of the offers submitted are accepted by the IRS. The way the program works is that you must qualify according to your individual financial situation. Nothing more, nothing less. Anyone who tells you differently is not being honest with you.

* Penalty Abatement

However, pursuant to Federal Law, the taxpayer must be able to show "reasonable cause" before the IRS will agree to penalty abatement. Reasonable cause means regardless of the taxpayer's "exercise of ordinary care and prudence," he was unable to file his tax return or pay his taxes on a timely basis. Generally, the success of penalty abatement depends on the taxpayer's past history of filing their tax returns and paying their taxes.

* Innocent Spouse Relief

As a general rule, when one spouse signs a tax return prepared by the other spouse, he/she is swearing under oath to the correctness of the return. Additionally by signing a joint return, they are obligating themselves to pay the entire balance owed regardless of which spouse earned more. If the return was filed late, this includes interest and penalties. Therefore, Congress passed a law which was designed to protect ex-spouses who find themselves liable for the other spouse's tax debt. There are three types of innocent spouse relief: basic innocent spouse relief; separate liability election; and equitable relief.

* Statute Of Limitations

The IRS can only collect on your taxes for 10 years from the date of the assessment of the tax. There is also a time limit on audits which is 3 years from the date of the filing of the tax returns. However, there are many factors which can extend these time periods, including submitting an offer in compromise which is not accepted, requests for due process hearings, requests for innocent spouse relief or filing a bankruptcy that is not discharged. Determining when the statute of limitations expires is important to know what the best option is to resolve your case.

* Currently Not Collectible

Currently Not Collectible, or what is sometimes called hardship status, is a temporary solution to an IRS problem. Generally it is used when someone is having a difficult time economically, for instance when they have lost their job or had their hours cut back. It can also be used when a statute of limitations is close to expiring or in conjunction with a bankruptcy. Currently Not Collectible is a status where the IRS agrees that the taxpayer has no ability to pay their debts on a monthly basis. Interest and penalties will continue to accrue against the debt. However, the statute of limitations will also continue to run as well which means that you will be closer to when the IRS can no longer collect the debt.

* Bankruptcy

Although not considered by most people to be a solution to their IRS problems, in some cases, IRS debts can be discharged in bankruptcy providing they meet three conditions. It is important that your tax professional evaluate your case to be sure that it meets these conditions, before you will know if bankruptcy is a valid option for you. First, all taxes that you are seeking to be discharged must be due, including extensions, for at least three years. Second, all returns, even if filed late, must have been filed for at least two years. Third, the tax liability that you are seeking to have discharged must have been assessed for at least 240 days.