Accounting and Tax Law Blog
An IRS audit can be an intimidating prospect for anyone. At Krus Tax Law, led by CPA tax attorney Michael Krus, Esq., we are committed to helping you navigate these tricky waters. With over 20 years of experience as a tax lawyer and licensed CPA, Michael has developed strategies to help reduce the risk of an IRS audit. Here are some valuable tips.more
At Krus Tax Law, we understand the challenges of running a small business, especially when it comes to the complexities of tax laws. Spearheaded by Michael Krus, Esq., CPA, a seasoned tax attorney with more than 20 years of experience, we offer comprehensive tax services tailored to meet the needs of small businesses. Here are some key benefits of hiring a licensed CPA for your small business. Call for a free consultation.more
At Krus Tax Law, we are more than just your average tax firm. We bring together the expertise of a seasoned tax attorney and a licensed CPA, all embodied in the persona of Michael Krus, Esq., CPA. With over two decades of invaluable experience as a former Assistant Attorney General, Michael has cemented his reputation as a leading CPA tax attorney in Orlando, adept at navigating both the Florida Department of Revenue and the IRS.more
IRS audits are complex and can be intimidating to small business owners when it comes to small business tax returns. Understanding the process can help you prepare and protect your business during an audit. Our experienced team of tax professionals at Krus Tax Law can help you navigate the process and ensure that your small business is protected. A tax audit attorney will work with you to identify any potential risks and help you develop a plan to protect your business during the audit process.more
Professional small business tax preparation is an integral part of running a successful business. It is important to understand how taxes impact the business and how to properly complete the necessary tax forms. Professional tax preparation helps to ensure that the company is compliant with all current tax regulations and can help to minimize the tax burden for the business. Small business CPAs can provide knowledge, advice, and support to ensure the business pays the correct amount of taxes and receives all of the benefits due to the business.
At Krus Tax Law, our team of experienced tax professionals can provide comprehensive tax preparation services tailored to the needs of small businesses. From helping with taxes throughout the year to filing taxes on time and in full, we have the expertise to help small business owners get the most out of their taxes and help you understand what you need to know...more
Krus Tax Law can help you navigate complex and ever-changing tax laws to maximize your financial success. Our experienced tax professionals specialize in providing comprehensive services to individuals, businesses, and organizations. We offer a range of services, from tax preparation and planning to IRS representation and more.more
Small business tax preparation can be stressful for many business owners. Knowing what you need to do to ensure your taxes are filed correctly and on time is critical for success. Krus Tax Law is here to help make the process easier. We specialize in small business tax preparation, providing a comprehensive suite of services to help you get the most out of your taxes.
Small business tax returns can be complicated and time consuming, so it's important to know what you need to do when it comes to small business tax preparation. Hiring a certified public accountant is the best way to ensure your small business tax returns are prepared properly and all deductions are taken advantage of.more
A CPA Is Not The Same As A Tax Attorney
Some taxpayers might turn to their accountants for assistance, however, your CPA cannot provide you with the same level of assistance as a knowledgeable tax attorney in Florida. When you work with a tax lawyer, all of your communications are protected by attorney-client privilege. Many taxpayers turn to an experienced Florida tax lawyer after discovering an error on their tax returns or receiving correspondence directly from the IRS. To minimize the potential consequences and to enhance your awareness of the situation, you need to consult with a Florida tax attorney as soon as possible to protect your rights.more
Orlando Attorney for Federal Tax Liens: What You Need To Know
If you have recently received documentation that you may be subjected to a federal IRS bank lien, you still have options available to you but it is necessary to act quickly in order to protect your individually held assets or your business. You need someone who will forcefully defend you against IRS actions including levies and tax liens. The IRS maintains two very powerful tools at their disposable, tax levies and liens and garnishment. If you have had a tax efficiency set against you, one will be attached to all of your real and personal property.
The IRS can then take your tax refunds, bank accounts, income, and assets to satisfy the debt. After your deficiency has been identified, the IRS could put a lien on all of your personal and real property. This includes any properties managed by a third party such as rental income, alimony payments and more.
How a Federal Tax Lien Affects You
The IRS can levy or sell...more
Orlando Area Tax Defense Lawyer For IRS Audits
Learning that you have become the subject of an audit can be an overwhelming and confusing experience and one that should only be handled directly by a Florida lawyer for IRS audits. When you have an attorney who has worked in this field for many years, you will gain confidence in his or her management of your case so that you can move on and ensure you provide proper material to the IRS.
IRS Audit Defense
One of the most feared things for any taxpayer is an IRS audit. A taxpayer could successfully work through an audit so long as he or she properly responds to the issues brought up by the IRS. Most audits are looking for information associated with a small selection of issues. Some of these can be done via correspondence and others are done in person. When you have an experienced Florida IRS audit attorney on your side, you will better understand what you are facing. Audit defense is based on appropriate...more
If you have already made a decision to hire a tax attorney, you need to carry out a careful vetting process before selecting the right person to represent you and your interests. Knowing what questions to ask your tax lawyer during the initial consultation can weed out people who might not be the appropriate fit for your individual needs.
Despite the fact that most tax attorneys have extensive experience in the field, this in and of itself is not enough to warrant hiring a lawyer you are meeting for the first time. You need to do your own due diligence and ensure that he or she is committed to representing your best interests. The following questions can be asked when you are on the hunt for reputable tax attorney.
- Who will be working on my case?
- Is it an executive assistant, a paralegal, another attorney or a CPA?
- How much of your law firm’s practice is devoted to solving tax problems?
- How do you bill for your services? On a flat fee or hourly basis and do you require an initial retainer upfront?
- How will I be kept informed about...
One of the most common reasons for a person to finally reach out to an experienced tax attorney is the receipt of a notice of intent to levy. The agency is officially informing you as the taxpayer that they are taking a final step and intend to collect the tax debt due directly from a third party holding your investment or wages.
The IRS and state collection agencies have the power to take as many funds necessary to satisfy a debt, which means that a tax debtor should take the first step quickly to stop the garnishment or seizure where possible.
One of the most effective means of stopping an immediate levy is to request a collection due process hearing. If this is requested by the deadline provided through the law, the IRS will discontinue the levy, pending discussions with the IRS on alternatives to collecting that tax. The primary advantage of this is to give the person some time, usually up to 90 days, to look at different defenses and alternatives to the debt.
However, if you fail to read and respond to this notice in a timely fashion, you will not be able...more
There is perhaps nothing more terrifying than opening the mail and realizing that you are being audited. There are several important steps that you need to take in order to protect yourself and your freedom and the support of an experienced tax attorney is unmatched in determining how to proceed.
The first thing to do if you receive an audit notice is to verify that you are indeed being audited. Less than 1% of the tax returns received by the IRS are audited. There are a few basic steps that you can take to protect yourself. If the IRS finds a discrepancy between their records and your tax return, they will provide instructions about next steps and this is not an audit. Legitimate audit notices from the IRS come only in writing, not through email, phone or any other manner. If that was your first point of contact, you can expect that this is a scam.
There are unlimited representation rights before the IRS for tax attorneys, enrolled agents and CPAs. This means that even if they did not prepare your individual return, they can represent you before the IRS and will also...more
Many people who are in a financial bind and are curious about protecting their best interests as it relates to taxes will be curious about who to hire to help them with a complicated issue. One of the most common questions presented to tax attorneys is whether or not a CPA is the same thing as a tax lawyer. These are two distinct individuals, and it is important to figure out which one will be able to help you in your unique situation or whether you need to leverage both.
A CPA is not the same thing as a tax attorney, and each of these professionals serve clients for various purposes and have different skill sets. A CPA is a certified public accountant who has general accounting services available for hire and understands the best way to manage prepare your tax return from the outset given your circumstances. While a tax attorney is not necessarily an accountant, a tax lawyer could also be an accountant. It is important to ask the professional you intend to work with about their own background.
A tax attorney goes one step beyond by knowing not only the tax codes, but...more
If you get behind on your taxes, it’s smart to talk to a lawyer before going to the IRS directly. A lawyer will know all the avenues available to you and can come up with a plan for your best interests. An attorney can also help you avoid many of the most common mistakes.
If you owe money to the IRS, it is always in your best interests to pay the IRS early if you can. If you are unable to pay, the IRS collection tactics may become overwhelming and it can be especially difficult to realize that interests and penalties stack up quickly.
Interest is statutorily mandated on IRS debts and it cannot be waived by IRS officials unless they inappropriately delayed your proceedings or gave you improper written advice. Interest is a variable amount that is adjusted with the prime rate. There are other different types of fees that may be assessed with your tax debt known as penalties.
The IRS could impose a fraud penalty which is up to 75% of the tax owed. Lesser penalties, however, include a filing delinquency penalty of 5% per month up to 25% of the total amount owed, in...more
How to create an installment agreement with the IRS. When you are facing tax challenges that seem impossible to approach, it is strongly recommended that you explore all possible avenues to resolve the issues before engaging an attorney. Hiring the right tax attorney, however, can help you to address these issues at a bigger level if you have already attempted, or been unsuccessful, in resolving things on your own. You can work with the IRS to create an installment agreement.
If you cannot pay a lump sum payoff for your tax debt, you need to evaluate the various options when the payment plan is established. Many people want to get the lowest monthly payment plan possible and then pay more to get the balance down quickly in order to decrease their risk of defaulting if their money becomes tight. As with any other payment plan that you might create with a creditor, the amount that you will pay depends upon the amount that you owe, the amount you can afford to pay in any income or assets you have.
There are many different programs to IRS has in their discretion,...more
Did You Receive An IRS Notice?
Getting any sort of communication from the IRS is a nerve-wracking experience and it might be tempting to simply respond on your own and provide the evidence or further documentation requested by the agency. However, you may be able to benefit from consulting directly with a tax attorney.
What You Need To Know
Before you proceed, the first thing you need to do is identify where the notice came from. You need to check the return address to verify that it is truly from the Internal Revenue Agency and not a scam or from another agency. A notice will have specific instructions about how to respond if it is directly from the IRS.
You can also order a transcript if you need more personalized details about your tax account. If it is from a state tax department or another similar agency, you’ll need to contact that office directly for an explanation. IRS letters and notices are numbered and provide clear contact information for questions.
Review Your Notice Carefully