Law Office of Mary King, P.L.

  If you’re facing overwhelming tax debt, you're not alone—and more importantly, you're not without options. The IRS Debt Forgiveness Program may offer the relief you need to regain financial control. This initiative is designed to help eligible taxpayers reduce or eliminate their IRS debt and avoid aggressive collection actions. Let’s explore how the IRS Debt Forgiveness Program works in 2024, who qualifies, and how to get started. What Is the IRS Debt Forgiveness Program? Also known as the IRS Fresh Start Initiative , the IRS Debt Forgiveness Program was created to support taxpayers experiencing financial hardship. The program offers multiple relief options, such as: Offers in Compromise Installment Agreements Penalty Relief Currently Not Collectible (CNC) status The goal? To give taxpayers a reasonable and manageable way to address their tax obligations without falling deeper into financial distress. Do You Qualify for Tax Debt Relief? Not everyone qualifies f...

  When planning for the future, protecting your assets and ensuring they’re passed on according to your wishes is crucial. One of the most effective tools to do this is a trust fund . While often associated with the wealthy, trust funds are increasingly used by everyday individuals to simplify estate planning, avoid probate, and provide long-term support for loved ones. So, what exactly is a trust fund, and how does it work? Let’s break it all down in this complete guide. What Is a Trust Fund? A trust fund is a legal entity that holds and manages assets—such as money, real estate, or investments—on behalf of someone else. It involves three main parties: Grantor : The person who creates the trust and places assets into it. Trustee : The individual or institution responsible for managing the trust. Beneficiary : The person or people who will benefit from the trust. The grantor sets the rules for how the assets are managed and distributed. The trustee then follows those ins...

  Taxes, estate planning, and legal documents like wills and powers of attorney aren’t just paperwork—they’re critical to protecting your finances, your legacy, and your peace of mind. Whether you’ve received a notice from the IRS, need to structure your estate, or want to ensure your family is cared for if something happens to you, the Law Office of Mary E. King, P.L. offers trusted legal solutions for Florida residents . From tax matters and probate to wills, trusts, and powers of attorney, Mary E. King provides the guidance you need to plan ahead and resolve complex legal issues with confidence. Why You Need Tax and Estate Planning Support—Before There’s a Crisis Many people wait until something goes wrong to consult a lawyer. But waiting can often make things worse—or more expensive. Proactive legal planning helps you: Resolve IRS problems before they escalate Decide how your property and assets are handled Appoint someone to manage your health or finances in an emergen...

  Unfiled tax returns can be a source of stress and anxiety for individuals in Florida, as they pose various risks and consequences. However, with the right professional legal guidance from an IRS tax department solution attorney , Floridians can navigate this complex situation effectively. Understanding the Risks: The failure to file tax returns can lead to severe repercussions from the Internal Revenue Service (IRS). Some of the risks associated with unfiled tax returns include: 1. Penalties and Interest : The IRS imposes penalties and interest on unpaid taxes, which can accumulate over time and significantly increase the total amount owed. 2. Loss of Refunds : Taxpayers who fail to file returns may forfeit potential refunds they are entitled to receive. 3. Legal Consequences : In extreme cases, individuals could face criminal charges for willful failure to file tax returns, resulting in fines and even imprisonment. 4. Collection Actions: The IRS has broad powers to enforce tax ...

 Tax problems can be a significant source of stress for small businesses in Sarasota. From unexpected audits to complex regulations, navigating the world of taxes can be daunting. However, with the right approach and knowledge, you can effectively address tax issues and ensure compliance with local and federal tax laws. In this guide, we'll explore some practical tips for Sarasota small businesses to tackle tax problems and find solutions. 1. Stay Organized: One of the most crucial steps in avoiding tax problems is to maintain accurate and up-to-date records. Keep track of all financial transactions, including income, expenses, and deductions. Utilize accounting software or hire a professional accountant to streamline this process. By staying organized throughout the year, you'll be better prepared in case of an audit. 2. Understand Your Tax Obligations: Sarasota small businesses must familiarize themselves with their tax obligations at the local, state, and federal levels. Thi...

Dealing with IRS tax problems can be a complex and daunting task. This blog explores the crucial role that a tax attorney plays in addressing tax matters, providing insights into when you should consider seeking their assistance and the ways in which they can help resolve IRS tax problems. 1. Understanding IRS Tax Problems: a. Common Tax Issues: Outline common IRS tax problems individuals or businesses might face, such as unfiled tax returns, audits, or disputes over tax liabilities. Highlight the potential consequences of unresolved tax issues. b. Impact on Individuals and Businesses: Discuss how IRS tax problems can have significant financial and legal implications, affecting credit scores, assets, and overall financial stability. 2. Should I Get A Tax Attorney? a. Assessing the Need for a Tax Attorney: Provide a guide for individuals to assess whether they should consider hiring a tax attorney . Discuss factors such as the complexity of the tax issue, potential legal implications, ...