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Tax Garnishments, Collection Issues, and Offers in Compromise Directory of IRS Representation

Often when the tax man cometh, he does so with an iron fist and a hammer. Frequently in striving to address tax issues, situations frequently worsen before they can get better as it takes time for items to be "worked through the process." This is a sample letter that might be used when the state is pursuing aggressively collection methods including a garnishment. Working with a CPA is your best course to ensuring that you pay only the taxes that you owe while ensuring that any penalties that might be abated are done so, using your rights as a taxpayer to your advantage.

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Handling Your State Tax Issues

Dealing with the state of Georgia about your open tax issues, back taxes or an Offer in Compromise are critical to ensuring that your tax does do not indeed worsen. Retaining a CPA by filing a Power of Attorney is your best first course of action to assure that your rights and interests are protected as well as being sure to pay your lowest legal possible tax and that all penalties possible are abated. Below is a sample letter that I use to address such issues. Caution should be exercised though not to represent yourself either before the IRS or Georgia as those actions are a recipe for disaster.

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Tips to Keep Vacation Spending in Check  

As the economy continues its climb out of recession, many families might be thinking twice about what they spend on the annual summer vacation. But there are ways to preserve the tradition by being smart about spending. Some ideas:  

Get on the mailing list: For any possible destination you can think of, go to their Web sites early and get on their mailing list. You might get plenty of endless chatter from the hotels, amusement parks and other destinations you.re interested in, but you might also find coupons to those locations and other linked businesses that could save you money. Also go to travel magazines to see whether signing up might deliver similar money-saving offers. Most important, go to the tourism Web sites of the states you.re planning to visit to take advantage of coupons and specials. You might also find events and activities to attend that aren't publicized anywhere else. FULL POST

Becoming Like Him...Taking Christianity Into the World

Today I received a note from a Believer who was seeking what they might do as they were at the lowest spiritual level personally that they had been in years. They were seeking what they might do to encourage and strengthen themselves in the Lord prompting me to suggest:

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Tax Tips to Have a Successful Audit Experience  

These basis tax tips will do much to ensure that you keep adequate books and records to support your business deductions as well as to ensure that you will have much of the documentation that an IRS agent will want to see during the performance of an audit. Being prepared is your best bet and it starts each and every day by keeping good books and records so that if the tax man cometh that you are prepared and ready to support the business expenses you have claimed. Having served as a CPA to the Metro Atlanta area for decades I have learned that starting with the basics and fundamentals of sound recordkeeping is always a prudent and wise choice.  

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Utilizing Net Leases When Investing in Commercial Real Estate Investing  

As I speak with potential investors about the possibilities of investing in commercial real estate, one of the biggest misunderstandings is the net lease. Net leases are commercial real estate investments in which the tenant takes more responsibility for the building, while giving the landlord less management responsibilities. In this article, we will cover the three main types of net lease properties - modified net, triple net (NNN), and double net (NN) - and how each one can be beneficial to different types of investors and their investment criteria.  

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When to Use an Audit vs. a Compilation

Yes you can get a CPA Audit done on your company. However an audit is approximately four to five times more expense than a compilation. Frequently a banker or outside investor can be satisfied without having to go through the full expense of an audit. Knowing when to use which and the nuances thereof will do much to help ensure that you do not incur unnecessary business expenditures.

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Planning for the Financial Impacts of Job Changes and Retiring

Your retirement savings plan offers you several choices when you decide to change jobs or when you retire. A distribution is a payout of realized savings and earnings from a 401(k) or other retirement plan. In general, you must begin taking distributions from your account by April 1 of the year following the year in which you turn 70 1/2. When you leave a company your distribution options may include: keeping your money in your plan, enacting a direct rollover, or taking a cash distribution. Each option has different consequences.

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Understanding Investment Risk

Ask any investor about risk and you'll probably hear that it's something the investor wants to avoid or at least keep to a minimum. Like it or not, investment risk is an essential part of any investment decision. Properly managed, risk can be turned to the investor's advantage. What is risk? The answer depends on whom you ask. If you ask an investor, particularly an inexperienced investor, you'll probably hear that risk means that you might permanently lose a portion of the money you invest.

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Are You Ready for Retirement

With summer here many of us are planning our summer get away. We take a lot of time to make sure that we get where we want to go and are able to enjoy the things we look forward to all year. We work hard all year and deserve to have a nice vacation. Planning is essential to being sure that our vacation is what we want it to be. Planning for your retirement is also very essential to insuring that you reach your goals and dreams in retirement. Unfortunately, many people never take the time to prepare for retirement. We can think of retirement as 20 to 30 years of unemployment. So we must have a plan to be sure that we can fund our dreams for retirement. Imagine for a moment that you are 70 years old. What do you want to be doing? Is it spending time with your grandchildren, family and friends? Is your dream to travel the world or to work at a favorite charity? Whatever your dreams may be you have to prepare all along the way for the journey. Unfortunately many people spend more time planning their yearly vacation than they do the journey to retirement.

Planning: The key to success.

In life, we pass through several phases, each with different requirements. For example, the financial needs of a young married couple are not the same as those of a retired couple. That is why continuous long term planning is essential. Typically, there are three basic financial steps most people take in life. These include:

1. Wealth Accumulation - the building of a solid, diversified financial foundation from which to expand over time. During this phase, allocation of money for a home, investments, life insurance and educational expenses is coordinated with tax planning strategies to ensure that current and future income is utilized effectively.

2. Wealth Conservation - the inclusion or a variety of investment strategies and further diversification, designed to preserve and grow assets to help ensure adequate funds for current living expenses and future retirement needs.

3. Wealth Distribution - the proper allocation of assets to heirs. Good estate planning should provide for the orderly transfer of assets while avoiding unnecessary tax burdens.

In addition to the complexities and changing priorities that occur over a lifetime, fluctuating economic conditions, taxes and inheritance laws also affect a financial plan. A qualified financial advisor has the expertise to thoughtfully design a plan with your circumstances in mind, helping you develop a plan for a long-term financial strategy for you to reach your individual goals and dreams. This material is not intended to replace the advice of a qualified attorney, tax adviser, investment professional, or insurance agent. Before making any financial commitment regarding the issues discussed here consult with the appropriate professional adviser.

John Dillard is an Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/  and for his latest book Overcoming Life's 9/11's: Job's Journey visit http://www.john-dillard.com/