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With new funding and new hires, the IRS Collection Division has been in full swing this year. After receiving your first collection notice, the IRS has certain deadlines it has to follow with respect to these notices. Worse, if you received notices before the pandemic, those notices still apply 4 years later allowing the IRS … Continued
Bankruptcy often does affect your credit score, but let’s face it if you owe debt, it was probably low to begin with. Filing for bankruptcy does provide relief and a fresh start, but it it important to remember it is just a tool to get you that fresh start. That is why at Tomes Law … Continued
With the pandemic, many business owners struggled to keep aloat, including paying payroll taxes to the IRS, hoping the day would come when they could catch up but they never could. Not dealing with payroll taxes can result in jail time, fines and penalties and the loss of your business. The IRS has stated this … Continued
Are you looking to boost your savings and achieve your financial goals? One simple and effective way to save money is by setting up automatic transfers from your checking account to a designated savings account. Here’s our Monday Savings Tip: Schedule a recurring transfer to automatically move a portion of your income into your savings … Continued
As a business owner, protecting your personal assets should be a top priority. Running a business always involves a level of financial investment and risk. However, as a Sole Proprietor, your personal assets are directly exposed to any debts or liabilities your business incurs. This means that if your business faces financial difficulties or legal … Continued
Just like Taxpayers make mistakes, the IRS makes them too. Sometimes trying to convince the IRS you don’t owe what they say you do is challenging but relief can be found with the U.S. State Tax Court. The United States Tax Court is the court we go to when we dispute what the IRS says … Continued
Struggling with overwhelming credit card bills can be a challenging and stressful situation. Fortunately, filing for Chapter 7 bankruptcy in New Jersey offers individuals a chance to regain financial control. Let’s talk about how our Chapter 7 bankruptcy attorneys were able to help Emily find relief with this option. Emily, like many others, faced a … Continued
Estate planning is a crucial aspect of preparing for the future, and while a Will may be the first thing that comes to mind, it’s important to understand that relying solely on a Will can lead to complications. Despite what you see in movies and TV shows, a Will alone cannot adequately address all of … Continued
Receiving a notice from the IRS can be stressful, but it’s important not to ignore it. In June, millions of taxpayers will receive CP14 notices by mail, informing them of their balance due for unpaid taxes. Several times the notices are wrong, and even if they are right, they impose time deadlines to protect yourself … Continued
The Department of Justice announced last month that a Home Improvement Contractor was sentenced to two years in jail for failing to pay payroll taxes he collected from his employees. In addition to 2 years in jail he was ordered to pay restitution of over $1 million. Unfortunately for Jay Prather of Heritage General Building … Continued