Dear Valued Clients and Visitors: As our nation responds to COVID-19, our firm is taking precautionary measures by closely following and reinforcing the guidelines from the CDC and local health authorities. Our physical office is open on an intermittent basis. However, please be assured that we are open for business and ready to serve your needs.

If you have a tax problem or inquiry please call and if we are not in leave a message. A return phone call will be made within a short period of time. Now is the time to address your tax matter. We remain committed to our clients and colleagues through these unusual times. Please stay safe and healthy.

Brand
Free Consultations Available
Toll Free 888-408-9486

Finding Real Life Solutions To Your Tax Problem

Things we can learn from Rev. Al Sharpton’s tax issues

| Nov 21, 2014 | Tax Controversy |

It is fair to say that the life of the average tax payer does not resemble that of civil rights leader Reverend Al Sharpton. That said, tax issues such as those he is currently facing are something that people throughout the nation, including the state of California, encounter fairly regularly. Accordingly, there are likely things that tax payers from all backgrounds can take away from his situation.

The first is to keep good records. While maintaining good records can get you out of a difficult tax situation it might also prevent it completely. For example, such records could prove that the deductions you claimed are in fact legitimate. Next, you should keep work and business expenses separate. The best way to accomplish this is to make sure the business is not paying for and therefore owning, personal items. The deductions take in these situations can lead to problems.

If you do face a lien, as both Sharpton and his businesses do, the best course of action is to have them removed. This is accomplished one of two ways. First, by paying back all that is owed including taxes, penalties and interest. Liens could also be removed after a bond is posted that guarantees payment. Which approach is best depends on the specific situation.

If you do face a tax controversy you probably don’t want to do so alone. Consulting a tax attorney for assistance could make a difference in the outcome of your case. It is likely that Sharpton has done this very thing.

Source: Forbes, “Lessons From Rev. Al Sharpton’s $4.5 Million Tax Bill,” Robert W. Wood, Nov. 19, 2014

Archives

Send Us A Quick Message