JK Harris Combines Efforts to Provide Customer with Happy Ending
Thanks to the combined efforts of two divisions of JK Harris and Company, a client in Virginia sleeps better at night.JK Harris and Company is the largest and most successful tax resolution firm in the country.
JK Harris 165 Services is a division of JK Harris & Company and is the nation's leader in assisting victims of investment fraud recover some of their losses through an often overlooked tax provision of the Internal Revenue Code, Section 165(c)(2).
Section 165 allows victims to accelerate their losses and realize substantial tax benefits."We had a client in Virginia who lost $1.5 million in an investment fraud scam," said Stephen Mead, a Senior Tax Consultant for JK Harris 165 Services. "He was so upset that he sank into a deep depression and felt like all was lost."Mead explained that his client did not file taxes from 1998-2003.
Finally, the IRS caught up with the customer and wanted multiple years of back taxes, interest and penalties.The customer went to JK Harris and Company, seeking tax resolution services.
Upon investigating the case further, the tax resolution team determined not only did this customer have a solid case for the IRS' Offer in Compromise, but that he would also be a good candidate for the 165 Services division."Once we got the case, it was obvious to us that we could help this client," Mead said.
"Using our in-house experts of fraud examiners and attorneys, we devised a plan to use the 165 deduction to not only solve his tax liability with the government, but to also put a substantial amount of money back in his pocket. "In a nutshell," Mead said, "it was a life-changing event for this man who thought he had lost everything."Key factors for 165 Services to consider are:(1) Whether the loss is considered "theft" according to the state that the taxpayer resides;(2) Whether the taxpayer was the target of the theft committed with criminal intent;(3) What amount of the loss can reasonably be recovered; and(4) When the theft was discovered.The IRS will accept an Offer In Compromise (OIC) when it is unlikely that the tax liability can be collected in full and the amount offered reasonably reflects collection potential. The ultimate goal is a compromise that is in the best interest of the taxpayer and the IRS. Acceptance of an adequate offer will also result in creating, for the taxpayer, an expectation of a fresh start toward complying with all future filing and payment requirements.The OIC process is based on a debt-to-asset formula devised by the IRS.JK Harris can provide customers to discuss their particular experience with the Offer in Compromise program and 165 Services.
JK Harris 165 Services, LLC (www.165services.com), based in Tampa, Fla., is a division of JK Harris and Company (www.jkharris.com), the nation's largest tax resolution company with over 470 satellite offices in 45 state.
JK Harris & Company has serviced over 120,000 clients since its founding in 1997 by John Harris. JK Harris also provides services for consumer and commercial debt, student loan debt, investment fraud, financial planning, mortgage services, tax return preparation, and for individuals who require support for an IRS audit..
Lorman Education Services Presents "A Protecting Wisconsin Physician Client Assets After Ferdon Teleconference" on September 29, 2005
(ContentDesk) September 16, 2005 -- Asset Protection Planning is the process of protecting a client's assets from future creditor claims. In our litigious society, every business owner, professional and high net worth individual is at risk. Assets can be taken by creditors, judgments and divorce. The key to successful wealth preservation is advance planning. At this seminar you will learn, from a nationally recognized speaker, several methods of wealth preservation, the advantages and risks involved, and the emerging trends in his growing field.
Special emphasis will be placed on the use of offshore asset protection trusts, including a discussion of tax consequences and related issues surrounding such planning techniques. Howard D. Rosen, Esq. is an attorney and certified public accountant practicing law in Miami, Florida, as a shareholder (partner) in the firm of Donlevy-Rosen & Rosen, P.A. Mr.
Rosen is an adjunct professor and lecturer of law at the University of Miami...
Lorman Education Services Presents "A Protecting Wisconsin Physician Client Assets After Ferdon Teleconference" on September 29, 2005
Tax help > Lorman Education Services Presents "A Protecting Wisconsin Physician Client Assets After Ferdon Teleconference" on September 29, 2005
Cafeteria Plan Employee Benefit Should be Another Feather in Your Benefit Program's Cap
IRS code allows for employers to implement a pre-tax Section 125 Cafeteria Plan as an employee benefit. This plan allows for unreimbursed insurance expenses to be paid pre-tax. Examples include insurance premiums, doctors office co-pays, prescription co-pays, eye exams, eye glasses, contact lenses, laser eye surgery, orthodontics, and more...Implementing a Section 125 Cafeteria Plan will strengthen your benefits program, save your company FICA taxes, and save participating employees 17% to 40% in taxes (depending on their income tax bracket). What other benefits can you implement that strengthen your benefits package and you can do so with little or zero out-of-pocket dollars?If your employees are paying any portion of the monthly insurance premiums, then to save FICA taxes, implement the Premium Only Plan (POP) portion of a pre-tax 125 plan. A POP allows for employees to pay their portion of the group insurance premiums on a pre-tax basis and is a good start to saving taxes for you...
Cafeteria Plan Employee Benefit Should be Another Feather in Your Benefit Program's Cap
Tax help > Cafeteria Plan Employee Benefit Should be Another Feather in Your Benefit Program's Cap
D&T Hosts Special Workshop on Goods and Services Tax
Deloitte & Touch will soon be hosting a workshop on Goods and Services Tax (GST). The GST collection accounts for almost one-fifth of the entire tax collection of the Inland Revenue Authority of Singapore (IRAS), which amounts to US$ 3.4 billion (This data is supported by the IRAS Annual Report for the financial year 2004-2005). Hence, the IRAS attaches a great deal of importance to GST and its registered collectors.
The said workshop is a one-day event and will be held on the 20th of July 2006 between 9:00 in the morning and 5:00 in the evening. It will be held at the Grand Plaza Parkroyal Hotel on 10 Coleman Street in Singapore.
GST has had a life of more than 10 years in Singapore but there are still some GST collectors who have to pay penalties to the IRAS for miscalculation of taxes in the form of less output tax or more input tax. The aforementioned IRAS Annual Report also shows that the GST and the amassed penalty amounts to S$ 117...
Tax help > D&T Hosts Special Workshop on Goods and Services Tax
Roth IRA Withdrawals
Roth IRAs are individual saving schemes meant for people with taxable income who meet certain eligibility criteria. They are different from the traditional IRA, in that the contributions made to them are subject to tax deductions, but the earnings themselves are tax-free. This means that the Withdrawals are not subject to taxation. Also, you can have more than one Roth IRA account, but there is a limit to the amount of contributions that you can make in them. Your total contributions in all the accounts cannot exceed $4,000, or 100% of your adjusted gross income, whichever is less.
There are some rules and regulations involved with the Withdrawals of the earnings accrued from these savings.
First and foremost, if you have multiple Roth IRA accounts, you can withdraw money from any of the accounts. Yet the Withdrawals themselves have to be made in a certain order, regardless of the account you choose to withdraw from. The order to be followed is: first of all you have...
Roth IRA Withdrawals
Tax help > Roth IRA Withdrawals
The Future of Tax-Exempt Credit Counseling is Featured Topic at Industry Conference
(ContentDesk) October 27, 2005 -- A featured presentation at the American Association of Debt Management Organizations (AADMO) Fall Conference will examine the denials and revocations of 501(c)(3) tax-exempt status to credit counseling agencies, the non-profit elements of state law, the development of for-profit agencies and the business models that will be required to stay in business. The future of tax-exempt status for credit counseling agencies is the most important issue facing the industry. Given the on-going wave of denials of 501(c)(3) tax-exempt status to credit counseling agencies by the IRS and the its recent announcement that it intends to revoke the status of 20 credit counseling agencies representing half the entire industry by revenue, this may be one of the most important presentations available for credit counseling, said Mark Guimond, Executive Director of the American Association of Debt Management Organizations (AADMO), the trade association for the credit counseling...
The Future of Tax-Exempt Credit Counseling is Featured Topic at Industry Conference
Tax help > The Future of Tax-Exempt Credit Counseling is Featured Topic at Industry Conference
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The New Bankruptcy Law - How Will It Affect Debt Negotiation?
In April 2005, Congress made sweeping changes in U.S. bankruptcy law that went into effect on October 17, 2005. It's called the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005," and it means big trouble for Americans struggling with debt problems.
What effect will the new bankruptcy law have on the practice of Debt Settlement (also called Debt Negotiation)? Will creditors still be willing to negotiate with consumers seeking to avoid bankruptcy? Will lump-sum settlements...
Tax help > The New Bankruptcy Law - How Will It Affect Debt Negotiation?
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