Tax Defense Attorney Mary King Discusses Income Reporting and Audit Response on Money for Lunch
Tax Relief Attorney Mary E. King returns as featured guest on talk radio show Money For Lunch warning taxpayers of potential missteps.
Sarasota, FL, January 13, 2016 (Newswire.com) - Florida based attorney Mary E. King has returned as a guest speaker on the talk radio show Money For Lunch. During the segment show host Burt Martinez inquired about many issues that face tax payers that are frequently a source of confusion and IRS problems.
Attorney Mary King shed light on how to report income when the line between contractor and employee gets blurred, including how to determine if a W-2 or 1099 should be the correct way to report income.
Mary King advised listeners to be aware that forgiven or canceled debt will be considered taxable income by the IRS
Mary King, Attorney
Additionally Mary King warned taxpayers of a recent trend by the IRS of sending important notices with a short window of just 14 days for the taxpayer to respond. Attorney Mary King noted this can be complicated further by the frustratingly difficult process just getting an IRS agent on the phone. However, she strongly advises taxpayers who have received such a notice to respond as quickly as possible or the IRS will likely consider the case closed and assess the maximum amount of tax liability.
King added that once the IRS determines the tax payers is ignoring their request for an documents or audit, the taxpayers options become severely limited to pay the total amount or file a petition in U.S. Tax Court.
Mary King also advised listeners to be aware that forgiven or canceled debt will be considered taxable income by the IRS. Charged off credit card debt and forgiven mortgage debt both fall under this category. Mary noted however that while many banks have refrained from sending out form 1099c – the required form for reporting the forgiven debt to the IRS, many other creditors will likely report the canceled debt.
Mary King recommended to listeners that anyone facing substantial tax debt issues consult with an attorney rather than another tax professional because only an attorney can offer the protection of the attorney-client privilege.
About Tax Defense Attorney Mary E. King
Mary King is a Martindale-Hubbell Peer Review Rated Attorney that specializes in providing IRS Debt Relief for individuals and businesses in Florida. Mary enjoys an AVVO rating of Superb, a 5 out of 5 Lawyers.com Client Rating and her Business, the Law Office Of Mary King P.L. Has an A+ rating with the Better Business Bureau.
With offices in Sarasota and Punta Gorda Florida, Attorney Mary King has helped thousands of clients resolve their IRS debt problems. Frequently a featured guest on radio shows and a published, best selling author, Mary King stays active in the community helping to share here knowledge of IRS tax issues.
Law Office of Mary E. King P.L.
941-906-7585
3389 Magic Oak Lane
Sarasota FL
http://www.floridataxlawyers.com