December 10th, 2014 → 3:01 pm @ Lance R. Drury // No Comments
You could have an IRS tax lien attached to your business or personal assets and not even know it. Why? Because the IRS notifies taxpayers after they’ve filed the lien. Once the IRS has filed the lien with the county you live in, then they will send you a Notice of Federal Tax Lien. The lien then becomes effective ten days after the IRS issues a written demand for payment of outstanding taxes.
So, those who know they owe the government taxes may not be surprised to find out they have a tax lien. However, many unsuspecting people are in the dark about how and why the lien is attached and what to do when they find out.
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December 8th, 2014 → 5:27 pm @ Lance R. Drury // No Comments
Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” elaborates on the different types of business bankruptcies and the tax implications.
St Genevieve, MO, December 8, 2014:Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new article on the LANCE DRURY LAW website entitled “Taxes and Business Bankruptcy.” Whether a business is small or large, a partnership or corporation, deciding on bankruptcy is never an easy decision.
As Drury launches into his article he states, “Complex tax codes make filing for bankruptcy something no business should ever attempt to do without the services of a very seasoned tax resolution attorney.
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December 8th, 2014 → 5:21 pm @ Lance R. Drury // No Comments
Complex tax codes make filing for bankruptcy something no business should ever attempt to do without the services of a very seasoned tax resolution attorney. From determining which type of bankruptcy to file, to understanding the tax implications are just the beginning of a long and complicated process.
Two types of bankruptcy exist for businesses that find themselves in financial distress and are unable to pay their debts. Chapter 11 Bankruptcy is also known as “reorganization.” Very often the business continues to function with Chapter 11 Bankruptcy. Chapter 7 Bankruptcy for a business requires liquidation of all assets. A court appointed trustee is assigned to oversee the sale of the assets and to oversee the entire bankruptcy process.
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December 4th, 2014 → 3:47 pm @ Lance R. Drury // No Comments
Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” provides an overview of taxes that can be discharged under Chapter 7 Bankruptcy and the specific requirements that must be met.
St Genevieve, MO, December 4, 2014: Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new blog on the LANCE DRURY LAW website entitled “A Guide To Taxes That Can and Cannot Be Eliminated in Chapter 7 Bankruptcy.” Sometimes the only way out of mountainous debt is bankruptcy.
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December 3rd, 2014 → 4:02 pm @ Lance R. Drury // No Comments
When bankruptcy is the only route to take in the face of overwhelming debt, it is important to be aware that some tax debt may be discharged while other taxes are not eligible for discharge. Most tax debt is eliminated under Chapter 7 Bankruptcy while Chapter 13 Bankruptcy requires a payback plan. Use this review of taxes that can and cannot be eliminated as a guide, and always retain the most experienced tax resolution attorney you can find to help you navigate the sea of paperwork and filing requirements.
Determinations That Allow Tax Discharge.
The Law allows certain tax debts to be discharged in Chapter 7 Bankruptcy.
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November 12th, 2014 → 5:16 pm @ Lance R. Drury // No Comments
Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” issues a warning to both business owners and individuals to be more cautious about making deposits to their accounts that would make them IRS targets.
St Genevieve, MO, November 12, 2014:Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new blog on the LANCE DRURY LAW website entitled “Beware: If You Make a Series of Deposits Totaling $10K, The IRS Could Seize Your Accounts.” Being a law-abiding businessperson or wage earner is no guarantee of safety from having assets seized by the IRS.
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November 11th, 2014 → 2:06 pm @ Lance R. Drury // No Comments
Law abiding, small business owners and ordinary citizens must be increasingly cautious to avoid getting into trouble with the IRS. For the last few years, the IRS has been implementing a process referred to as “civil asset forfeiture” to seize bank accounts and other assets. Originally created as a way to track the cash of criminals such as drug traffickers and terrorists, the IRS has turned their sights to average business owners even though they have no criminal records, nor have they committed any serious crimes.
Once the IRS seizes an account, they can take the money without filing a criminal complaint.
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November 10th, 2014 → 4:43 pm @ Lance R. Drury // No Comments
Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” tells employers that as trustees of the U.S. government they are obligated to send in payroll taxes or suffer the consequences.
St Genevieve, MO, November 10, 2014: Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new blog on the LANCE DRURY LAW website entitled “Using Withheld Payroll Taxes For Other Expenses is Dangerous Business.” Once you become an employer you also become a trustee of the U.S.
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November 6th, 2014 → 3:33 pm @ Lance R. Drury // No Comments
Unfortunately many employers fall into this very dangerous trap during financially stressful times. Be forewarned though that any other means of meeting financial obligations is preferable to using payroll taxes.
Any individual within a company who distributes payroll checks to anyone considered an employee is automatically considered a trustee for the U.S. government. A percentage of the payroll taxes that are withheld are called “trust fund taxes” and belong to the government.
If payroll taxes are misused to pay other expenses instead of making payment to the IRS, they will assess what is called a trust fund civil penalty also known as a trust fund recovery penalty (TFRP).
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September 22nd, 2014 → 12:49 pm @ Lance R. Drury // No Comments
St Genevieve, MO, September 22, 2014:Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new article on the LANCE DRURY LAW website entitled “Employee or Independent Contractor? One Mistake Could Draw Six Government Agencies Gunning for Your Business.” While businesses strive to be in the spotlight, they do not want to be under the glaring lights of six government agencies.
According to Lance Drury, misclassifying a regular employee as an independent contractor is a sure way to get lots of unwanted attention. Drury advises business owners to “Remember that it is in the government’s best interest to have workers classified as employees.
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