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Archive for June, 2015

Paying a Family Member’s Debt

June 30th, 2015

A question often asked is whether there are any tax implications to paying a debt for a family member.  The answer is yes.

Every year, a person can give a gift up to $14,000.00 to one person without having to report the transaction to the IRS.  Any amount above the $14,000.00 must be reported to the IRS on Form 709.

In addition, for 2015, you can transfer up to $5.43 million federal tax free over a lifetime.

If you are having tax issues, contact our law office at 816-524-4949 or Choorfar@Hoorfarlaw.com.

Going After Someone’s Ownership in a Business

June 26th, 2015

business 2

A charging order allows a creditor to receive the distributions of a debtor’s business to the debtor in order to pay off a debt.  This allows the creditor to stand in the shoes of the debtor when receiving any money from the business.  Charging orders apply to LLCs.  However, you cannot foreclose on a debtor’s LLC interest, you can only go after their portion of the business’ distributions.  If you find yourself in this situation, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

Suing an Out-of-State Defendant in Your State

June 25th, 2015

suing 2

If you engage in a transaction or business with someone or a company that is outside Missouri, but you are located in Missouri, and the transaction goes awry, you are able to sue that person or company in Missouri.  Missouri states that a Missouri court has jurisdiction over a person or company if they have connections with the state that are systematic, continuous and substantial.  Missouri has held that transacting business online with Missouri residents is enough for Missouri courts to have jurisdiction over that person doing business with Missouri residents.  If you have been wronged by a person or business out of Missouri, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

Small Business Retirement Plan Penalty

June 24th, 2015

If you are a small business with a retirement plan, here are a few tips you should check out:

  1. Plan administrators and sponsors who fail to file the required forms can face up to $15,000 in penalties per return.
  2. There is a special penalty relief program with the IRS that late-filers can apply for as long as the late returns were filed before June 2.

If you are facing a tax problem, contact our office at www.Hoorfarlaw.com or 816-524-4949.

Failure to Deposit Payroll Taxes

June 23rd, 2015

tax tip

If you are an employer, the IRS requires that you make your payroll tax deposits through the Electronic Federal Tax Payment System (EFTPS).  However, if you fail to use the EFTPS to make the deposits, the IRS will assess a 10% penalty of the amount that should have been deposited.  But if you did not make the deposits electronically because you were unable to get a bank account, you may be able to remove the 10% penalty.  If you are having tax issues, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

Confusing Contract Terms

June 19th, 2015

contract

In order to have a valid contract in Missouri, there must a meeting of the minds.  This means that one person must offer the terms, and the other person involved must accept those terms.  If the other person sends different terms instead, then a contract has not been formed.  If you are having problems with a contract, feel free to contact our law office at Hoorfarlaw.com or 816-524-4949.

Modifying Child Support for Taxes

June 18th, 2015

child support

Missouri law states that a parent cannot attempt to modify the amount of child support that they are supposed to pay because of a change in tax circumstances.  In order to modify a child support order, there must be a substantial and continuing change in circumstances.  If you have a child support order that you would like to try and modify, contact our office at www.Hoorfarlaw.com or 816-524-4949.

Mean Conduct Does Not Equate to Termination of Maintenance

June 17th, 2015

When trying to modify or stop your child support or alimony payments, the courts cannot consider the actions of your ex-spouse or your children.  Despite your ex-spouse being mean to you or your children treating you with disrespect, the courts should only consider your current income when modifying or terminating your alimony payments.  If you are receiving or paying alimony and need help, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

18+ Child Support

June 16th, 2015

child support 2

Missouri statutes state that child support generally ends at age 18.  However, child support can extend longer than age 18 if the child attends college or is handicapped.  If the child attends college, then the obligation to pay child support can extend to age 21.  If you are requesting or paying child support and needing assistance, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

Tax Tips for a Disaster

June 12th, 2015

disaster

Storm season is upon us, and in light of the upcoming weather, here are a few tips to remember in order to try and save your records:

  1. Make your documents electronic. Scan and save as many documents as possible. This can serve as a great backup to your paper documents.
  2. Document everything. Take photos or videos of your household items so that you will have a record of what you have or had. This can be invaluable when making an insurance claim.
  3. Contact the IRS for tax records. The IRS has copies of your previous year tax returns as well as the types of income and your income amounts. If you happen to lose your tax documents, you can contact the IRS to get copies.

If you are having tax troubles and would like some assistance, contact our office at www.Hoorfarlaw.com or 816-524-4949.