2019 Tax Season brings New 1040 Form

Recently, the IRS disclosed that they were working on shortening the 2019 tax season.

This streamlined form would be not only shorter, but simpler as well.

This form would condense the following 3 forms into one: 1040, 1040A and 1040EZ.

The IRS will be working with the tax community over the summer to ease the transition to the simplistic form. Tax professionals within the community can review a copy of the form and are encouraged to submit comments to WI.1040.Comments@IRS.gov.

If you have taxation questions, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Penalty Relief: What you should know

After receiving a notice from the IRS stating that they assessed a penalty, check that information is correct, and then see if any of it is resolvable.

There are 3 types of penalty relief including reasonable cause, administrative waiver and first time penalty abatement, and statutory exemption.

Reasonable cause will be considered when a taxpayer can show the IRS that they tried to meet their financial obligations but were unable to do so due to extenuating circumstances such as a house fire or death in the immediate family.

First time abatement can be used when there have been no penalties assessed the three previous years, they filled all returns and have paid or are able to pay any tax due. Taxpayers can ask the IRS to consider the reasonable cause first in order to ‘save’ their abatement given it can only be used every 3 years.

Statutory exemption is for when taxpayers receive incorrect written advise from the IRS or legislation is the cause of an exemption.

If you have taxation questions, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Murder Suicide Provoked by Divorce

On June 20th in Cartersville, Georgia, an attorney lost his life to gunshot wounds inflicted from a client’s ex-husband.

Antonio Mari, attorney at law, was found dead in his office by police. Mari had represented Walter Radford’s ex-wife in her divorce; Radford called his ex-wife around 1:30pm to tell her he had just murdered Mari.

Police later the same day, located the pick-up truck that Radford had used as the getaway vehicle, parked outside the ex-wife’s house. When approaching the home police noticed it had been forcibly entered through the back door. They found Mr. Radford’s body with a self inflicted gunshot wound.

Antonio Mari was a respected school teacher for many years, as well as an admired attorney within his private practice. The community of Cartersville is mourning the loss.

If you are considering divorce and would like a free consultation with an attorney, contact our office at 816-524-4949 or www.Hoorfarlaw.com.

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States can Require Collection of Sales Tax for Online Retailers

In a recent court case, the Supreme court ruled in favor of state governments collecting beyond border taxes from online retailers.

Previously, states could only collect sales tax on businesses that had a physical location in the state, however, the new law states that online sales in that state can be taxed.

While stocks of amazon took a small hit, the company does already collect the sales tax. The issue will be for smaller companies like Etsy that function on businesses of one; individual sellers on the site that will now experience diminished sales.

If you have tax concerns or are a small business with questions, feel free to contact our office at 816-524-4949 or visit our website at Hoorfarlaw.com.

Or now by text at 816-944-0251.

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5th Circuit Court Takes Jab at IRS

In a recent case, Judge Jones took a jab at the IRS by asking, “Is it too much to assume the tax collectors can read bank and financial records adeptly, and that ethically, they wouldn’t make claims without factual foundations of which they ought to be aware?”

This derogatory questioning stemmed from a case regarding a now deceased physician, Robert McClendon, and his accountant. The doctor’s practice started in 1979 and shortly thereafter grew to include a whole medical staff. In the year 1995 an accountant, Richard Stephen, was hired to do the taxes and other work for the office; in 2009 the IRS assessed the office claiming that Stephen had not filed ANY payroll tax deposits and over the course of 21 quarters, Stephen had accrued the office over $11 million of unpaid withholding tax balances.

Stephen was tried in court and sentences to 10 years in prison for first-degree felony of property, however, the office was forced to shut its doors. The IRS then assessed nearly $4.3 million in penalties against the doctor personally. The doctor paid a portion and then took suit to get back a refund as he was not personally liable. However, at the time the courts ruled in favor of the IRS. Soon deceased, McClendon’s wife took it to the United States Court of Appeals, and ultimately the Judge ruled in favor of the McClendons and took a stance harshly against the IRS’s actions.

If you have tax issues and need someone to speak with, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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PetSmart to Cut-down $8 Million Debt

PetSmart Inc. is the largest US pet retailer and recently hired Houlihan Lokey Inc., an investment bank, in order to trim debts.

The company faces no significant debt maturity until 2020, however, it hopes to take advantage of lower valued bonds in order to reduce debt now.

The company had told investors that part ownership would be moved to the Chewy Inc website to avoid creditors. The companies large online commerce bet in recent years has not paid off and seems to have lead to a lack of decrease in debts.

If you need debt settlement assistance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Call, Email and now Text Us too!

In the daily rush of life, setting aside the time to call our office might be quite difficult.

With a wide variety of services to offer, we want to be able to serve you, no matter how busy.

Whether you need services in family law or real estate, injury law or bankruptcy, do not hesitate to reach out to us via email, phone or now via TEXT.

Call: 816-524-4949

Email: Choorfar@hoorfarlaw.com

Text: 816-944-0251

Website: hoorfarlaw.com

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Lil’ Kim Files for Bankruptcy

Recently the IRS disclosed that the platinum selling rapper owes $1.47 million in

back taxes. Her court documents list more than $4 million in both secured and unsecured debts.

Her gross annual income dropped in recent years from roughly $825,000 to $400,000 making her $664,474 behind in house payments. Her house was up for auction, but a performer filed her chapter 13 protection just 3 days before.

If you are thinking of filing for bankruptcy, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Jawbone Trade Secrets Case Leads to 6 Fitbit Staff Indictment

In a statement released by the Department of Justice, six former and current Fitbit Inc. employees were charged for possessing trade secrets stolen from their competitor Jawbone. Each employee had worked previously at Jawbone for a minimum of a year between 2011 and 2015. During this time, they collected trade secrets without authorization, used in their later employment at Fitbit. They are scheduled to head to court July 9th on one or more counts of possession of trade secrets for each of the six.

If you are in need of litigation, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Jack Osbourne Soon to be Divorced

After having their third child, Lisa Osbourne files for divorce. The couple has been

together since 2012, having three little girls over the past 6 years.

They both posted on social media saying it was best for them and they will continue to foster their relationship as best friends and caregivers to their children.

Lisa is asking for joint and physical custody of her children, also asking for spousal support.

 

If you are facing a divorce and would like some assistance, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

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