06
🏌️♀️⛳️ Scored a birdie on the greens!
The thrill of a great shot on the golf course reminds me of the satisfaction that comes from hitting the mark for my tax law clients.
Whether it’s mastering the back nine or negotiating reductions of back tax debt, precision and strategy are key.
If you need help with your tax problem, we’re here to guide you to the right course. (And if you want to meet me on the golf course, I’m here for that too!)
Be Kind
Be kind to the people you meet.
You never know who’s battling a tax audit.
Pay Attention to Notices from State Tax Authorities
PSA: State tax audits can be even more intense than IRS audits. Do not ignore notices from your state taxing authority.
If you need help solving a tax problem in any state, contact me.
Leave Your Tax Problems in the Rearview
Get out of tax debt and into my car. 🚗
You’ll be riding into the sunset after we help you get rid of your back tax debt, once and for all. 🌅
03
🚨 Why You Can’t Hide Your Foreign Gift from the IRS 🚨
When it comes to foreign tax reporting, it’s very easy to end up in expensive trouble with the IRS if you received a foreign gift or inheritance.
You might think the IRS doesn’t really care about property or cash you received from a long-lost relative or trust from overseas.
And when you learn about IRS Form 3520 for reporting a foreign gift, bequest or inheritance of more than $100,000, you might think you can just skip filling it out — especially because you don’t actually have to pay taxes on the foreign gift even if you file the form.
But here’s the rub.
While there is a chance the IRS won’t find out about your foreign gift, there is a significant possibility that they will. And if they do, and you failed to file Form 3520, you could be looking at significant penalties.
There are many times when the IRS might eventually find out about your foreign gift, such as when you:
1. Transfer a lump sum of money from foreign bank accounts to your U.S. bank account.
2. Sell the property you inherited overseas but never reported it when you received it.
3. Have a foreign bank account you’ve reported and suddenly the balance rises.
If you failed to report a foreign gift or inheritance and need help, contact me.
04
Act fast! ⏱️🏃♂️🔥
If you want to use the fall of the stock market as an excuse for why you don’t have enough assets to pay your back taxes, don’t waste any time resolving the issue with the IRS.
I have several current clients in my tax law practice in this situation now.
During COVID, the stock market skyrocketed — then, it plummeted in 2022. As a result, a lot of people ended up with a huge gain in 2021 that essentially evaporated in 2022.
In some cases, these clients’ stock sales look like a significant increase in income, sometimes to the tune of $1 million or close to it.
Many reinvested the money in stocks, but then the market dropped.
As a tax attorney, I can help you settle your tax debt, often for less than what you owe, and sometimes have your debt classified as uncollectible.
If you’re getting notices from the IRS about tax debt, please reach out. The stock market is rising, and this argument won’t be available much longer.
02
🥁 Drum roll please ….
We are excited to introduce the newest member of our firm!
🧚♀️ Meet the Tax Forgiveness Fairy — waiving all tax penalties with a sprinkle of pixie dust and the wave of her wand! 🪄
I bet you didn’t know it was that easy?!
April Fool’s! 😂😂😂
I’m just kidding, of course, but only partially — we’re always here to help you solve your tax problems and work to get your penalties reduced or waived.
Helping Clients with Federal Tax Issues in Any State
If you have an IRS tax problem, I can help you — no matter where you live.
From Virginia to Texas and Maryland to Hawaii, we have helped taxpayers from all over the U.S. resolve their federal tax problems.
If the IRS has comes knocking at your door, please reach out.
What a tax attorney looks like when the IRS budget increases, and IRS agents get busy working on audits and sending notices to clients…🤯📝🏃♂️
Employee Retention Credit Audits
🔥 Hot Topic in Tax Law 📈
One of the hottest tax law topics these days is ERC – Employee Retention Credit – Audits.
What is an ERC Audit and what will the IRS review during such an audit?
(Hint: It’s an employment tax audit and anything goes.)
Watch to learn more.
Happy Valentine’s Day! 💖
For the love of taxes – and my personal love of tax 📊 law — please let me know if you have a tax problem that needs a little TLC. 🥰
Happy Lunar New Year to all of my clients, colleagues and friends who celebrate!
Sending wishes of prosperity and good fortune during this Year of the Dragon.
Do you need to file form 3520 and what could happen if you don't?
Believe it or not, you could land with a big IRS tax problem for something that didn’t even require you to pay taxes in the first place.
IRS Form 3520 is one of the more confusing tax forms out there. It’s used for reporting foreign gifts, bequests, or inheritances of more than $100,000.
Even though you don’t have to pay federal taxes in the U.S. on a foreign gift or inheritance, you do have to report it — or you could have to pay sizable penalties for failing to do so or for reporting it to the IRS past the stated deadline.
If you failed to file Form 3520 or filed late, it can really leave you in a tough and expensive situation.
I have represented many clients who didn’t even know about foreign tax reporting requirements and have persuaded the IRS to completely remove millions of dollars in penalties.
If you are having problems related to IRS Form 3520, contact me.
📣 Calling all businesses who received Employee Retention Credits (ERC) from the IRS! 📣
If you believe you received that money in error, you now have a short window to pay it back through the recently announced IRS Voluntary Disclosure Program.
The new program will allow a business to voluntarily repay 80% of the credit. The IRS may also allow a payment plan in some cases, for taxpayers who can’t afford to repay the entire amount.
This opportunity is available only through March 22, 2024, so if you want to figure out whether it’s right for you, contact me as soon as possible.
So grateful for this amazing testimonial from one of my clients!
“INCREDIBLE SERVICE – every issue resolved plus some. I couldn’t be a more satisfied client. Sammy Kim, tax attorney, and her legal assistant, Anna, were extremely responsive, knowledgeable and were able to walk me through a complex set of tax, bank and even work-related issues. Everything was done rapidly and thoroughly to resolution. … I don’t spend a lot of time writing reviews, but I felt compelled in this situation. …There’s no one else I would go to, especially if [your case] spans US and international tax law.”
You may not know that I am originally from South Korea.
I am fluent in Korean in addition to English, and often have the honor of helping immigrants to the U.S. with tax problems, including matters related to foreign gift, foreign asset and foreign account reporting.
I took this video when I was traveling recently in the city where I grew up, and it was somewhat of twilight zone experience.
I didn’t recognize the scenery, even though the place felt familiar. So much has shifted and changed over the years, and so many more buildings have risen. And it is amazing to witness and experience.
If you’ve traveled back to where you grew up after a while, tell me about your experience.
For retail businesses, sales tax is collected by state and local governments.
Owners of retail businesses are required to pay sales taxes collected from goods sold and file a monthly sales tax return for the prior month.
If you own a retail business and have neglected to pay your sales taxes, I can help you negotiate a plan to resolve the issue.
#lawfirm #tax #taxes #problemsolving #lawyers
If my experience last month is any guide – I had so many IRS deadlines for my clients — I can tell you that the IRS has geared up on its collection actions.
I had multiple cases that had been quiet. Now they have assigned Revenue Officers and collection actions in progress.
A collection action feels like a fire.
The good news is each one can be put out – if you handle it carefully, cooperate with the IRS, and meet every deadline and requirement.
🙌 Late Filing Penalty 100% WIPED OUT! 🙌
I was traveling when I received amazing news for one of our clients — the sort of news that means a big celebration for a tax lawyer like me.
🎉 A Form 3520 Foreign Gift Tax Appeal — with a massive 25% late penalty wiped out completely! 🎉
The client came to our tax law firm with a civil penalty of more than $180,000 for filing IRS Form 3520 — the form for reporting a foreign gift or inheritance — later than the deadline.
The client, who is originally from South Korea, was completely unaware that his biological grandfather left him a considerable amount of inheritance back in 2017. At that time his relatives put the property in his name.
When the client learned about the inheritance, he filed a late Form 3520 and the IRS imposed a civil penalty in the amount of 25% of the full value of the inheritance.
After the penalty abatement request filed by our client’s CPA was denied, the client came to us.
Our team put in our power of attorney with a package to explain the facts and circumstances of the case, urging the government to review the reasonable cause for the late filing.
We are thrilled that the government has now overturned its previous decision and approved our appeal to remove the penalty in its entirety.
When clients come to me with tax problem, they wonder how long it will take to solve it.
In some cases, a skilled tax attorney It is possible to solve certain tax problems in only one day, a few days, or a couple of weeks. A solution can be quick if it’s as simple as replying to an inaccurate letter from the IRS or state taxing authority. When your liability is more complicated, it can take a few months to a couple of years to resolve.
One thing to know: Tax problems have a tendency to get bigger as time goes by, so don’t wait to get help if you need it.
