Financially Stressed Taxpayers May Get IRS Tax Debt Relief Directly From the Government

Legal

Taxes are one of the few certainties in life. Most people are able to pay them without it causing any significant hardship. However, some people have tax bills that are so high they are unable to pay their debt to the IRS. Out of fear that they’ll owe more money, they may not file their taxes in the years after they incur the large bill. This merely creates more problems for the taxpayer. Fortunately, there are ways to resolve tax problems without filing for bankruptcy protection. In fact, the IRS actually provides some options to help people settle their tax debt so they can get out of default.

The IRS Fresh Start program allows people who owe a lot of money to make an offer to resolve the debt. In the most common type of offer in compromise, a taxpayer proposes to pay an amount they can afford. This amount is typically their annual disposable income plus the amount of their assets. For example, a person who has $100 a month in disposable income and no assets can make an offer of $1,200 and the IRS may accept it without question. By paying that amount either in one lump sum or in installments, a taxpayer won’t have to pay the remaining balance and any liens the IRS has against them will be canceled.

Although the IRS offers this program, it’s important to continue to file annual tax returns and pay the amount owed. The penalties associated with failure to pay taxes can be significant and it’s unwise to depend on an offer in compromise being accepted. Although IRS Tax Debt Relief is available, it is meant to be used by the people who really need it. It’s important to remember, the IRS has a lot of information about every taxpayer … Read More ...

6 Effective Liquidation Tips for Business Owners

Legal

Whether a business owner is retiring or they have to close down their business for other, less pleasant reasons, liquidating the company and its equipment can be a big job. However, liquidation lawyers in Singapore can help a business owner get out of the process with as little debt as possible. Below, potential clients will find a few tips on the business liquidation process.

Hire an Accountant and an Attorney

If a business owner is having issues with his or her creditors, they must get their permission before selling any items. An accountant and an attorney can help the client consult and negotiate with his or her creditors.

Inventory the Company’s Assets

Next, prepare a full inventory of business assets. Take pictures of items and record serial numbers and brief descriptions. These records can help when it’s time to file taxes and explain the reasons for business liquidation.

Find Items to be Liquidated

During this stage, the business owner and his or her team must decide what can be liquidated. Leased items should be returned to the owner, and if the business owner owes more on something than the item is worth, that item must be repossessed or kept and paid in full.

Put A Value on Items

Every piece of equipment has a value, and it’s important to research it by looking online and in the classified ads. If a business owner needs help, an appraiser can provide it.

Return Things to Suppliers

Many suppliers will reclaim their inventory and provide a refund. However, before offering these items, the business owner should understand the vendor’s return policy. If the company only provides a partial refund or store credit, it may make more sense to self-liquidate the inventory.

Sell Whatever is Possible

Business owners can have in-person and online sales, … Read More ...

Types and Signs of Nursing Home Abuse

Legal

Nursing homes, convalescent homes and elder care facilities can be held liable when acts of negligence, neglect and nursing home abuse cause harm to residents. Many acts can leave a care facility liable, including:

  • Failure to keep premises reasonably safe and hazard-free
  • Negligent hiring of employees
  • Negligent supervision of residents
  • Failure to keep common areas and resident rooms sanitary and clean
  • Failure to provide standard medical care

Rules on Care Standards

If a care facility accepts Medicare reimbursement, it must follow federal rules on the minimum standard of care. Facilities must ensure that:

  • Residential environments remain as hazard-free as possible
  • Each resident is adequately supervised and assisted, as a way of preventing accidents

If a home does not comply with these rules and a resident is subsequently hurt, the facility can face litigation.

Regulatory Non-Compliance

In the residential care setting, interventions and safety measures can protect patients with memory deficits and conditions such as Parkinson’s disease. However, some patients may become injured despite these protections. If a home cannot provide constant supervision to such residents, it can be found in violation of federal regulations, and it can face legal action.

Signs of Poor Care

Putting a family member in a skilled care facility is never an easy decision, and it can be frustrating for a family to learn that the care a relative is receiving falls below acceptable standards. Families should look for the following signs that a resident may not be receiving adequate care.

  • Substantial emotional or physical changes
  • The staff’s unwillingness to answer questions
  • Inadequate, hurried or disorganized staff
  • High staff turnover rates
  • The resident’s reluctance to deal with certain staff members
  • Unanswered phones and call lights
  • Malnourishment/dehydration
  • An adherence to the status quo
  • A family member’s gut feelings

It Can be Difficult to Prove Liability

When residents … Read More ...