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    • Taking care of the legal details when you apply for a loan

    August 30th, 2010 Parker

    Loans can help you realize your dreams – of buying a home or setting up a business. However, before you go ahead and sign the lending agreement, it is best to talk seek legal advice. Why is this important? The Truth in Lending Act protects consumers from unlawful lending practices.

    The lender requires disclosing all the terms and conditions of the transaction in the agreement. The details must include the term of the loan, the annual percentage rate and the total costs incurred by the borrower. It becomes easier to avoid loan fraud if you are aware of these details before you sign the document. Your attorney can help understand the legal jargon of the document.

    What happens if something goes wrong afterwards? Perhaps you had taken all precautions to ensure a proper deal. Still, you face unscrupulous lenders who cheated on you. In such a circumstance, the first thing you need to do is contact a capable loan fraud attorney practicing in your state.

    He/she knows the federal and state rules applicable to your case. Moreover, he/she has the legal expertise to accumulate evidence to prove that the lender was engaged in fraudulent activities. It is imperative to get timely and competent legal counsel or you may end up paying more than you owe.

    Prevention is always better than cure – that is why it is best to take help from an attorney before you sign a loan agreement. However, if you face difficulty later on, get help from an attorney to resolve the predicament.

     

    Posted in Loan Fraud
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    How to Adjust an Income Tax Return in Virginia

    August 27th, 2010 Parker

    Virginia law needs that you file a Virginia tax return when you earned revenue while working in Virginia. If any modification by you or the IRS on your federal tax returns that affects income tax return in Virginia. You will have one year within that you have to file an adjustment state income tax return.

    Follow this instruction:

    Get a new copy of the right income tax form in Virginia (Form 760), “Part-Year Resident Individual Tax Return (Form 763), Income Tax Return Form 760PY for resident, “Nonresident Individual Tax Return (Form 765). The forms, over and above the instructions, are obtainable on the website of Virginia Department of Taxation, In Virginia; they are accessible in all the local commissioners’ offices of proceeds.

    File for your amended tax return. You can file amended plus original returns automatically at the website of Virginia department of taxation. Returns may be e-mailed or delivered individually to all local commissioners in Virginia.

    Well to know more about the process you may hire a Virginia tax lawyer. Visit www.thorntaxlaw.com or call them at (202) 349-4033 for initial consultation.

     

    Posted in Income Tax
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    What to do when failure to file taxes piles up

    August 26th, 2010 Parker

    It is essential to plan your taxes. Without this, you may face a situation where your negligence in failing to pay the federal income taxes over the years becomes a huge burden. What happens in such a situation? Well, the IRS (Internal Revenue Service) considers this as a misdemeanor and you may face imprisonment and/or fines for it.

    As your tax lawyer is sure to explain to you, the IRS is not interested in punishing you. The focus is on obtaining the taxes. However, there are penalties on missing out the payment. The residents of Norfolk, like all of US, require paying certain penalties and interest (not exceeding 25% on the taxes per year) on the due taxes.

    If there were reasonable cause for missing out the payment, you may be able to get a waiver on the penalties. Talk to the tax lawyers practicing in your city to understand whether there is such a possibility. IRS accommodates causes like death in the family, extended military service, mental illness and such others.

    You need to prove that it was a mistake and you are willing to pay your taxes. Get in touch with Norfolk tax lawyers to handle the matter properly. It is imperative to make sure that there is no accusation of using fraudulent means to evade taxes. Only a lawyer proficient in the expansive domain of US tax laws can deal with the matter. It is better if you can opt for someone who has previous experience of working with IRS.

     

    Posted in Business law
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    Business purposes of a LOI

    July 29th, 2010 Parker

    A Letter of Intent (LOI) serves more than a few business functions:

    • Promise to Each Other:  Signing on a LOI, from a business point of view, indicates that both the parties have got approval from senior management to work towards final the proposed business deal and that the parties have entered upon a phase of grim negotiations.
    • Promise to a Time Line:  A Letter of Intent will set onward a time line for negotiations that includes a deadline for finishing the deal and what will happen if the parties not succeed to meet the deadline.
    • Promise to the Deal:  After signing on a LOI, the parties typically issue a joint newsletter for announcing the occasion.  This is generally to incite a positive response in the stock market news and some times to propel a message to challengers in the marketplace.

    Partial Authorization of spending:  After signing a LOI, parties will often commence due assiduousness for the transaction or preparation of a proper estimation the transaction. Study and homework of such documents that involves outlay of major funds for the time and resources of employees nominated to perform these tasks. Basically senior management officer will generally authorize expenditures of such funds rooted in signing the LOI, even if rarely will the letter specify that there is anyhow to get back these funds if the contract does not close.

    Hiring a corporate lawyer is very essential in such cases. All “letters of intent” are to be used with great prudence and, when possible please consult with your attorney. Nonetheless, they are a certainty in the business world.

    Need help of lawyer:

    Just contact with Hinkle, Hensley, Shanor & Martin, L.L.P. to hire a qualified New Mexico Business Lawyer. Or call them at (575) 622-6510 for initial consultation.

     

    Posted in Business law
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    Property tax and assessment notice

    July 23rd, 2010 Parker

    Property tax or real estate tax is one of the saddles when your own a property having real estate business. There are numerous home owners in Washington, D.C., Maryland, and Virginia justly feel that the tax assessment of government overvalues the estimation of their real assets and seek out real estate tax relief. One of the main reasons for the recent fiscal downturn was the razor-sharp decline in property values. In several cases, real estate tax evaluation does not properly reflect this unexpected decline in property or house values.

    In Maryland a tax law firm can help a property owner in the method of appealing their real property tax bills. Even though, the method of appealing property taxes differs depending on the law, real estate owners or home owners may appeal their real estate tax bills on different juncture. More often than not, property owner begins alluring their tax bills when they get an appraisal notice known as Notice of Assessment in Maryland, from the state government. But, in Maryland they can also file a petition when they buy the property or by filing an appeal for review, well there are strict time limits does apply to file such application. Being a taxpayer if you are unsuccessful to induce Maryland State Department of Assessments and Taxation to lesser the amount of the real estate tax, the assets owner may plea to the Maryland Tax Court. In such cases you should hire an experienced Maryland tax attorney.

    Failure to pay real estate taxes on the basis of time may result in burden of tax liens and duties. If you have just got an assessment notice from the state government that is related to your property taxes and you are looking for help in reducing your real property taxes by filing a petition, contact a qualified tax lawyer in Maryland.

     

    Posted in Property tax
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    IRS Lawyer to Defend You in Criminal Tax Investigation Cases (part two)

    June 30th, 2010 Parker

    The IRS Lawyers or IRS Fraud Lawyer are specially trained and have the highest level of expertise in tax investigations. And it’s not easy to escape their eyes once IRS-CI financial investigators dig in. They are responsible for carrying out a complete in-depth investigation to expose financial crimes committed including the following areas:

    • General Tax Fraud
    • Employment Tax fraud
    • Mortgage fraud
    • Excise Tax fraud
    • Insurance fraud

    If you got a call from IRS special agents respond carefully. Any mistake can turnout to be a serious concern if you say anything without realizing the proper implications of it. You have the right to not to answer their questions without consulting your attorney. It will be wise to contact a Washington DC IRS Lawyer when you are in trouble. An IRS law professional guides you in handling the legal complexities of tax and financial matters while resolving all legal problems for you.

    However, allegations of misconduct and misuse of power have also been brought against the IRS lawyers from time to time. If the defense lawyer has a strong base he/she can even charge against the IRS-CI special agents for legal misconduct and propose for their disbarment.

    If an IRS Special Agent contacts you, stop.  State that you do not wish to answer any questions without retaining professional representation.  There is a right time and way to properly respond to this type of IRS investigation, and answering alone, on the spot, without understanding the implications of what is transpiring is dangerous.  The IRS may know more than you think at this point. There is no benefit to letting them compare notes.

    An IRS criminal investigation can bring financial and social ruin, loss of career and incarceration.  The perceived gain from the act is simply not worth it.

    Allegations of abuse

    The IRS, and in particular the IRS Criminal Investigation Division (IRS CID), has on more than one occasion been accused of abusive behavior. Michael Minns was the defense lawyer in a case against the IRS. Minns also had previously asserted that the behavior of two IRS attorneys at law, Kenneth McWade and William A. Sims, constituted legal misconduct and recommended them for disbarment.

     

    Posted in IRS
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    IRS Lawyer to Defend You in Criminal Tax Investigation Cases (part one)

    June 30th, 2010 Parker

    The recent increase in tax fraudulence and financial crimes in the United States of America has created a surge in the department of IRS Criminal Investigation Division (IRS-CI).  The special unit of IRS (Internal Revenue Service) called IRS Criminal Investigation Division is responsible for handling cases of violation of federal tax law regulated by the US federal government.  Increasing number of cases is being filed against professionals from all spheres including business entrepreneurs, accountants, doctors and even ministers.

    The primary objective of IRS-CI is to “protect the integrity of the tax system”. The department has enough power to run a thorough investigation if they feel the urgency. Once IRS probes into the matter chances are the suspect will be taken to court for prosecution.  Punishment for tax evasion and general tax fraud can vary from a few months imprisonment to as severe as a 100 year in jail in addition to repayment in monetary terms.

    For instance, in September 2009, an Indianapolis based real estate company owner was sentenced to 30 months imprisonment for mortgage fraud with a mortgage company. He was also ordered to repay $824,614 in compensation.

    To be continue…(part-2)

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    Lawyer resources:

    It will be prudent to contact a Washington DC IRS Attorney whenever you are in trouble or you may visit any website and blog to get more guidance on IRS

     

    Posted in IRS
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    How does the System of Tax Lien Work

    June 28th, 2010 Parker

    The process by which a lender can limit the use of a property or secure the rights to a property if the outstanding debt is not paid back within the stipulated time is termed as a lien. A tax lien is defined as the right of the government to encumber property when the outstanding taxes are not paid in time. Usually tax liens come into play when taxes on organizations or properties are due but cases of the US Internal Revenue Service or the IRS imposing such liens on individuals for failure to pay income taxes is not rare.

    In majority of the jurisdictions across the country, the municipality or the county initiates the process of imposing a tax lien when the individual fails to pay property taxes within the scheduled period.  In some of the states in the country, a tax lien can be turned into a first lien on the property and then converted to a tax lien and auctioned off.  People who have managed to place successful bids end up with a tax lien certificate issued by the government along with either a title to the property after a certain period of time or a return from the lien that bears the mandate of the state.  In both the cases, the taxpayer ends up as a defaulter and hence the above mentioned action.

    In the state of Virginia, there are no Virginia tax lien auctions. It is only the tax deeds that are sold.  It is the Code of Virginia that does not sanction the sale of tax lien certificates.  On the contrary, the law of the state does approve of the re-sale of delinquent properties in auctions.  The collection of taxes in the state is the responsibility of the Department of Tax Administration or the DTA.

     

    Posted in Tax lien
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    Get Rid of Consumer Credit by Filing for Bankruptcy

    June 24th, 2010 Parker

    If after you’ve exhausted all other available debt reduction services, you have yet to find a solution to your unmanageable financial dues, maybe it’s time for you to consider bankruptcy as a viable option. Although the very idea of filing for bankruptcy carries with it some really negative connotation, in certain situations, it just might be the answer consumers are looking for.

    As surprising as it sounds, a huge percentage of American consumers are still in the dark when it comes to bankruptcy alternatives. This has encouraged the government to require people looking into bankruptcy to undergo a Means Test as indicated as indicated in the Federal Bankruptcy Laws of 2005.

    This Means Test is simply meant to determine whether you are capable or unable to pay off your financial liabilities based on your current income and other funding sources. To qualify for Chapter 7 Bankruptcy, for example, your income must be lower than the median income of households with similar lifestyles in your state of residence.

    As bankruptcy is a highly legal procedure, like most debt reduction services, it’s often best to enlist the help of experienced bankruptcy attorneys when considering this as an option.

    So how does it work?

    In Chapter 7 Bankruptcy, a court-appointed trustee takes your non-exempt properties and sells them off. The collected amount from this sale is then used to pay off your creditors. Property exemption may be based either on federal guidelines or state guidelines.

    Repayment in the form of Chapter 13 Bankruptcy is slowly gaining popularity as a potential debt elimination solution as well. Consumers with a steady income may bring their debts to current as a repayment plan is worked out with their creditors. While this particular kind of bankruptcy carries less of the downsides with it, the economic recession has made it harder for people to hold down their jobs and maintain a stable source of funding, which in turn makes them ineligible for this.

    It’s true that these bankruptcy options can get rid of your unsecured debts but as it can deal your future finances a relatively devastating blow, both consumers and people offering debt reduction services should be careful not to consider this a primary option. Potential employers, and now even landlords, may choose to pull out your credit record and use it to gauge your capability to manage finances.

    To avoid massive damage to your credit record, seek the help of a debt specialist or a debt reduction lawyer to make sure that you’ve looked into all other possible alternatives.

    Useful Resources:

    you can visit www.lakelaw.com to know more about bankruptcy law and contact them to hire a qualified Chicago bankruptcy attorney

     

    Posted in Bankruptcy
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    Distinction between Hedge Fund and Mutual Fund

    June 21st, 2010 Parker

    While hedge funds have become quite popular among the super rich, many still have no clear idea about its distinction with mutual funds. These two differ in many aspects. Here is a synopsis of the major differences between hedge funds and mutual funds.

    1. A mutual fund is an investment vehicle registered with the US Securities and Exchange Commission while a hedge fund is private in nature.
    2. Mutual funds have limited use of methods like leverage, derivatives and short sales which are the prominent strategies used in the other one.
    3. While a specialty fund may employ various investment strategies, this is limited when it comes to collective investment schemes. This is the reason the former is more flexible than the latter.
    4. Small minimum investments are acceptable for mutual funds. However, only large investments are acceptable in the specialty ones. This is why only selected individuals or organizations can invest in an exclusive one.
    5. You may get the details of a collective investment vehicle from a prospectus circulated among all, but this isn’t so in case of a specialty fund. These are offered only by private placement memo.
    6. Mutual funds may use advertisements for promotions but exclusive funds don’t have this opportunity. There is a restriction on advertisement when it comes to hedge funds.
    7. In case of a mutual fund, you have daily liquidity and redemption but in the other type, liquidity is usually on a monthly or annual basis.
    8. The basic aim is also quite different. The collective investment scheme focuses on outperforming the market benchmark. On the other hand, the specialty funds aim for the goal of absolute return.
    9. The manager in charge of a mutual fund is paid on salary basis while that of the exclusive fund is paid according to his/her performance.

    Want to know more about the New York Hedge Fund and associated legalities? Visit http://www.stockbrokerlitigation.com/typical-claims.php to know more.

     

    Posted in Investment
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