Bach & Jacobs, P.A. offers the following services to meet  lifetime legal needs of our clients:
    • Medicaid
    • Long term care planning
    • Estate planning
    • Probate
    • Guardianship
    • Tax law

For more info go to: http://www.bachjacobs.com/

Babette B. Bach, Esquire, Board Certified in Elder Law
Fredric C. Jacobs, Esquire, Board Certified in Tax Law
240 S. Pineapple Avenue, Suite 700
Sarasota, FL 34236
941.906.1231
941.954.1185 fascimile

An Appeal is independent of any other IRS office.  This provides a venue for disagreements concerning tax law to be heard on a fair and impartial basis for both the taxpayer and the government. 

            Review the letter and publication that was sent to you by the IRS department making the decision.  This will instruct you on how to prepare for an appeal, where to mail the request, when it must be received and any information you need to include for your appeal request.  Filing for an appeal will not stop interest and penalties from accruing. 

            An Appeals or Settlement Advisor is appointed to evaluate your case.  Appeals can be conducted in person, by telephone or by correspondence.  The goal is to have a third party Officer work with you and the IRS department to resolve the tax dispute.

            For more information on IRS Appeals, visit www.irs.gov or contact our office to schedule an initial consultation.

Fredric C. Jacobs, Esquire, Board Certified Tax Law

Bach & Jacobs, P.A.

240 S. Pineapple Avenue, Suite 700

Sarasota, FL 34236

941-906-1231

941-954-1185 facsimile

www.bachjacobs.com

IRS Appeals.  Are you ready to File? Appeals is for you if you received an IRS correspondence explaining you have the right to an Appeal and you do not agree and will not sign the agreement form that was sent to you.

Appeals are not for you if the correspondence was a bill with no mention of the right to appeal or your only concern is that you cannot afford to pay the amount owed.

If you think you are ready to file an appeal, consider the following:

• If you need help in deciding whether the IRS made an incorrect decision due to misinterpreting the law, check the publications discussing your issue(s) for additional information, or refer to Tax Topics located  on the IRS website: http://www.irs.gov/taxtopics/index.html
• If you believe the IRS did not properly apply the law due to a misunderstanding of the facts, be prepared to clarify and support your position refer to the Examination page located  on the IRS website: http://www.irs.gov/individuals/article/0,,id=160728,00.html
• If you believe the IRS is taking an inappropriate collection action against you, or you do not agree with Collection's denial of your offer in compromise, refer to the Collections page located on the IRS website: http://www.irs.gov/individuals/article/0,,id=160743,00.html 

If you believe the facts used by the IRS are incorrect, then you should have records or other support available to back up your position.  You are ready to request an Appeals conference or hearing if you can explain why you disagree with the IRS decision.

For legal advice, please contact our office for an initial consultation.

Fredric C. Jacobs, Esquire, Board Certified Tax Law

Bach & Jacobs, P.A.

240 S. Pineapple Avenue, Suite 700

Sarasota, FL 34236

941-906-1231

941-954-1185 facsimile

www.bachjacobs.com

The IRS has issued several consumer warnings about the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumers’ financial information in order to steal their identity and assets. Scamsters will use the regular mail, telephone, fax or email to set up their victims. When identity theft takes place over the Internet (email), it is called phishing.

Phishing (as in “fishing for information” and “hooking” victims) is a scam where Internet fraudsters send e-mail messages to trick unsuspecting victims into revealing personal and financial information that can be used to steal the victims’ identity. Current scams include phony e-mails which claim to come from the IRS and which lure the victims into the scam by telling them that they are due a tax refund.

The IRS does not initiate taxpayer communications through email. Unsolicited email claiming to be from the IRS, or from an IRS-related component such as EFTPS, should be reported to the IRS at phishing@irs.gov.

Additionally, clicking on attachments to or links within an unsolicited email claiming to come from the IRS may download a malicous computer virus onto your computer.

Go to www.irs.gov to learn more about identity theft and how to protect your personal information.

You may also report instances of IRS-related phishing attempts and fraud to the Treasury Inspector General for Tax Administration at 1-800-366-4484.

For your tax advice needs, please contact our office for an initial consultation.

Fredric C. Jacobs, Esquire, Board Certified Tax Law
Bach & Jacobs, P.A.

240 S. Pineapple Avenue, Suite 700

Sarasota, FL 34236

941-906-1231

941-954-1185 facsimile

www.bachjacobs.com

            2011 taxes need to be postmarked by April 17, 2012.  A request for an extension must be filed by April 17, 2012 using the IRS Form 4868.  Fiscal year taxpayers file Form 4868 by the regular due date of the return.

            If you are out of the country and are a U.S. citizen or resident, you are allowed an extra two months to file your return.  For this calendar year, that date will be June 15, 2012.  You will pay interest on any tax not paid by the regular due date, even if you qualify for this two month extension.

            If you choose to file for an extension, the IRS generally cannot extend your due date past six months (October 15, 2012).  There may be an exception if you are living out of the country.  See www.irs.gov for more information. 

            There is a late penalty for any unpaid taxes.  The standard is .50 of 1% of any tax not paid by the deadline date.  It is charged for each month or part of the month that the tax goes unpaid.  The maximum penalty is 25%.

For more information on your tax return and tax filing deadlines, visit www.irs.gov.  Please contact our office for an initial consultation if you need legal advice.

Fredric C. Jacobs, Esquire, Board Certified Tax Law

Bach & Jacobs, P.A. 240 S. Pineapple Avenue, Suite 700

Sarasota, FL 34236

941-906-1231

941-954-1185 facsimile

www.bachjacobs.com

    There are substantial tax deductions for long-term care insurance premiums paid in 2011.  When preparing your 2011 tax returns remember that:

             Premiums for "qualified" long-term care policies will be treated as a medical expense and will be deductible to the extent that they, along with other unreimbursed medical expenses (including "Medigap" insurance premiums), exceed 7.5 percent of the insured's adjusted gross income. If you are self-employed, the rules are a little different. You can take the amount of the premium as a deduction as long as it does not exceed your net income derived from the self employment minus the deduction for 50% of the self employment tax and any deductions for contributions to qualified retirement plans or SEPS. Your medical expenses do not have to exceed 7.5 percent of your income if you are employed.

     The deductibility of premiums is limited by the age of the taxpayer at the end of the year, as follows (the limits will be adjusted annually with inflation):

Bach & Jacobs, P.A.
Babette B. Bach, Esquire, Board Certified Elder Law
Fredric C. Jacobs, Esquire, Board Certified Tax Law
240 S. Pineapple Avenue, Suite 700
Sarasota, FL 34236
(941) 906-1231
www.bachjacobs.com