Aug
03
2022

Why Should You Hire A Tax Attorney?

Taxes are NOT voluntary, the law stipulates that each entity, whether a business or an individual is required by law to file tax returns. Businesses must pay quarterly duties to the IRS. From the standpoint of accounting, taxpayers could use the services of both a tax attorney and a CPA to solve a demanding IRS issues. There certainly are an abundant supply of proficient accountants available and many of them will be able to assist with financial advice related to IRS taxation issues, however their familiarity of taxation laws may be limited. In order to get proper law information, you may need a lawyer and any reputable tax accountant should be able to give you a good referral.

How a Tax Attorney Can Help You

Services provided by the tax attorney falls into two categories.

Tax Planning: Because of the knowledge of duty laws, the tax attorney can help with your financial planning, to help you prevent future taxation difficulties. They will act as a consultant to advise you on the financial path that will be compliant with the necessary revenue laws.

Tax Disputes: A Tax Lawyer will represent your interests and safeguards your rights should you become involved in tax controversies. If you are already facing issues with the IRS or State Revenue, the tax attorney can assist you by resolving on going problems. It is possible that Tax Attorneys may be able to negotiate debt relief with the removal of liens and levies. They should also be able to arbitrate, reductions of penalties or interest. They would handle all negotiations with the IRS or government on your behalf. IRS tax attorneys are normally accredited lawyers who have been trained to focus on domestic or international taxation.With in depth knowledge of taxation laws, they are able to assist with counsel or advice on taxes. Because these professionals are experts at understanding and applying tax law, they can help you find debt relief to reduce the amount owed to the Internal Revenue, and can assist in setting up a payment plans to minimize debt obligations.

Services provided by a tax debt attorney include, but are not limited to negotiating repayment of taxes on your behalf. They are also able to provide assistance on most tax related problems. If you are deficient on your taxes, you should be aware that the policy for the IRS to encourage full payment of all tax debt, and also that there exacting instructions and administrative barriers, before they will accept an Installment Agreement.The services of an IRS tax lawyer is almost absolutely necessary when facing tax related issues such as an audit. Tax attorneys can act on your behalf in a number of capacities that may include negotiating your tax burdens,in property seizures and levies,wage garnishments and bankruptcy proceedings.

When To Hire A Tax Attorney:

The conclusion resolution to hire a tax attorney should be a simple one. Tax related problems can be avoided with the guidance of a proficient tax lawyer who can be maintained with a monthly retainer. Then, he or she can act in the capacity of an advisor, and you can be apprised of impending difficulties. Working together with your accountant, the tax lawyer, can ensure that your affairs remain compliant. The difference between a tax attorney and an accountant or CPA is often misunderstood or under appreciated. Not everyone will need to hire a tax attorney. If you hire an attorney, should you ever be audited and brought to trial, unlike a CPA or bookkeeper that can be called to testify against you in court, anything you say to them is completely protected by the lawyer and client confidentially agreement.

There are several reasons you may need to hire a tax attorney.

The most prominent reason to hire a tax lawyer, is being in difficulties with the IRS. Being audited and confronting the IRS can be traumatic for most of the initiated people.. It can indicate incompetence or ignorance in previous tax returns. Your tax attorney should be able to offer advice on the best legal solutions that may be available to you. Most people will only seek the help of a tax lawyer after difficulties arise and need tax debt relief. Others may wait until meeting with the IRS, and others may attempt to negotiate with the IRS on their own.This is not advisable and can be literally and metaphorically walking into a minefield. There are very few individuals and business owners who can independently deal with the Internal Revenue Service effectively.

Jul
04
2022

Payday Loans Vs Logbook Loans

In recent years two new loan products have become more and more popular in the United Kingdom – logbook loans and payday loans.

Both advances are short term in nature and don’t require a credit history check to be approved. Both loans also charge a rate of interest on the loan amount that’s somewhat higher than that offered by traditional financial institutions.

As such both products are also aimed at the same market – that is people who don’t qualify to borrow from traditional institutions – usually because they’ve got a credit rating that’s impaired.

This is perhaps where the similarity between the two products ends. The two loans are dramatically different from each other in nature. The following is a comparison between the two:

Collateral used in the loan

When you borrow with a payday advance, the lender extends the amount to you against your next pay-check. This essentially means that you give the lender a post-dated check inclusive of the interest charged on the amount you’ve borrowed from the lender. The check is then cashed on your payday and your advance is cleared.

In the case of logbook loans, you borrow against a vehicle (can be a car, van or even a motorcycle) owned by you. The logbook loan requires your vehicle to be free or almost free of any prior financial finance. in good working condition and have proper insurance. The logbook loan also requires you to hand over only the logbook of your vehicle to the lender. You are allowed the use of your vehicle during the tenure of the loan. However, if you fail to repay the loan with in accordance with the agreement the lender can sell your vehicle in order to reclaim the loan amount.

Amount of loan

The amount extended by payday loans is often referred to as ‘cash advances’. The amount you can avail through a payday loan is largely dependent on your pay-check. This makes the amount relatively small in nature. It’s extremely difficult to borrow a significant amount of cash loan via payday loans.

The logbook loan lender has the capacity to extend a loan up to 75% of the value of the vehicle you own. Logbook loans can range anywhere between £500 and £50,000. The amount extended in a logbook advance is usually a combination of the worth of your vehicle and your estimated capacity to repay the loan.

Rate of Interest

The tenure of a payday advance is rarely more than thirty days. Because of the short term nature of this loan, the rate of interest charged on such a loan is designed to give the lender maximum benefit in the shortest amount of time. This means that as a borrower of a payday loan you realize that you are paying the lender a significantly larger amount than you borrowed owing to the high rate of interest charged.

The logbook loan has a rate of interest higher than that charged by traditional financial institutions. But when you compare the rate of interest charged by logbook loans to those charged by payday loans, logbook loans can charge a significantly lower rate of interest thus, saving you a lot of money you would otherwise end up paying as an interest on a payday loan.

Jun
02
2022

Why and Asset Based Line of Credit Will Simplify Your Business Credit Needs for Cash Flow Finance

Are you on board or close to falling off the track? We’re of course talking about Canada’s newest entrant into business credit financing, commonly called an ‘asset based line of credit’.

Let’s talk about what this type of business financing is, why is it different from what you may have come to expect, and what are the benefits for your business when you consider this type of financing.

It is all about one word – ‘assets’ – if you have them, you qualify, if you don’t have them, well, lets not go there…

An asset based line of credit loan in fact is not a ‘loan’ per se, that’s where we spend a lot of time talking to clients about what this type of financing really is – because they view it as borrowing and adding debt to the balance sheet.

In reality the asset based financing we are talking about is simply a revolving line of credit that is tied very specifically to the value of your assets – the most common asset categories under this line of credit are inventory and receivables, the other assets that can be thrown into the mix are unencumbered equipment, tax credits, real estate, etc. And again, at the risk of over repeating, we are not talking about loans, we are talking mainly about borrowing on a daily basis, as you need it, and using these assets as collateral.

We have seen countless examples of how this type of Canadian business financing has increased a company’s borrowing ability by 100-200% or more. How can that possibly be, ask clients. It is simply because the borrowing you are used to, if you have been able to achieve it, is based on rations and covenants and credit limits, and your ability to achieve forecasts for institutions such as the Chartered banks. When you aren’t able to achieve that we will call traditional cash flow financing in Canada via a business line of credit the asset based facility is a solid solution.

Clients invariably ask ‘ How do we get approved – do we qualify?’ – We have already talked about your qualifications- got assets? You’re approved. That’s a simplistic answer, so let’s explain in more detail. Typically in Canada these types of financings work best for facilities in the 250k+ range. Facilities smaller than that tend to be receivable based financings only. In general the asset based lender prefers a higher ratio of receivables to inventory, but that is not always the case, depending on your industry and your asset categories.

Most Canadian business owners and financial mangers know the general cost of bank financing – asset based financing is more expensive, but offers you unlimited liquidity without the shackles of ratios, covenants, outside collateral, emphasis on personal guarantees. Many of the largest corporations in Canada use this type of financing, but it also covers what we call ‘ story credits ‘. These are cases where your firm is in a turnaround, perhaps it has new contracts, perhaps you are coming off a less than satisfactory year, etc. There are a multitude of reasons for choosing this type of financing.

So if cash flow finance is your challenge and asset based line of credit is your solution. Speak to a trusted, credible and experience Canadian business financing advisor who can demonstrate to you the benefits of this innovative form of a new breed of cash flow finance for your ongoing growth needs.

May
01
2022

Why Should You Hire A Tax Attorney?

Taxes are NOT voluntary, the law stipulates that each entity, whether a business or an individual is required by law to file tax returns. Businesses must pay quarterly duties to the IRS. From the standpoint of accounting, taxpayers could use the services of both a tax attorney and a CPA to solve a demanding IRS issues. There certainly are an abundant supply of proficient accountants available and many of them will be able to assist with financial advice related to IRS taxation issues, however their familiarity of taxation laws may be limited. In order to get proper law information, you may need a lawyer and any reputable tax accountant should be able to give you a good referral.

How a Tax Attorney Can Help You

Services provided by the tax attorney falls into two categories.

Tax Planning: Because of the knowledge of duty laws, the tax attorney can help with your financial planning, to help you prevent future taxation difficulties. They will act as a consultant to advise you on the financial path that will be compliant with the necessary revenue laws.

Tax Disputes: A Tax Lawyer will represent your interests and safeguards your rights should you become involved in tax controversies. If you are already facing issues with the IRS or State Revenue, the tax attorney can assist you by resolving on going problems. It is possible that Tax Attorneys may be able to negotiate debt relief with the removal of liens and levies. They should also be able to arbitrate, reductions of penalties or interest. They would handle all negotiations with the IRS or government on your behalf. IRS tax attorneys are normally accredited lawyers who have been trained to focus on domestic or international taxation.With in depth knowledge of taxation laws, they are able to assist with counsel or advice on taxes. Because these professionals are experts at understanding and applying tax law, they can help you find debt relief to reduce the amount owed to the Internal Revenue, and can assist in setting up a payment plans to minimize debt obligations.

Services provided by a tax debt attorney include, but are not limited to negotiating repayment of taxes on your behalf. They are also able to provide assistance on most tax related problems. If you are deficient on your taxes, you should be aware that the policy for the IRS to encourage full payment of all tax debt, and also that there exacting instructions and administrative barriers, before they will accept an Installment Agreement.The services of an IRS tax lawyer is almost absolutely necessary when facing tax related issues such as an audit. Tax attorneys can act on your behalf in a number of capacities that may include negotiating your tax burdens,in property seizures and levies,wage garnishments and bankruptcy proceedings.

When To Hire A Tax Attorney:

The conclusion resolution to hire a tax attorney should be a simple one. Tax related problems can be avoided with the guidance of a proficient tax lawyer who can be maintained with a monthly retainer. Then, he or she can act in the capacity of an advisor, and you can be apprised of impending difficulties. Working together with your accountant, the tax lawyer, can ensure that your affairs remain compliant. The difference between a tax attorney and an accountant or CPA is often misunderstood or under appreciated. Not everyone will need to hire a tax attorney. If you hire an attorney, should you ever be audited and brought to trial, unlike a CPA or bookkeeper that can be called to testify against you in court, anything you say to them is completely protected by the lawyer and client confidentially agreement.

There are several reasons you may need to hire a tax attorney.

The most prominent reason to hire a tax lawyer, is being in difficulties with the IRS. Being audited and confronting the IRS can be traumatic for most of the initiated people.. It can indicate incompetence or ignorance in previous tax returns. Your tax attorney should be able to offer advice on the best legal solutions that may be available to you. Most people will only seek the help of a tax lawyer after difficulties arise and need tax debt relief. Others may wait until meeting with the IRS, and others may attempt to negotiate with the IRS on their own.This is not advisable and can be literally and metaphorically walking into a minefield. There are very few individuals and business owners who can independently deal with the Internal Revenue Service effectively.