Practice Areas

Huntersville, NC Tax Lawyer and CPA | J. EDGAR HALSTEAD, III

Tax Lawyer Solving IRS Tax Problems 

     Do you owe back taxes due to an unexpected financial hardship? Has anxiety of dealing with the Internal Revenue Service ("IRS") caused you to "put your head in the sand" even though you wish to move forward with your life? At J. Edgar Halstead, III, I know how embarassing, confining, and demanding a tax problem can be for a person, a person's family, and businesses.

     Financial debt and tax problems can cause exhausting emotional distress and keep a person entrenched in debt for years. Even worse, IRS penalties and interest rates imposed by the IRS could cause a person's debt to double, triple, quadruple, and more. A situation that could have been addressed in the beginning can evolve into a problem that may seem unsolvable. As a certified public accountant ("CPA"), I offer services that can help manage or mitigate your IRS or state tax debt and place you on a path of tax relief!

Tax Relief and Related Services

Back Taxes Owed 
     When you owe back taxes, it is absolutely crucial to manage the debt as soon as possible. Failure to pay prior taxes could cause a tax bill to continuously increase. If you are facing financial hardship and cannot pay your back taxes, a certified public accountant can help determine which strategies may be available to you.

IRS Dispute Resolution

Back Taxes Owed

IRS Levies

IRS Liens

IRS Payment Plans

IRS Seizures

IRS Wage Garnishment

Late Tax Return Filing

Payroll Tax, Trust Fund/Responsible Person 

Tax Planning

Tax Preparation

Expatriate Tax 

Foreign Earned Income Exlusion

FinCen 114 Foreign Bank Account Reporting

Foreign Account Tax Compliance Act (FATCA)

Partnerships

Corporations

Real Estate Transactions

Innocent Spouse Relief 

     Many married taxpayers choose to file joint tax returns due to the financial benefits that come with filing jointly. When one spouse or ex-spouse is fiscally irresponsible, however, the other spouse can opt out of tax debt with innocent spouse relief. This relief was designed to provide financial help when one spouse was clearly the victim of financial fraud perpetrated by the other spouse or ex-spouse.

IRS Levies 
     IRS levies take place when the IRS seizes property from a person who owes back taxes or has tax debt. The seized property can satisfy or pay off the tax debt owed to the IRS. If you do not pay your taxes, the IRS may take your property - without hesitation or notice - and auction the property to clear your debt. To avoid an IRS levy, it is wise that you seek help from a certified public accountant.

IRS Liens 

     An IRS lien is a claim used as security for a tax debt. The lien is the government's way of placing a legal claim against your property when a person fails to pay off a tax debt. The lien protects the government's interest in all of your property, which could include your personal property, real estate, and financial assets.

IRS Payment Plan 
     Individuals who are experiencing financial hardship can benefit greatly from a payment plan. IRS payment plans - also known as installment agreements - allow a person to pay off IRS tax debt in incremental monthly payments. The payments can be agreed upon through the installation of a payment plan, which can be accomplished with the help of my team.

IRS Seizures 
     If you owe money on back taxes or have outstanding tax debt, the IRS can decide to seize your property. An IRS seizure is an action that must be justified by the amount of taxes that is owed. Depending on the amount of debt, the IRS can seize and sell your financial assets and can oftentimes leave you penniless.

IRS Wage Garnishment 
     If you owe money to the IRS, the IRS may implement levies on your wages, salary, or other sources of income. An IRS wage garnishment essentially means that the IRS will take large portions of your paycheck, which are then used to pay back an outstanding balance of your debt. It is not uncommon for individuals to see a large portion of their check be handed over to the IRS, thus leaving them with very little money to pay off other bills or daily expenses, such as groceries or gas.

Late Tax Return Filing 
     If you are late filing or paying taxes, the IRS may impose certain penalty fees, interest fees, or both. The IRS could consider waiving the penalty fees if you are able to show some sort of reasonable cause for missing the deadline to pay or file. If you do not qualify or if the IRS does not accept your reason, a CPA can help you regain your financial footing with penalty relief programs.

Non-Filed Tax Returns 
     When an IRS examiner discovers that an individual has failed to file his or her required federal tax return, the IRS may try to contact you to notify that you have failed to file a tax return. If you fail to respond to the notification sent from the IRS, the IRS may make a tax return on your behalf. More often than not, your best interests will not be served in a tax return filed on your behalf by an IRS examiner.

Offer in Compromise 
     An Offer in Compromise Program can provide an alternative way for you to settle your tax debts. The compromise can allow you to settle your tax debt for less than the full amount that was originally owed. An offer in compromise may not be for everyone, so to determine if an offer in compromise is the best alternative for you, consult me as your certified public accountant.

Payroll Tax Problems 
     The IRS will be very aggressive when it comes to collecting money due to payroll tax problems. Failing to pay payroll taxes will only generate more penalties, more interest fees, and more debt as a result of both. Avoid sacrificing your future due to payroll tax problems and speak with a CPA as soon as possible.

Tax Planning 
     Essentially, the goal of an experienced CPA is to help you get your finances in order so that you can enjoy a life of financial ease while minimizing your tax burdens. There are many ways that an accountant can approach this goal, but the most effective way is through tax planning. Consult J. Edgar Halstead, III to take advantage of an effective plan for you!

Tax Preparation 
     Do not randomly choose anyone to prepare your tax returns. Anyone can do tax returns; however, only a certified public accountant can meet state requirements to become an effective and knowledgeable tax preparer. Do not pay for someone else's mistake. Trust your taxes to J. Edgar Halstead, III.

Expatriate Tax

     If you are a U.S. citizen or resident alien and are living overseas, the rules for filing a US income tax return and for paying estimated tax are generallythe same as if you were residing within the United States. The filing requirement also applies to estate and gift tax returns for expatriates. These rules apply only to your federal income tax return. Different filing rules apply for each US state.

Foreign Earned Income Exclusion

     If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude from income up to an amount of your foreign earnings that is adjusted annually for inflation. In addition, you can exclude or deduct certain foreign housing amounts.

Foreign Bank Account Report

     ("FBAR"), the Foreign Bank Account Report (formally form TD F 90-22.1) has to be filed electronically as FinCEN Form 114 by June 30th each year. Every “United States person” who has one or more foreign bank accounts which at any point during the year reached an aggregate balance of over $10,000 is obliged to file this form with the US Treasury Department, listing all foreign accounts.

Foreign Account Tax Compliance Act (FATCA)

     The Foreign Account Tax Compliance Act, better known as FATCA, was passed in 2010 as part of the HIRE act.  Starting July 1, 2014 Foreign Financial Institutions (FFI) are required by the US government, under FATCA, to report information regarding accounts of all US citizens (living in the US and abroad), US "persons," green card holders and individuals holding certain US investments to the IRS. FATCA requires foreign financial institutions such as local banks, stock brokers, hedge funds, insurance companies, trusts, etc. to report accounts of US persons directly to the United States, or to the government of the bank’s country for further transmission to the US through Intergovernmental Agreements (IGAs) or be subject to a 30% withholding on their US investments.

Partnerships

     All partnerships must file Internal Revenue Service Form 1065 annually to report revenue and expenses. Form 1065 must be filed by the 15th day of the fourth month following the end of the partnership’s year end. Partnerships can request an automatic five-month extension by filing Form 7004 by the due date of Form 1065. The partnership is not required to pay federal income taxes. Instead, the partnership reports each shareholder’s pro rata share of income and expense items on Schedule K-1 and the shareholders remit the appropriate amount of tax with their personal return.

Corporations

     All corporations must file Internal Revenue Service Form 1120 or 1120S annually to report revenue and expenses. The forms must be file by the 15th day of the third month following the end of the corporation's year end. Corporations can request an automatic five-month extension by filing Form 7004 by the due date of Forms 1120 or 1120S. Corporations are required to pay federal income tax. Generally, S corporations do not.

Real Estate Transactions

     Consulting on real estate transactions such as dispositions, real estate professionals, rental income and expenses, like-kind exchanges, involuntary conversions, installment sales, and passive activity losses.

Tax Relief at a Competitive Price

     If you are experiencing tax debt and want relief, I highly encourage you to consult my office for professional help. Whether you are just now realizing the gravity of your situation or need help to prevent further damage, I can offer my experience and assistance. I have nearly twenty years of experience in the field of federal and state taxation and have dedicated my professional tax services to determining the best strategy that can help you attain the best possible resolution and paying only the legal amount of taxes you owe.

     Tax debt and emotional relief can be yours with one single telephone call. When you contact J. Edgar Halstead, III, you can speak to a friendly and helpful member of the team who will gladly schedule a free case evaluation. We can set time aside to meet in person or over the phone to discuss your finances and formulate solutions. With my committed service at a competitive price, what could you possibly have to lose? Call my offices today to get started!