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March 2015 Archives

Tax Resolution Expert, Attorney Lance Drury Says Careless Errors on Tax Returns Are the Most Common.

Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of "Successonomics" encourages taxpayers to be diligent in going over tax returns before sending them in and doing everything possible to avoid making the most careless mistakes. St Genevieve, MO, March 30, 2015: Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of "Successonomics" posted a new blog on the LANCE DRURY LAW website entitled "Make No Mistake. Make This Your Mantra for This Year's Tax Return." This is definitely one area that calls for proofing and great scrutiny: The tax return. Lance Drury acknowledges, "Mistakes happen. We do our best to avoid them, but we're all human and things do slip through the cracks of our minds!" He goes on to say, "At tax time, though, we want to be super human especially if we're owed a refund from the IRS. So, whether you prepare your own taxes or have them prepared for you, you need to be diligent in going over your return carefully before sending them in." Drury lists the seven most common mistakes, which includes forgetting to sign the return at the very top of the list. He advises taxpayers to, "Slow down and keep repeating your mantra. Review your returns slowly. Then you just have to trust that you've done your best and that's all any of us can ever do!" About Lance Drury Tax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006.  With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues.  He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problems About The Lance Drury Law Firm  Since 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in Ste. Genevieve and Columbia, Missouri, we're proud to be your local choice for Missouri tax services.   ###  

Make No Mistake. Make This Your Mantra for This Year’s Tax Return

Mistakes happen. We do our best to avoid them, but we’re all human and things do slip through the cracks of our minds! At tax time, though, we want to be super human especially if we’re owed a refund from the IRS. So, whether you prepare your own taxes or have them prepared for you, you need to be diligent in going over your return carefully before sending them in.

Tax Resolution Expert, Attorney Lance Drury Shares Checklist of Common Tax Return Mistakes to Avoid.

Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of "Successonomics" posts an edited list of common tax return mistakes that, if made could end up making tax time last longer and possibly lead to an audit. St Genevieve, MO, March 20, 2015: Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of "Successonomics" posted a new article on the LANCE DRURY LAW website entitled "Keep this Checklist Handy to Avoid Making Common Tax Return Mistakes." Just a month away from the April 15 tax return deadline seems like a good time to get a handy checklist.  And Lance Drury provides one he pulled and edited from U.S. News and World Report. Drury advises, "Make a list and check it twice. Or print this out and keep it with you while doing and reviewing your taxes." He then cautions readers, "Mistakes, especially these common ones are responsible for prolonging tax season and may lead to an audit. While not making these mistakes will not keep you immune from audit, tax returns without mistakes will get your refund more quickly and bring tax season to a speedier, uneventful close." According to Drury, the list includes, "the kinds of mistakes I hear from people and prospective clients all the time." He cites the list origin, "This edited excerpt comes from a March 9th U.S. News and World Report online article. (www.news.yahoo.com/avoid-top-10-tax-mistakes-130629111.html) Among the 10 reminders are the kinds of things people overlook and are considered to be "careless errors." They include signing your tax return and making sure all social security numbers, names and addresses are correct. Drury agrees that taxpayers need to understand the new tax law changes each year. As the U.S. News article states, "I know this sounds like an ominous task. But most years, the tax requirements change a bit, and you are responsible for being aware of the changes. That means that if the standard deduction increases, and you don't know about it, you could be leaving a lot of money on the table." Including all income and taking all deductions are separate items on the list. Another of the mistakes that can be considered careless is not forgetting to date the return. As the U.S. News article points out, "Your return must be postmarked or filed electronically by April 15. If you miss the deadline, you will owe penalties. If you fear you may not be able to make the filing deadline, there is an out. You can receive a six-month filing extension on your tax paperwork by completing Form 4868 by April 15. This will give you an extension to file until Oct. 15, but you still need to pay the full amount owed by April 15. The extension doesn't apply to money owed, only to sending in your tax forms." Drury adds an important note, "If someone is preparing your taxes don't forget to double-check their work. They are very busy human beings and can make mistakes that could end up costing you in the long run." The entire article can be found at /keep-this-checklist-handy-to-avoid-making-common-tax-return-mistakes/ About Lance Drury Tax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006.  With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues.  He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problems About The Lance Drury Law Firm  Since 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in Ste. Genevieve and Columbia, Missouri, we're proud to be your local choice for Missouri tax services. ###  

Keep this Checklist Handy to Avoid Making Common Tax Return Mistakes.

Make a list and check it twice. Or print this out and keep it with you while doing and reviewing your taxes. Mistakes, especially these common ones are responsible for prolonging tax season and may lead to an audit. While not making these mistakes will not keep you immune from audit, tax returns without mistakes will get your refund more quickly and bring tax season to a speedier, uneventful close.

Tax Resolution Expert, Attorney Lance Drury Continues to Warn About Massive IRS Impersonation Tax Scam.

Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of "Successonomics" shares a CBS News Report about how the IRS tax impersonation scam operates and how to avoid becoming another victim.  St Genevieve, MO, March 16, 2015: Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of "Successonomics" posted a new article on the LANCE DRURY LAW website entitled "The Most Ruthless IRS Tax Scam in History. " It is a message that bears repeating. Mr. Drury says, "I am writing about the IRS telephone tax scam again because it is not going away anytime soon. In fact, the scam is gathering steam and speed. According to CBS News, "The people behind this scam are calling at least 10,000 Americans every week." Despite a multitude of warnings, victims are still falling for the fear tactics. As Drury writes, "The IRS continues to issue alerts on irs.gov about this massive phone scam.  However these scammers are absolutely ruthless. So don't let your guard down, even if you've already filed your tax return.  If anyone calls saying they are from the IRS, hang up the phone. If they leave a voice message, do not return the call." As Drury shares, "According to the CBS report, Treasury Department Deputy Inspector General for Investigations Tim Camus said, "This scam impacts everybody. We've had very, very educated and intelligent people fall for it." Camus also said that in the history of scams that he's had to deal with, this is the "largest, most pervasive impersonation scam in the history of the agency." According to the article, "So far, at least 366,000 people have reported receiving a call and more than 3,000 of them have been fooled by the scam, giving up a total of $15.5 million. The CBS report stated that Camus received a scam call demanding money on his home phone. There seems to be no rhyme or reason for who the scammers are calling, so once again I urge you to stay alert." Drury also shares the entire story of how the scam unfolded for a senior pastor at Providence Baptist church in Charlotte, North Carolina. The scammers got $16,000 from him. The entire article can be found at /the-most-ruthless-irs-tax-scam-in-history/ About Lance Drury Tax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006.  With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues.  He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problems. About The Lance Drury Law Firm  Since 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in Ste. Genevieve and Columbia, Missouri, we're proud to be your local choice for Missouri tax services. ###      

The Most Ruthless IRS Tax Scam in History

I am writing about the IRS telephone tax scam again because it is not going away anytime soon. In fact, the scam is gathering steam and speed. According to CBS News, "The people behind this scam are calling at least 10,000 Americans every week." The IRS continues to issue alerts on irs.gov about this massive phone scam.  However these scammers are absolutely ruthless. So don't let your guard down, even if you've already filed your tax return.  If anyone calls saying they are from the IRS, hang up the phone. If they leave a voice message do not return the call. According to the CBS report, Treasury Department Deputy Inspector General for Investigations Tim Camus said, "This scam impacts everybody. We've had very, very educated and intelligent people fall for it." Camus also said that in the history of scams that he's had to deal with, this is the "largest, most pervasive impersonation scam in the history of the agency." So far, at least 366,000 people have reported receiving a call and more than 3,000 of them have been fooled by the scam, giving up a total of $15.5 million. The CBS report stated that Camus received a scam call demanding money on his home phone. There seems to be no rhyme or reason for who the scammers are calling, so once again I urge you to stay alert. How the scam is played out is illustrated in the CBS News report by what happened to Al Cadenhead, a senior pastor at Providence Baptist church in Charlotte, North Carolina. This is his story that he has shared in hopes of helping others avoid the same ordeal. "Last fall, he got a message on his cell phone from someone claiming to be with the IRS. "Don't disregard this message as delay in calling us back might end up in a legal matter for you," the message said. He did call back -- and it was the beginning of a terrifying ordeal. "This woman gave me her name and her badge number and said she was informing me that they were filing a warrant for my arrest," Cadenhead said. "For tax fraud; and she started listing all the things they were going to do." He said she told him they would freeze his accounts and put a lien on his house "My heart was racing. It was racing. I am very afraid at that point," Cadenhead said. He did not believe he had done anything wrong, but the stakes were too high to fight." "I didn't want to cause embarrassment to my family or to my church. I'm retiring in a few months. This is not how I want to be remembered, being arrested," Cadenhead said. So he reluctantly followed orders. Again and again he drove to his bank and withdrew money, then went to drugstores, where he bought prepaid debit cards. Finally, he read the scammers the PIN numbers on the cards -- all they needed to get the money. He said the entire ordeal lasted from 8:30 a.m. to 3:30 or 4 p.m. and he was on the phone the entire time. At the end of it all, they got $16,000 from him. As is stated on irs.gov and numerous other articles, the perpetrators use technology that makes the caller ID show area code 202 -- for Washington, D.C., home of the IRS. Despite this, sources say, the calls are really coming from a sophisticated crime ring overseas. The IRS advises if you get a call from someone claiming to be with the IRS demanding immediate payment and threatening you with arrest, you are being scammed and you need to hang up the phone. (www.cbsnews.com/news/dangerous-irs-phone-scam-unfolding-on-your-phone/?ftag=YHF4eb9d17) I have had reports of my own clients receiving calls. Heed the IRS advice. If you don't recognize the number on your caller ID, just don't answer the phone. If you do answer and someone says they're from the IRS, you know what to do. Hang up. Don't give them a chance to count you among the innocent people scammed out of your hard-earned money.

Tax Resolution Expert, Attorney Lance Drury Sheds Light on Robert DiNiro's Outstanding $6.4 Million Tax Bill.

Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of "Successonomics" says most celebrities do not handle their outstanding tax debts as gracefully and swiftly as Mr. DiNiro did. St Genevieve, MO, March 10, 2015: Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of "Successonomics" posted a new blog on the LANCE DRURY LAW website entitled "What Would You Do if You Owed the IRS More Than $6 Million?" Celebrities who do not pay their taxes make headline news all the time even when they are swiftly resolved. As Mr. Drury writes, "We often assume that famous movie stars have all the money in the world and wonder why and how they get into deep IRS debt." He adds,  "The recently revealed case of Robert DiNiro's $6 million plus IRS debt sheds light on how this can happen." As Mr. Drury relates the story, the IRS was sending its communications to an old address. He writes, "By the time the debt came to his (Mr. DiNiro's) attention, multiple fines and fees had brought his outstanding bill to $6.4 million." According to Drury, "Most public figures don't usually deal with their debts as gracefully and swiftly as did Mr. DiNiro who wrote a check for the entire balance and had it hand delivered to the nearest IRS office." More often than not says Drury, "Public figures get misled by greedy or just plain bad managers and corrupt tax preparers. Some public figures knowingly try to avoid paying taxes. Those are the ones who often end up in court, even jail." Likewise Drury relates, "It is much easier to miss out on IRS notices than you may think. Moving is one of the biggest causes of missed notices. When you move it is important that you file a Form 8822, Change of Address with the IRS. Responding promptly to all IRS correspondence is key. Because the longer you go without tending to your IRS bills, fees and penalties add up and that adds up to you owing more." He continues, "Additionally, if you fail to respond within the given time frame, usually 30 - 90 days, you can miss out on certain advantages." About Lance Drury Tax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006.  With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues.  He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problems About The Lance Drury Law Firm Since 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in Ste. Genevieve and Columbia, Missouri, we're proud to be your local choice for Missouri tax services. ###    

Endless Nightmare. Make a Mistake and the IRS Can Audit You Forever.

I advise people to save their tax records anywhere from 3 to 7 years. Corporations and small businesses must hold onto their records longer, maybe indefinitely. That's because typically the IRS has three full years if they are going to audit, and six years when the audit involves offshore accounts.  The word to pay attention to is "typically." Those parameters go out the window if certain mistakes are made on your tax returns.  And the endless nightmare begins Failure To Sign Forgetting to sign your tax return is a mistake that completely invalidates your tax return. This simple mistake happens more often than you may think. Even though you have done everything else correctly and sent your returns in on time, without your signature, the IRS will not consider your return as being legitimate, which opens you up to being subject for audit. Missed Extra Filings Offshore accounts must be handled very carefully. For starters, they can set off requirements for extra filings. Miss one of those additional filings and the IRS can audit you forever. You never know when they are likely to call for an audit and you won't know what year they are looking into. So it's safe to say, if you have offshore accounts, hold onto your tax returns forever. Failure To Submit Form 5471 When a U.S. shareholder owns part of a foreign corporation, it can trigger reporting that includes the filing of an IRS Form 5471. This is a crucial form to remember since forgetting to file it means stiff penalties, generally $10,000 perform.  If you are required to submit more than one Form 5471, a separate penalty can apply to each one filed late, incomplete or inaccurate. And to add an especially nightmarish turn, the penalty can apply even if no tax is due.  If you fail to file a Form 5471 it's is as if you've not filed your tax return at all. That leads to your tax return remaining open for audit indefinitely. A recent Forbes article adds a little more insight, "Forms 5471 are not only required of U.S. shareholders in controlled foreign corporations. They are also required when a U.S. shareholder acquires stock resulting in 10 percent ownership in any foreign company. The harsh statute of limitation rule for Form 5471 was enacted in 2010, part of the same law that brought us FATCA, the Foreign Account Tax Compliance Act." (www.forbes.com/sites/janetnovack/2015/01/05/the-forbes-2015-tax-guide) Three years, six years or indefinitely, no matter how long you keep your tax records the thought that the IRS can audit because of oversights on the part of the taxpayer is a terrifying proposition. Besides holding your accountant or tax attorney accountable for filing the proper forms there's little that can be done should any of the above mistakes be made. It's important to keep in mind year to year that you're not out of the woods for a tax audit on an annual basis. Just because you've submitted your tax returns and perhaps even received a tax refund does not mean you are not subject to an audit. You rarely know you're getting into an IRS nightmare until you're

Tax Resolution Expert, Attorney Lance Drury Says Not Having Receipts is No Reason Not To Take Deductions.

Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of "Successonomics" brings to light the little known Cohan Rule that allows proof of expenses by "other credible evidence" when receipts cannot be produced. St Genevieve, MO, February 23, 2015: Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of "Successonomics" posted a new blog on the LANCE DRURY LAW website entitled "No Receipts for the IRS? Try a Song and Dance Routine." When you can't use the old "dog ate my homework" excuse with the IRS, Lance Drury reminds his readers about a workable way around producing receipts. Drury writes, "Not only did song and dance playwright, George M. Cohan lead the way on Broadway, he also broke new ground with the IRS." It takes exceptional boldness to go up against the IRS, and according to Drury, Cohan had it. Drury relates the story saying, "Cohan who wrote Broadway hits like "Give My Regards to Broadway" and "Yankee Doodle Boy" paid for much of his travel and entertainment with cash and was bold enough to go up against the IRS when, back in the 1920's they denied all his deductions." Drury is not, as he says, "... advocating sloppy or careless recordkeeping, however there are times when critical receipts seem to vanish." When that does occur, as Drury states, "thanks to good old George, even if you can't find a receipt today, you're not up the creek without a paddle." According to Drury, "If you're unwilling, like George Cohan was, to take "no" for an answer, you might find that providing written statements and/or other supporting evidence could prove to be convincing to the IRS or an Appeals Court. In many cases even charitable contributions have been allowed under the Cohan Rule, though not in cases subject to special strict substantiation requirements." He adds, "If you are afraid to take a deduction because you don't have a receipt, remember the song and dance man and remind your lawyer of the Cohan Rule. And if you're ever in New York City, stop by and pay him tribute. You'll find a statue of the IRS and Broadway pioneer in Times Square." The entire blog can be found at /expense-receipts-irs-try-song-dance-routine/ About Lance Drury Tax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006.  With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues.  He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problems About The Lance Drury Law Firm Since 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in Ste. Genevieve and Columbia, Missouri, we're proud to be your local choice for Missouri tax services. ###  

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