Frequently Asked Questions
The law firm of Flowers and Manning, LLP is devoted to providing the highest quality professional services that best suit our clients' unique circumstances and personal requirements. Some questions we frequently hear from clients include the following:
- I am involved in a tax controversy. What is an Offer in Compromise?
- I am out of cash and cannot pay my taxes. Should I file a return?
- What is estate planning?
- What is business succession planning? Why is it important?
Bring your queries to Flowers and Manning, LLP
If you are in need of a skilled attorney in the areas of taxation law, estate law, business law, or real estate law in the Boston area, contact Flowers and Manning, LLP or call 617-589-0601.
I am involved in a tax controversy. What is an Offer in Compromise?
When your controversy is settled, you may be offered an IRS program known as an Offer in Compromise. If you are a financially distressed taxpayer, the IRS may grant an opportunity to repay outstanding taxes, penalties, and interest in a lump sum. This sum is less than the amount owed. Your assets, liabilities, and projected income affect the amount that is offered under the program. You may be able to pay in installments over a two-year period.
I am out of cash and cannot pay my taxes. Should I file a return?
Yes. It is not a crime to not have the money to pay your taxes, but it is a crime not to file. No one is going to jail for being short on funds owed to the IRS. Please file your return by April 15. When you file and do not pay in full, the IRS will send you a letter asking for the tax due plus some interest charges. It is possible to arrange a payment plan with the IRS as well.
What is estate planning?
Estate planning is the process of placing your wishes for your estate into a directive that provides the maximum benefit of your assets to you while you are living and to your beneficiaries after your death. An experienced attorney ensures that the directive is prepared to minimize the burden on you and maximize the benefit to your heirs. Sometimes an estate plan is quite complex and requires multiple directives to be constructed. Your attorney can provide you with counsel as to which legal instruments are appropriate for you.
What is business succession planning? Why is it important?
Change of ownership and control of a firm to a successor can be difficult. You must balance the owner's and the successor's needs with the best interests of the firm. Competent planning with your taxation or business lawyer can reduce taxes that impact the changeover, maintain the strength of the business, and provide a possible vehicle of retirement.