Hyden, Miron & Foster, PLLC Law Blog

Tuesday, February 14, 2017

What steps can the IRS take to collect back-owed taxes?


Let’s face it, nobody likes to pay taxes, but it is a reality of the society in which we live. Some people may not be able to pay the taxes they owe, or may think that the IRS will not catch up with them. In either case, inevitably, the IRS will come knocking. Loudly.

If you owe taxes, the IRS expects payment immediately.


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Saturday, January 28, 2017

What are the top 5 mistakes gig-workers make when doing their taxes?


Gig workers, also known as “freelancers” make up about 34% of the nation’s workforce. This number is expected to increase to 50% in the next three years. With the amount of income these types of workers are generating, this critical mass of workers may be coming under closure scrutiny with the IRS. If you fall under the umbrella of gig-workers, ensuring your filings are correct when tax season comes can save you time and money.


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Tuesday, January 17, 2017

Tax Attorney vs. CPA


Do I need a tax attorney or a CPA?

So you know you need professional help for your tax related matter, but who should you call?  You have two main options for tax assistance—a Certified Public Accountant (CPA) or a tax attorney.  Both of these professionals are trained to deal with tax issues, but they have differing educational backgrounds and capabilities.  Below is a look at some important similarities and differences between tax lawyers and CPAs to assist you in making this important decision.  

Education and Training

CPAs are trained in a variety of accounting related fields.  They are licensed to represent clients before the IRS and other taxing authorities.


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Monday, December 26, 2016

Year-end tax planning: More savvy moves to take


How can you save on taxes this year? 

As the year comes to a close, most of us are thinking more about holiday parties and last minute gift purchases than we are about maximizing our tax position. But, with just a few easy moves, you could save yourself a ton of cash and enter the new year ahead of the game.

CBS’ Moneywatch recently posted an article on smart tax moves for homeowners, investors and those who are self-employed.
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Tuesday, December 13, 2016

Six Tax Planning Strategies To Prepare For A Trump Presidency


Tax reform is high on the list for President Elect Donald Trump, who has vowed significant tax reforms in the first 100 days of his presidency. With a Republican controlled House and Senate, it is likely that his reforms will happen. If you haven’t had a chance to review the proposed reforms, here is a brief primer.


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Monday, November 21, 2016

The New Estate Planning That’s Critical for Clients


How can you protect yourself from “cyber intestacy”?

When you think of estate planning, the usual things come to mind: who to leave your jewelry, automobiles, real estate and other tangible property to. Seldom do we stop to consider what happens to our online presence or other property that may only exist in electronic form.


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Tuesday, November 15, 2016

Millennials And Boomers Should Be Planning For Their Retirement, Now


What are the top 5 things millennials should do right now for retirement?

Millennials have now beaten out the boomers for top spot in our population. This generation is characterized by high educational debt and a later start on the career path.  This puts them seriously behind the 8-ball when it comes to


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Monday, October 17, 2016

Are Political Donations Tax Deductible? In Arkansas, The Answer Is Yes!


During the first presidential debate between Democratic nominee Hillary Clinton and Republican nominee Donald Trump, taxes were a hot topic. Instead of just talking about tax policy, however, the candidates were also talking about Trump’s tax return, which he has refused to release.

Clinton alleged Trump is hiding the fact that he has been paying little, if any, taxes.


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Monday, October 17, 2016

Arkansas Supreme Court Clarifies Requirements for Special Needs Trust


What complications may arise with a special needs trust?

Ensuring that our loved ones are cared for when we are gone is important. It gives us peace of mind. This is especially true when we are caring for loved ones with physical or mental disabilities. 


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Monday, October 17, 2016

McDonald’s sued by late artist’s estate for copyright infringement


How can you protect your intellectual property assets after death?

When it comes to asset protection, we typically think of tangible things like cars, homes, jewelry and other types of personal or real property.  Seldom do we think of intellectual property when creating an asset protection plan or otherwise planning our estate.


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Wednesday, September 21, 2016

Enjoy Your Retirement Years by Lowering Your Taxes


What steps can I take to reduce my taxes during retirement?

You likely have a lot of plans for your first few years of retirement.  You may want to travel, take up a new hobby, or simply enjoy your new free time.  In addition to pursuing your passions, you should consider taking the time to follow some important steps that could potentially lower your tax bill for the remainder of your life. 

During the first few years of retirement, as you stop receiving a paycheck and start living off other funds, such as a pension or investments, your income will likely drop to a lower bracket. This means you will pay a lower


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