ARKANSAS TAX LAWYERS

You've worked hard your whole life to provide for your family and make your loved ones more secure. Without advanced estate planning strategies, many of your hard earned assets may end up with the IRS and state taxing authorities.

Our firm regularly assists affluent families with such sophisticated planning strategies as Family Limited Partnerships or Limited Liability Companies, Personal Residence Trusts, Irrevocable Life Insurance Trusts and a wide range of charitable gifting techniques to reduce federal estate taxes, gift taxes and generation skipping transfer taxes.

Our firm is dedicated to helping clients make educated and  informed decisions about their assets and will work with you and your team of financial advisors and accountant to implement a sophisticated and effective estate plan that allows for the maximum transfer of assets to your loved ones.

At Hyden, Miron & Foster, PLLC, our charitable organization clients range from small private family foundations to public charitable organizations. Our attorneys assist clients in the organization of non-profit and charitable entity activities, including incorporation, the preparation and filing with appropriate governmental authorities, application for tax-exempt status, ongoing administration issues of the charities, and termination of the charitable organization.

Some common areas addressed by our firm in this area include:

• Private Foundations
• Public Charities
• Supporting Organizations
• Endowments
• Qualification for 501(c)(3) status
• Merger with another charitable organization

At Hyden, Miron & Foster, PLLC, our attorneys assist in the selection and implementation of various charitable techniques available to clients whose planning goals are charitable.  The Internal Revenue Code provides many tax incentives for individuals and their estates to make contributions to qualified charities.  We often incorporate clients' charitable intentions into their estate documents.  If an immediate gift is the client's desire, our attorneys will analyze the selection, timing and type of gift to best benefit both the client and the charitable organization.

Some tools utilized by our attorneys to achieve these charitable goals include:

• Endowments
• Foundations
• Charitable Remainder Annuity Trust
• Charitable Remainder Unitrust
• Charitable Lead Trust
• Irrevocable Life Insurance Trusts
• IRA and Qualified Retirement Plan Beneficiary Designations

The liability for significant back taxes can be overwhelming for an individual or business.  Those who owe back taxes are often fearful or have trouble understanding their options.    The attorneys at Hyden, Miron & Foster, PLLC regularly assist clients who owe taxes or are in disputes with taxing authorities and our attorneys are able to provide clients various options, including offers in compromise to limit their total exposure.

An offer in compromise enables individuals and businesses to settle their tax debt for less than the full amount owed.  This program is often one of last resort for those who have explored other payment options but still cannot pay their tax debt in full.  Both the Internal Revenue Service (IRS) and the Arkansas Department of Finance and Administration (Department of Finance) have offer in compromise programs.  A client could be responsible for back taxes for a number of reasons such as an audit or not filing tax returns in previous years.  Whatever the situation, individuals may be eligible for an offer in compromise if they meet certain criteria.  For example, in order to qualify for the federal program, the individual cannot be overdue on payments or filings with the IRS and cannot currently be involved in a bankruptcy proceeding.  They are also subject to other specific requirements set out by the federal and state tax laws and regulations. 

When determining whether to accept an offer in compromise, the tax authority will evaluate the person’s ability to pay, which includes a detailed look at his or her income, assets and expenses.  Often times, offers in compromise will not be accepted unless it is clear that the person will not be able to pay their tax debt in full.  In order to be accepted into an offer in compromise program, a formal application must be submitted.  The application consists of various forms that must be completed with accurate information.  Some of the information requested can be quite complex and it can be beneficial to be represented by an experienced attorney. 

Tax law is a complicated area and it is essential that you consult with a seasoned attorney regarding your tax matters.  The attorneys at Hyden, Miron & Foster, PLLC have a thorough understanding of many tax collection issues including offers in compromise.  Call us at 501-482-1787 for a consultation today.