Special Podcast Series from Lavelle Law
While podcasts are a popular communications tool today, the attorneys at Lavelle Law have been creating regular episodes of the firm's “Chicago's Legal Latte” series since 2009. While many of the more than 30 attorneys on staff have participated over the years, Managing Partner Ted McGinn and Shareholder Timothy Hughes have been among the most frequent contributors. The two recently completed a 3-part series on tax matters that is now available in both video and audio format.
The series includes segments on tax audits, tax debt, and bankruptcy. All episodes are available at www.lavellelaw.com, and by searching Lavelle Law on either YouTube or Blog Talk Radio.
“We felt this series was important because there has been so much discussion about the boost in funding at the IRS this year,” said McGinn. “We've had a lot of questions about a potential increase in audits so we thought this would be a good time to provide a primer on how both individuals and corporations can stay on the right side of the equation.”
It is in the first segment that McGinn and Hughes discuss IRS methods pertaining to tax audits and how taxpayers should respond if they receive notice of an audit. They walk through what to expect with the process and how to prepare for it.
In the second installment, the attorneys discuss managing tax debt.
“There may be a number of reasons an entity will owe the IRS or the Illinois Department of Revenue for a tax debt,” said Hughes. “Managing that tax bill properly goes a long way to avoiding a more serious matter later.”
In those instances where circumstances lead to a debt that can't be paid, bankruptcy serves as one option for the taxpayer. McGinn and Hughes have guided a number of clients through that process, which, while they admit is not a desired course of action, often is the best pathway out. That is the topic for the third episode of the series.
“Bankruptcy is very complex but for some taxpayers it provides a good solution,” Hughes said. “When done properly, it can truly provide a fresh start for people and businesses who simply incurred some very unfortunate circumstances.”
In addition to answering questions about the IRS, McGinn also stressed the need to proceed cautiously with trying to resolve tax debt.
“There has again been a surge in advertising for “tax relief' specialists,” he said. “There are some very unscrupulous operators out there, many of whom demand money up front. In many cases, the required tax services needed can only be provided by an attorney. In the very least, many of these services should only be provided by an attorney. We want to advise people to make sure they get a consultation with us or any qualified law firm before taking any steps.”
For information about Lavelle Law, visit www.lavellelaw.com.