Tax Resolution

 

 Tax resolutions are the various options available to people to solve the present tax problem and prevent future tax problems. Usually, experienced tax attorneys and experts in tax resolution offer services to people to resolve their issues with the KRA and prevent them from having problems with the KRA.

 

Dealing with the KRA is a hassle that can get on your nerve since you need an idea of how to meet its tax-related activity demands. Stay calm with your tax problems. Skim through the various tax resolution options discussed here and select one or several options that match your needs. Below are descriptions of some available tax resolution options.

1. Audit Representation/Audit Defense

It is a service whereby a tax expert or attorney represents a taxpayer (usually an individual or legal entity that is their client) during a state income or KRA tax audit. The Kenyan government and the KRA permit taxpayers to have authorized representatives during tax audits. Authorized representatives are those tax experts permitted to practice before the state and KRA. They are CPAs, attorneys, and enrolled agents.

The primary purpose of tax representatives is to develop strategies for defending their clients ( the taxpayers subjected to audit) in case tax the state or KRA find tax issues with the clients. During a tax audit, a tax representative prepares all documents needed by the state tax officials and KRA on his client's behalf and submits the documents to the relevant institutions. They also attend all meetings with the tax authority and handle communication on their client's behalf.

1. Criminal Tax Defense

Sometimes, the KRA may investigate a person for tax fraud. One should not risk handling such a criminal investigation alone. Hire a criminal tax defence expert to stand for you during the inquiry.

Criminal tax defence experts are the only ones who can help one articulate well that their intentions were not criminal in such cases where intentions matter as much as actions. They guide you through the investigation and tax resolution process to ensure that you avoid facing criminal charges.

1. Tax Planning And Preparation

Prevention is better than cure. Preventing tax problems is better than dealing with them when they occur. One needs to charge an expert to file their tax returns.

Tax experts are not prone to errors or misstatements since they understand tax processes. Additionally, having experts file your returns reduces your liability for tax problems that may occur from those filings — the burden of responsibility for tax problems shifts to your tax experts.

One can also have experts plan for their future tax liabilities. This move helps you prevent the accrual of substantial tax debts. Tax planning can help you know business ventures that you can take that will not saddle you with massive tax debts. It can also help protect your family from heavy tax burdens after death.

1. Offer In Compromise (OIC)

Sometimes people undergo dire financial situations that make it impossible to pay their tax debts. We need more than an extended instalment plan to help us. In such conditions, the KRA inclines towards accepting an OIC, significantly lowering our tax debts.

An OIC is a life-saving tax resolution for many people who need it. Usually, it allows you to pay 20% less of your actual tax debt. Unfortunately, the KRAs acceptance rate of OIC is low because many people commit many errors and commissions when filing for it. Tax experts increase the chances of KRA approving your OIC by helping you demonstrate that complete collection of your tax debt is detrimental to your economic situation.

Conclusion

Several other tax resolution options exist, such as instalment plans, innocent spouse relief, levy discharge, tax lien removal, etc. Find experienced and qualified tax professionals who can help identify and select the best tax resolution for your tax problem.

IRS Tax Audit

 

 People usually get scared when they hear “The IRS audit.” They tend to assume that an audit is only done when they have done something wrong, like intentionally manipulating their revenues, which is not always the case. This article explains why and how IRS audits a person.

 

An IRS tax audit is a review of a legal person’s financial information by the IRS to determine if they have filed their tax returns in compliance with tax laws. It is the IRS’s verification of tax returns filed by a person based on tax laws and regulations.

 

 Know that when IRS selects you for a tax audit, they are not suggesting that you have a problem with your tax with your filing of tax returns. IRS selects people for IRS audits using different methods. The IRS regularly uses random selection based on a statistical formula. Therefore, know that you can be a victim of random selection and not your tax compliance behaviour. Another method that the IRS uses regularly is related examinations. IRS can select you for the IRS audit through related examinations when they have audited other people that are your business partners, clients, colleagues, or relatives. 

Besides these two conventional methods, IRS can select you for audit when they feel you have reported an incorrect income or unusual deductions.

Most IRS audits are light. 75% of them are usually completed by mail. Only severe irregularities in your tax returns may prompt the IRS to ask you to visit its local offices or make it send its officers to your home, office, or business to examine your financial records.

Preparing for IRS Audit

You only know that the IRS has selected you for an audit when you receive a mail informing you of its intention to do so. The notice from the IRS has the specific information it wants to examine and the documents you should present to facilitate the examination.

The notice gives you 30 days to respond to it. Please respond to this notice as soon as possible since the more you delay responding, the more interest grows on the amount IRS believes you owe. 

Embark on readying your paperwork as you try to understand the tax issue. Contact a tax expert if you need help understanding the tax problem between you and IRS. If you used a tax compilation company to file your returns, you could inform it of the IRS audit notice so that it provides you with an audit defence service. 

During the IRS Audit

If the IRS does not audit you through the mail, it will ask you to visit its local offices or send its agents to your home, office, or business. If the IRS uses the last two options to audit you, you should know your rights during the process.

· Right to representation- You can attend the audit appointment with your authorized representative or have a representative attend it on your behalf.

· Right to professional treatment- The IRS officers must show respect and courtesy during the audit process.

· Right to information- The IRS agents must explain why they need certain documents or information from you and the consequences of not providing them.

· Right to privacy- The IRS must keep your tax issues private and confidential

· Right to appeal disagreements- you can appeal disagreements within the IRS or the courts.

Remember to be polite to the IRS officers during the audit and comply with them. Show them the documents that they request only as per their notice.

After Audit

There are three results of an IRS audit; no changes, accepted the changes, and rejected changes. You should not do anything when the IRS says you should not change your tax returns. When IRS finds that you need to change your tax returns, please do not sign them until you consult a tax expert who can analyze the documents further. If your consultant verifies the report is accurate, sign it (accept the changes). If you find that the IRS made an error, appeal the decision and go to court if necessary (reject the changes).

Conclusion

An IRS audit is a regular occurrence. Do not fear. Makes sure you comply with the tax officers during the whole process.

Healthcare Concierge

 

 Healthcare concierge is a new healthcare delivery model where a primary care physician charges a patient an annual fee (retainer) and promises to provide enhanced care to the patient by sparing adequate time and ensuring availability to the patient. Healthcare concierge is also known as concierge medicine or retainer medicine. The Four Seasons Medical Concierge is an example of an organization that gives healthcare concierge services by linking you to qualified and dedicated physicians in pain management, spine treatment, and podiatry.

Models of Healthcare Concierge

Organizations that offer healthcare concierge services adopt one of the three primary business models. These models are Fee for Care, Fee for Extra Care, and the Hybrid Concierge Model.  

Fee For Care (FFC)

In this model, a patient pays a physician an annual, quarterly, or monthly fee. This fee covers the services provided by the physician in the office. However, it does not include other services like lab work, x-ray, or vaccinations.

Fee For Extra Care (FFEC)

This model is like the FFC. The only difference is that it offers additional services to the physician's office services and charges the other services on a patient’s insurance plan or Medicare.

Hybrid Concierge

In this model, patients prepay a yearly, quarterly, or monthly fee to physicians for services that insurers or Medicare do not cover. Examples of such services not covered by Medicare or insurers are the provision of comprehensive wellness and evaluation plans. Physicians that use this model charge Medicare and insurers for the covered services. They cater to the uncovered services using prepaid periodical fees to them.

Types Of Services Offered By Concierge Medicine

In addition to the usual medical services, concierge physicians offer aeromedical evacuations, comprehensive, individualized examinations, access to second opinions, and routine and emergency diagnosis and treatment.

The fee charged for concierge medical is like an insurance policy where you pay a fee to a physician in anticipation of a future healthcare expense. 

Benefits Of Healthcare Concierge

Healthcare concierge has several advantages.

Increased Attention

Patients who subscribe to concierge medical services receive convenient, personal attention from their physicians. Their physician spares adequate time to attend to them and understand their medical history when they visit their offices.

Concierge physicians spend 20 minutes more with their patients than traditional physicians. It occurs because concierge physicians attend to a significantly lower number of patients (about 50 to 1000 patients annually) than traditional physicians (about 3000 to 4000 patients annually).

In-home Visits

 Concierge physicians do not just wait for you to go to them. They are usually a phone call or an email away. They are willing and bound to see you at your place and time of convenience. Since some health conditions and debilitating, it is beneficial that concierge physicians can visit and offer you treatment in the comfort of your home. Patients who receive personalized care at home recover faster than those who receive care at the hospital.

Worldwide Access to Physicians

Concierge organizations, such as our Four Seasons Medical Concierge, offer patients unlimited access to different physicians worldwide. They link up our global pool of very-able physicians to our cherished patients. It ensures that patients receive the best treatment at their convenience, facilitating quick recovery.

Conclusion

Healthcare concierge is an incredible service that gives you improved attention and care from the best physicians in the world. Contact several healthcare concierge organizations like the Four Seasons Medical Concierge to receive the best healthcare service at your convenience.