EVALUATION FORM
In order for us to improve our continuing legal education programs, we need your input.
Please complete this evaluation form and place it in the box provided at the registration
desk at the end of the session. You may also mail the form to CLE Director, NYCLA, 14 Vesey
Street, New York, NY 10007.
Don’t Forget Tax Day: Taxpayers’ Bill of Rights and the Importance of
Paying Taxes
March 26, 2015; 6:00 PM – 7:30 PM
I.
Please rate each speaker in this session on a scale of 1 - 4
(1 = Poor; 2 = Fair; 3 = Good; 4 = Excellent)
Presentation
Content
Written Materials
Rinu Cherian
Carmela Walrond
II.
Program Rating:
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Please turn over to page 2
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4. Why did you choose to attend this course? (Check all that apply)
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If NYCLA were creating a CLE program specifically tailored to your practice needs, what
topics or issues would you want to see presented?
N S T I T U T E
I
C L E
N Y C L A
D ON ’ T F ORGET T AX
D AY : T AXPAYER B ILL OF
R IGHTS AND THE
I MPORTANCE OF P AYING
T AXES
Prepared in connection with a Continuing Legal Education course presented
at New York County Lawyers’ Association, 14 Vesey Street, New York, NY
scheduled for March 26, 2015
Faculty: Carmela Walrond, Spar Bernstein & Lewis LLP; Rinu Cherian, EA (Enrolled
Agent)
This course has been approved in accordance with the requirements of the New York State Continuing Legal Education
Board for a maximum of 2 Transitional and Non-Transitional credit hours: 1.5 Professional Practice/Law Practice
Management.
This program has been approved by the Board of Continuing Legal education of the Supreme Court of New Jersey for 2
hours of total CLE credits. Of these, 0 qualifies as hours of credit for ethics/professionalism, and 0 qualifies as hours of
credit toward certification in civil trial law, criminal law, workers compensation law and/or matrimonial law.
ACCREDITED PROVIDER STATUS: NYCLA’s CLE Institute is currently certified as an Accredited Provider of
continuing legal education in the States of New York and New Jersey.
Information Regarding CLE Credits and Certification
Don’t Forget Tax Day: Taxpayers’ Bill of Rights and the
Importance of Paying Taxes
March 26, 2015; 6:00 PM to 7:30 PM
The New York State CLE Board Regulations require all accredited CLE
providers to provide documentation that CLE course attendees are, in fact,
present during the course. Please review the following NYCLA rules for
MCLE credit allocation and certificate distribution.
i.
You must sign-in and note the time of arrival to receive your
course materials and receive MCLE credit. The time will be
verified by the Program Assistant.
ii.
You will receive your MCLE certificate as you exit the room at
the end of the course. The certificates will bear your name and
will be arranged in alphabetical order on the tables directly outside
the auditorium.
iii.
If you arrive after the course has begun, you must sign-in and note
the time of your arrival. The time will be verified by the Program
Assistant. If it has been determined that you will still receive
educational value by attending a portion of the program, you will
receive a pro-rated CLE certificate.
iv.
Please note: We can only certify MCLE credit for the actual time
you are in attendance. If you leave before the end of the course,
you must sign-out and enter the time you are leaving. The time will
be verified by the Program Assistant. Again, if it has been
determined that you received educational value from attending a
portion of the program, your CLE credits will be pro-rated and the
certificate will be mailed to you within one week.
v.
If you leave early and do not sign out, we will assume that you left
at the midpoint of the course. If it has been determined that you
received educational value from the portion of the program you
attended, we will pro-rate the credits accordingly, unless you can
provide verification of course completion. Your certificate will
be mailed to you within one week.
Thank you for choosing NYCLA as your CLE provider!
New York County Lawyers’ Association
Continuing Legal Education Institute
14 Vesey Street, New York, N.Y. 10007 • (212) 267-6646
Don’t Forget Tax Day: Taxpayers’ Bill of Rights and the Importance of
Paying Taxes
Thursday, March 26, 2015, 6:00 PM-7:30 PM
Faculty:
Carmela Walrond, Spar Bernstein & Lewis LLP; Rinu Cherian, EA
(Enrolled Agent)
AGENDA
5:30 PM – 6:00 PM
Registrations
6:00 PM – 6:10 PM
Introductions and Announcements
6:10 PM – 7:30 PM
Presentation and Discussion
Importance of filing taxes
Tax Presentation
03-26-2015
T Rinu Cherian, EA
Carmela Walrond, Esq.
WHY PAY TAXES
Taxes are the price we pay to live in this great
nation on earth.
Without taxes we wouldn’t have :
•
•
•
•
Public Schools
Public Parks
Streets and Highways
Army, Navy, Air Force, Marines
Filing Tax Returns
Filing federal tax returns will help you on a
personal level. In addition to keeping you out of
trouble with the IRS, you should file taxes for:
1) REFUNDS
2) TAX CREDITS
3) PROOF OF INCOME
4) SOCIAL SECURITY
5) PEACE OF MIND
REFUNDS
• If you are an employee, your employer will
deduct taxes and issue you a W-2
• If you are a contractor or you are your own
boss, you are responsible to pay taxes
quarterly
• If you pay taxes, chances are that you would
get a refund when you file taxes
• Refunds received from Earned Income Tax
Credit, Child Tax Credit or other tax credits are
not considered income for any federal or
federally funded public benefit program.
• Social Security Disability Insurance, SSI or
military disability pensions are not considered
earned income and cannot be used to claim
Earned Income Tax Credit.
TAX CREDITS
• It is a misconception that tax credits are only for
wealthy people
• Even in some cases if you don’t pay enough taxes,
with tax credits you will get refunds. The tax
credits are :
Earned Income Tax Credit
Education Credit, Life Time Credit, American
Opportunity Credit
Adoption Credit
Dependent and Child Care Credit
Child Credit
EARNED INCOME TAX CREDIT
To receive the Earned Income Tax Credit you must
have :
1.
2.
3.
4.
Earned income
A valid SSN
Not file married filing separately
Passed following test with child:
a) Relationship
b) Age
c) Residency
d) Joint Return
Earned Income and Adjusted Gross
Income must be less than
1.
2.
3.
4.
$46,997($52,427 MFJ) with 3 or more child
$43,756($49,186 MFJ) with 2 qualifying child
$38,511($43,941 MFJ) with 1 qualifying child
$14,590($20,020 MFJ) with no children
2014 Maximum EITC Credit
1.
2.
3.
4.
$6,143 with 3 or more child
$5,460 with 2 qualifying children
$3,305 with 1 qualifying child
$496 with no qualifying child
Few Proofs Required
• Proof of Relationship
1) Birth certificate
2) Marriage certificate to show how you are
related to child.
3) Letter from adoption agency
• Proof for full time student:
1) School record showing address of
record, dates the child attended the school
2)Day care records showing the name of
parents and address
CHILD TAX CREDIT
• With Child Tax Credit, one may reduce the
federal income tax up to $1,000 for each
qualifying child under the age of 17 years(at
the end of the year).
• Qualifying child has to meet the following
criteria:
o Age
o Relationship
o Support
o Dependent
o Citizenship
o Residence
CHILD AND DEPENDENT CARE CREDIT
• The reason the child is in someone else’s care
needs to be because you or your spouse are
working or looking for work.
• Qualifying person is your dependent child age 12
years or younger when care was provided
• $3,000 of expenses paid in a year for one
qualifying individual or $6,000 for two or more
qualifying individual can be claimed as a credit
• Other individuals who are physically or mentally
incapable of self care may also be qualifying
person
STUDENT LOAN INTEREST
The amount one can deduct is the lesser of $2,500 or the
amount of interest you actually paid.
Conditions:
1. You paid interest on qualifying student loan
2. If you paid $600 or more you would receive Form
1098-E
3. You/spouse(if joint filing) cannot be claimed as
dependent on someone else’s tax return
4. Qualified student loan is a loan you took out solely to
pay qualified higher education expenses
HOW OR WHERE TO FILE TAXES
• You can file taxes by using the services of
Volunteer Income Tax Assistance or Tax
Counseling for Elderly free of cost.
• File using the free file software available on
irs.gov website. You can use internet in public
library
• Use the services of a good tax professional
• If you do not file tax returns, you will not be claim
credits such as earned income tax credit, child tax
credit. In addition, you will not be able to claim a
refund you may be entitled to collect.
PAYING TAXES
• If you are an employee you have to submit the
W4 form to your employer so they can deduct
taxes from your pay check.
• If you are self employed or a contractor, you have
to pay federal, state, social security and Medicare
taxes by estimating your income every quarter by
April 15th
June 16th
Sept 15th
Jan 15th next year
SCAMS
• Never use services of a person who claims that you will
get higher refunds. Don’t participate in illegal tax
avoidance schemes.
• IRS constantly keeps a watch on such scams.
• Participating in illegal schemes could result in fines,
imprisonment, penalties and interest.
• If anyone prepares your returns and illegally claims
large refunds, you will be responsible for the
information on the tax return, even if someone else
filled it.
• Never sign a return unless you are sure the information
on it is honest and correct
IDENTITY THEFT
IRS uses your Social Security Number as tax
identification number. If you share your SSN, you
are exposed to identity theft. SSN is used to
open bank accounts, credit cards, credit bureau
reports etc. If you suspect your identity has
been stolen, file a police complaint, call IRS ID
theft unit at 1-800-908-4490.
WHAT TO DO IF YOU OWE TAXES
• Always file your tax returns timely each year and
be a good citizen.
• If you owe taxes:
– Pay them as soon as possible. You can pay taxes using
check, money order, debit cards and credit cards.
– If you can’t pay taxes call the IRS at 1-800-829-1040 to
tell them about your situation and ask them for a
payment plan. This will help you avoid penalties.
installment agreement.
– You can also visit IRS Offices.
OFFER IN COMPROMISE
If you have a tax debt that you cannot pay in full
or with a payment plan, you have the option of
submitting an offer in compromise to settle the
taxes by paying an affordable amount.
Thank You
Taxpayer’s Bill of Rights
Tax Presentation
03-26-2015
Carmela Walrond, Esq.
Rinu Cherian, EA
The Right to be Informed
Taxpayers have the right to know what they
need to do to comply with the tax laws. They are
entitled to clear explanations of the laws and IRS
procedures in all tax forms, instructions,
publications, notices, and correspondence. They
have the right to be informed of IRS decisions
about their tax accounts and to receive clear
explanations of the outcomes.
The Right to Quality Service
Taxpayers have the right to receive prompt,
courteous, and professional assistance in their
dealings with the IRS, to be spoken to in a way
they can easily understand, to receive clear and
easily understandable communications from the
IRS, and to speak to a supervisor about
inadequate service.
The Right to Pay No More than the
Correct Amount of Tax
Taxpayers have the right to pay only the amount
of tax legally due, including interest and
penalties, and to have the IRS apply all tax
payments properly.
The Right to Challenge the IRS’s
Position and Be Heard
Taxpayers have the right to raise objections and
provide additional documentation in response
to formal IRS actions or proposed actions, to
expect that the IRS will consider their timely
objections and documentation promptly and
fairly, and to receive a response if the IRS does
not agree with their position.
The Right to Appeal an IRS Decision in
an Independent Forum
Taxpayers are entitled to a fair and impartial
administrative appeal of most IRS decisions,
including many penalties, and have the right to
receive a written response regarding the Office
of Appeals’ decision. Taxpayers generally have
the right to take their cases to court.
The Right to Finality
Taxpayers have the right to know the maximum
amount of time they have to challenge the IRS’s
position as well as the maximum amount of
time the IRS has to audit a particular tax year or
collect a tax debt. Taxpayers have the right to
know when the IRS has finished an audit.
The Right to Privacy
Taxpayers have the right to expect that any IRS
inquiry, examination, or enforcement action will
comply with the law and be no more intrusive
than necessary, and will respect all due process
rights, including search and seizure protections
and will provide, where applicable, a collection
due process hearing.
The Right to Confidentiality
Taxpayers have the right to expect that any
information they provide to the IRS will not be
disclosed unless authorized by the taxpayer or
by law. Taxpayers have the right to expect
appropriate action will be taken against
employees, return preparers, and others who
wrongfully use or disclose taxpayer return
information.
The Right to Retain Representation
Taxpayers have the right to retain an authorized
representative of their choice to represent them
in their dealings with the IRS. Taxpayers have the
right to seek assistance from a Low Income
Taxpayer Clinic if they cannot afford
representation.
The Right to a Fair and Just Tax
System
Taxpayers have the right to expect the tax
system to consider facts and circumstances that
might affect their underlying liabilities, ability to
pay, or ability to provide information timely.
Taxpayers have the right to receive assistance
from the Taxpayer Advocate Service if they are
experiencing financial difficulty or if the IRS has
not resolved their tax issues properly and timely
through its normal channels.
Thank You
Carmela Walrond, Esq. is a tax professional at Spar Bernstein & Lewis LLP with nine years of federal and
state/local tax compliance and controversy. She has experience in negotiating with the IRS on various
tax issues for the benefit of clients or companies and involvement with tax audits and controversies. She
received a Bachelor of Science in Accounting at Rutgers University and a J.D. from Rutgers University
School of Law — Camden. Carmela is a member of the Taxation Committee at NYCLA, the Young
Lawyers and Tax Law Committee at the NYSBA and the Taxation Law Section, Young Lawyers Division
and Minorities in the Profession at New Hersey Bar Association.
Rinu Cherian is a qualified tax expert at Northeast New Jersey Legal Services Corp. He received a
Bachelor of Commerce in Accounting and Finance at Osmania University, a Masters of Commerce in
Accounting and a Bachelor of Laws in Tax Law/Taxation at Osmania University. He was an Enrolled Agent
Federal Tax at the Internal Revenue Service. He is a member of the New Jersey Society of Enrolled
Agents