Harry Jernigan CPA/Attorney

Harry Jernigan CPA Attorney, P.C. is equipped to handle all types of tax problems from collection matters to non-filed tax return situations to avoiding, reducing, abating, or discharging tax, penalty, and interest assessments. If you are in a situation where you have an outstanding federal or state tax liability, there are many options. The Collections process can be managed to secure a favorable outcome for your situation. Possible solutions include arranging an installment agreement with the IRS and the state tax departments to pay off the liability or to stall collection efforts until the statutory time period for collections has expired, having the debt declared not collectible, or discharging the debt through bankruptcy. In certain circumstances an offer in compromise will be accepted by the IRS and most states. A taxpayer should seek consultation with professionals to discuss the best options for their situation.

Harry Jernigan CPA Attorney, P.C. has fully qualified attorneys, accountants, para-legals, and legal assistants on staff to analyze your particular tax and financial situation and to recommend and implement the best solution for your unique circumstances. Before the solution for your situation is finally determined the firm conducts a comprehensive financial analysis of you and obtains full tax status and history of any problems for the IRS and the states involved. All practical solutions are developed and fully discussed with you and the firm recommends the direction for proceeding that appears to best fit your circumstances. The fully informed client ultimately decides which alternative to pursue and whether the firm or the client implements the solution.

The attorneys at Harry Jernigan CPA Attorney, P.C., draft and create trusts and wills for clients who have estate planning needs. Everyone should have a will to clarify what will happen to their estate when they pass away. Estate planning will assist a person in deciding how they would like to distribute their estate. A trust may be set up to care for minors or persons with disabilities. In addition, a trust can be used to plan for retirement. In addition to a will or trust agreement, one should also have a living will or advance medical directive in case he or she becomes incompetent or unable to live without artificial support. Also, a contingent power of attorney is an excellent solution in the event that one becomes incompetent and is unable to manage their own affairs. A loved one can be appointed to manage financial affairs and personal matters.

Harry Jernigan CPA Attorney, P.C. handles a variety of corporate problems for clients from incorporation to dissolution, and any issue that comes up in between. The decision whether to form a corporation is important for small business owners. Sometimes the costs of incorporation cannot be justified for a small business. Other forms of existence are available, such as partnership, sole proprietorship, and limited liability corporations. If one chooses to incorporate, they must decide what form they will take - 'C' corporation or 'S' corporation. An 'S' election is available under limited circumstances and avoids the problem of double taxation of earnings, as corporate earnings pass through to the shareholders that are taxed on the earnings. After a corporation is formed or a business is started, that business must remain in compliance with state and federal laws in addition to running the day -to-day operations of the business. A business should have an attorney they can contact should they have questions about staying in compliance with laws or if situations arise in the daily operations that may subject the business to liability. Finally, when an owner is ready to cease involvement in the business, there are several options available. A sale of the business can be arranged, or the business can be dissolved and parts of it sold. It is important for a business owner to consider the consequences of whatever course of action he or she decides to take, including the tax effects of the decision.

The purpose of every bankruptcy case is to help honest but unfortunate persons who are overburdened with debt. Bankruptcy does that by relieving them of most prior debt and allowing them a fresh financial start. Many consumers lose nothing in bankruptcy cases, but almost everyone waits far too long before seeking relief. As a result, many consumers and business wait until aster they have paid creditors with money they desperately need, or until after they surrender or sell things they would not lose in bankruptcy. The time to seek relief before you lose everything.

The majority of bankruptcy cases are of three types: Chapter 7 (liquidation), Chapter 11 (reorganization) and Chapter 13 (consumer reorganization). Chapter 7 is usually the quickest and least expensive, and Chapter 11 always takes the longest and costs the most. Which type of bankruptcy case best fits a person or business depends on their particular needs. The most important factors are the client's desires, the types of debt involved, and the client's ability to do the things needed to get the relief the law permits.

It is not true that persons who file bankruptcy "never get credit again" or the "bankruptcy always ruins credit." There are advertisements in the mail and on TV every day offering credit to persons who filed bankruptcy. Most persons' credit ratings are damaged long before they filed bankruptcy and bankruptcy often starts with the credit recovery process. In Chapter 11 cases, long-term credit relationships are often established during the case. There are many companies that specialize in lending to businesses in Chapter 11

Bankruptcy will not solve every financial problem and it is not for everyone. An individualized case by case determination must be made for each person or business in financial difficulty. A visit with the attorneys at Harry Jernigan CPA Attorney, P.C. who has bankruptcy expertise will put you at ease. You will learn in a stress free atmosphere what bankruptcy can do, and how it can protect you.

*These and other services offered and provided by this law firm may involve bankruptcy relief under the Federal Bankruptcy Code. As defined in the Bankruptyc Abuse Prevention and Consumer Protection Act of 2005: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

The Law Firm of
Harry Jernigan
Certified Public Accountant
Attorney at Law

Harry Jernigan CPA Attorney, P.C.
258 N. Witchduck Rd.
Virginia Beach, VA 23462
Phone 757-490-2200
Fax 757-490-0280

Harry Jernigan CPA Attorney, P.C.
827 Diligence Drive
Newport News, VA 23606
Phone 757-223-9000
Fax 757-490-0280

Harry Jernigan CPA Attorney, P.C.
F & W Office Park
3130 Chaparral Dr. Suite 102
Roanoke, VA 24018
Phone 540-777-1023

Harry Jernigan CPA Attorney, P.C.
700 Building, Suite 1600
700 E. Main St.
Richmond, VA 23219

Phone 804-429-6550

Fax 804-249-8325

hj@hjlaw.com

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