The Family Law Section of the DeKalb Bar held its monthly meeting on October 5. The guest speaker was Lynn Pasqualetti, managing partner of HLM Financial Group based in Decatur, Georgia. Ms. Pasqualetti presented on techniques for obtaining Third Party Wage Income Data through the Internal Revenue Service (IRS). The IRS uses third-party information in reporting income and assigns the income to the tax payer’s social security number. Ms. Pasqualetti spoke about the benefit of obtaining IRS Account Transcripts to review all of a tax payers income that may not necessarily be disclosed when the taxpayer only reports their W-2 income. The Third Party Income can be reported due to many sources such as credit and certain electronic transactions, securities and investment income. Ms. Pasqualetti informed the section on the use of IRS Form 2848 which serves as a Power of Attorney and Declaration of Representative for the release of tax information. Form 2848 can be instrumental in true income verification of taxpayers.
Ms. Pasqualetti is a fount of financial knowledge and is happy to assist in fielding financial and tax related questions. Ms. Pasqualetti’s email is email@example.com.
Be sure to join us for the next FLS Breakfast on Dec. 7. DeKalb Bar members can register on the website closer to the upcoming event date here.