The transfer of property, whether it be to heirs, or beneficiaries after someone dies, or through business, and real estate property transactions, will accompany tax responsibilities in the U.S.
Colorado tax attorneys effectively represent clients who have disputes with either local, state, and/or federal tax agencies. They can also be instrumental in the corporate structure of a business that will ensure the most comprehensive benefit toward its mission. Corporate structures require certain taxing requirements and benefits, depending upon the chosen entity type to include sole proprietorships, partnerships, limited liability corporations, cooperatives, C-Corporations, and S-Corporations. Legal counsel can prepare and file tax returns, and structure repayment schedules through agency collaboration when taxes are due, represent clients for formal audits, and defend individuals and businesses from tax fraud, or other tax-related disputes.
Federal, state, and local tax returns and audits
Tax attorneys can identify mistakes, correct them, and engage in formal communication with the IRS on behalf of a client. An IRS audit is a review/examination of an organization’s, or individual’s accounts and financial documents to ensure information is reported correctly according to the tax laws and verify reported tax amounts are correct. Audits can originate from random selection, or related examinations brought about by incorrect tax returns, or other issues. When individuals have overwhelming tax debt, they can collaborate with legal counsel to prepare an offer in compromise to resolve fiscal problems surrounding tax, which is an offer to settle tax debts for less than what is owed, but a legitimate amount in what the individual is able to pay so that payment does not create an undue financial hardship. A Denver tax attorney can review and explore all other payment options before submitting an offer in compromise which will be settled on an individual, or entity’s ability to pay against their expenses, income, and assets.
Business sales
Business sales are like the sale of any real estate. Business and tax commonly work together to ensure the transaction does not negatively affect each party to the matter. The US Tax Code is complex in business tax calculations through capital gains, and depreciations. It is recommended to both parties involved in the transaction, despite strong business acumen and a viable business structure, that consultation with a tax attorney occurs in order to review available tax options.
Probate and property taxes
The transfer of property, whether it be to heirs, or beneficiaries after someone dies, or through business, and real estate property transactions, will accompany tax responsibilities in the U.S., in addition to late filing of tax documents that can cause interest and penalties to accrue. A tax attorney may assist individuals and businesses with these and similar tax hurdles through direct communication with the IRS.
Hire a lawyer
Experienced tax attorneys may help individuals and businesses with questions, guidance and defenses against taxes that are due. Most tax issues arise out of simple confusion when filling out related documentation and a skilled tax attorney at Semler & Associates Law Firm is instrumental in clearing up complex problems or answering client questions.
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