Tax
Let's face it. Accountants do 99% of tax return preparation work. So why contact a tax attorney? Three reasons come to mind: (1) everything you say to an attorney or commissioned by your attorney on your behalf is attorney-client privileged and cannot be revealed or discovered by anyone; (2) attorneys work closely with accountants to plan tax strategies; (3) attorneys look at other facts and circumstances of your life and business that may not be relevant to an accountant but are of critical importance to you.
There is an old saying by Benjamin Franklin that I love. "A penny saved is a penny earned." Nowhere is that more true than in tax law.
As a Colorado tax lawyer, some of my services include:
- Federal Tax Planning, Appeals & Defense
- State & Local Tax Planning, Appeals & Defense (Ad Valorem [property], Licenses, Excise, Sales & Use, Credits, Exemptions, Exclusions, Abatements & Incentive Zones)
- Included Specialty Tax Services:
- Enterprise Zones
- Exempt Organizations
- Customs Taxes/Levies
- Estate & Fiduciary Tax Planning & Returns, including pre and post death tax planning
- Tax Coordination
- Tax Audit & Appeals Preparation & Representation
- Negotiated settlements, deferred payments & reduced assessed values
- Tax Credits Planning
- Mergers & Acquisitions Tax Due Diligence
Tax fraud occurs when an individual or business intentionally avoids paying federal, state, or local taxes through illegal means. This can include overstating deductions or declaring lesser income, gains, or profits than was actually attained. Tax evasion is a federal crime punishable by fines, prison time, and asset forfeiture.
Tax codes are complicated and the IRS can seem inflexible and difficult to work with. An experienced tax attorney understands the inner workings of the IRS and can help represent your interests. If you are experiencing problems with back-taxes or an audit, time is of the essence in getting a tax attorney involved. The IRS can issue wage garnishments, liens or seizure of property, and even request jail time for tax evasion. Fees and penalties on amounts owed to the IRS accumulate quickly. Bank accounts can be frozen, causing you a headache you don't need. The IRS can also start a criminal tax investigation even if you don't believe you've done anything illegal. A tax attorney can negotiate a settlement with the IRS on your behalf, often reducing the amount owed. Trying to work things out on your own with the IRS can be daunting and ineffective.
While it may seem expensive to hire at tax attorney, in the long run it could save you money. No one wants to pay more than their fair share of taxes, and a tax attorney can make sure you don't, especially if you are a business owner, setting up an estate or receiving a large financial payment. Hiring a tax attorney is essential if you are already in trouble with the IRS, but a tax attorney can also be invaluable for keeping you out of trouble, and reducing your tax burden.
I was once a Director for Coopers & Lybrand in their Los Angeles based regional tax department. From experience, I believe that accountants are great at reacting to and documenting tax issues. But they are not so great at tax strategy in advance. You are better off having them do your standard compliance (tax returns) work. But preventing and minimizing your tax exposure must be done in advance and is best done with both your accountant and a tax attorney. Tax implications of various transactions, like selling stock, buying a tax credit via mergers & acquisitions, all are better dealt with by teaming an attorney and financial planner with your accountants. And of course if you need to go to court you will need a competent attorney to represent you.
Whether analyzing your tax strategies, tactics and positions, appealing before the IRS or US Tax Court, on the local level at assessor's hearings or the State Board of Equalization,or in litigation you can count me to provide competent representation.