Some people accumulate large amounts of assets, real property, and investments over the course of their life. This can make filing taxes much more of a hassle.
Denver, CO – Tax season can be confusing and stressful for people in Colorado and other states. This is because of the potential of the IRS to ask the person to pay more than they thought they owe, the government can conduct an audit, and there is even the potential for criminal charges for fraud or tax evasion if the person is purposely trying to avoid giving the money they owe to the government. While most people can do simple taxes on their own or get a tax professional to do some basic work for them, others may need more nuanced advice when filing.
Lawyers can be beneficial for some people filing taxes for these reasons, although it depends on a few different factors.
People who owe a lot of money
The IRS keeps tabs on people who owe them money, and sometimes debt to the federal government is an ongoing issue for years. Denver tax lawyers can be very helpful for those who are still paying back taxes from several years earlier, especially the self-employed who do not get taxes taken out of their income. Legal advice can be crucial when trying to manage this tax debt and make decisions regarding how it should be paid and if a settlement can be made to close out all of the existing debt. The government also has the ability to put interest and fees on outstanding debt, so getting Colorado tax lawyers early in the process and trying to pay off the debt quickly can save money.
When the IRS gives notice of an audit
An audit is essentially a more detailed accounting of things like a person’s income and expenses, and it normally requires proof through documentation. A person can be audited on their taxes due to a combination of factors. In most cases, the government only goes through with an audit if it seems like there are some serious calculation errors or things like large and excessive deductions that do not make sense. Tax lawyers are skilled at dealing with the IRS and those who have issues related to an audit that need to be resolved
People who have complex situations with investments or real estate
Some people accumulate large amounts of assets, real property, and investments over the course of their life. This can make filing taxes much more of a hassle, especially if income is generated from property or investments, or when the person owns a business. Estate planning lawyers can handle some of these matters, especially if the person is planning on setting up trusts or distributing their wealth through a will or other estate planning methods.
Contacting a local tax attorney
USAttorneys.com is a service that helps people find a local lawyer in their area. Anyone who needs information about taxes or various other legal issues can call 800-672-3103 for assistance.