Common Internal Revenue Service issues that a Denver tax lawyer can resolve for clients. 

Colorado – August 24, 2022

The Internal Revenue Service is often viewed in a negative light by many businesses and individuals who are anxious about proper tax filing requirements and the ability to make payments based on incorrect information or late taxes, or payments required on a failed business venture. Other occasions may include times when individuals, or business do not properly file their tax returns, resulting in red flags and subsequent questions from the Internal Revenue Service (IRS), prompting formal audits of a person’s, or business financial records. Business and individuals may wonder: “Where can I find an attorney near me?” when a tax issue arises. A Colorado tax attorney at Semler & Associates PC can identify mistakes, correct them, and initiate formal communication with the IRS on behalf of a client.

Common tax issues.

Audits. In many cases, Denver tax attorneys accompany the taxpayer or business representative to the formal audit to make certain they have not missed any questions the federal auditor may have. When taxes are owed and the condition of interest and fine accrual are threatening an individual, or a business, an attorney can prepare documents to file an “offer in compromise,” or workout some other type of repayment deal on behalf of a client who owes outstanding taxes.

Random selection. When a random selection and computer screening flags a return selected based solely on a statistical formula, a tax attorney can resolve the questions surrounding “norms” for similar returns. The “norms” are developed from audits of a statistically valid random sample of returns, as part of the National Research Program the IRS conducts.

Focused examinations.  Returns may be selected as part of a group association, when there are issues, or transactions with other taxpayers, such as business partners, or investors, whose returns were selected for audit.

IRS acceptance of “offer in compromise.”

An offer in compromise (OIC) allows taxpayers to settle a tax debt for a lessor percentage of what is owed because of difficulty paying the full tax or the creation of a financial hardship. The IRS may accept an OIC if there is a doubt concerning liability, ability to collect in full, or the possibility of creating economic hardship based on individual and exceptional circumstances.   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.

Hire a lawyer.

Experienced tax attorneys in Denver 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  can diffuse complex problems and resolve client concerns.

Semler & Associates P.C.

1756 Gilpin Street
Denver, CO 80218
Phone: 303.839.1680
Fax: 303.839.1642

Sources.

1. https://www.irs.gov/businesses/small-businesses-self-employed/irs-audits
2. https://www.irs.gov/payments/offer-in-compromise