What are some reasons a person or business in Denver would need a tax attorney?

Denver, CO – Taxation affects every person and business in the country in different ways. Each person and entity also needs to be careful when filing taxes to avoid fines and other penalties. Tax law tends to be more complex and confusing than other areas of the law, which makes it difficult for many to work through these issues on their own. For these reasons, retaining a lawyer who is experienced in tax law matters is crucial. 

Debt to the government

Anyone who has unpaid taxes or back taxes is technically in debt to the federal government or their state. Once an unpaid tax bill reaches into the thousands of dollars or more, it is important for the person who owes the debt to get legal advice. The government has the power to do things like intercept tax returns and garnish wages to try to collect this debt. Back taxes may also accumulate and gather interest over time if the issue is not resolved, making the debt even more difficult to pay off if not resolved quickly. 

Audits

When a person or business faces an audit, this can be very stressful. The government can request various documents and other pieces of information to verify their tax information for a person or entity, and confirm that filing a return was completed correctly. While audits are fairly rare, it is possible that the government may scrutinize the financial information provided to them and issue penalties if necessary. 

Fraud and other crimes

Supplying fraudulent tax information is a crime that can result in various penalties, including jail time in serious cases. Tax fraud cases can be complex because the government needs to prove certain elements. They generally look to show that a person or business received unreported income, and that there was intent to avoid taxes or hide the income. This can become difficult for the government to prove if a person or business has many sources of income and liabilities, however there are some prosecutors that focus their careers on these matters. 

Property seizures

The government has the authority to seize property for issues related to taxes. This most commonly happens when a person owes back taxes and related debts, but does not make the proper arrangements to satisfy the debt. After the seizure, whatever money the government makes from selling the property is applied to the outstanding debt. 

Getting in touch with a tax firm

Semler and Associates is a group of experienced tax law professionals who work in the Denver area. They can provide advice to anyone who needs help with any issues related to taxation and other relevant laws. 

Firm contact info:

Semler & Associates, P.C. 

1756 Gilpin St., Denver, CO, 80218

303-839-1680

semlerlaw.com