If a person fails to pay their taxes on time and in accordance with tax laws, they will have to deal with legal penalties put forth by the IRS. Penalties can include fines and even criminal charges. If a person was late to pay their taxes or if a person cheated on their taxes knowingly or unknowingly they should get in touch with a tax lawyer in Denver, Colorado.
An attorney will be able to aid a person in communicating with the IRS via the appropriate paperwork to help clear a person’s name or to reduce their penalty by as much as they possibly can. One particular situation in which having a tax lawyer by one’s side is extremely beneficial is when a person is audited. Audits are generally conducted randomly by the IRS. However, if a person gets a letter of audit they need to respond with the appropriate pieces of evidence in order to avoid being penalized.
The most common reasons why individuals opt to communicate with a tax lawyer are the following:
- A late or unfiled income tax return
- Failure to pay money to the IRS
- Income tax fraud
- Income tax crimes
Tax can be a very complicated topic. There are many rules and regulations regarding paying taxes and individuals need to ensure they meet all of the deadlines which have been outlined for them.
Are there certain individuals who would benefit more from hiring a tax lawyer?
Tax can be even more complicated when a person owns a business or they own many assets. Every business owner should make sure they have a tax lawyer on their side to help them with the legalities of filing taxes and to educate them on deadlines and taxes which they are required to pay to the IRS.
The scary fact about cheating on one’s taxes or missing out on paying them entirely is that the IRS can catch on anytime and when they do it can cost a person a lot to pay them back the total amount which is due.
Anyone who wants to ensure they do not get in trouble with the IRS should make sure they are educated and up to date with the latest tax laws and especially the deadlines. A legal specialist who deals with taxes can look over a person’s tax return and help them make amendments so they save on their taxes maximally and so that they do not end up missing out on possible deductions which they are eligible for.
The more money a person deals with, the more reason they have to hire a professional to help them sort out their finances and respond to the IRS accordingly. With the right help, they can negotiate with the IRS to get some sort of relief from their taxes so that they are not forced to pay the lump sum which is due all at once.
In many cases, the IRS will actually agree to give a person permission to pay back the due amount in installments. It is also possible to have the payment deadline extended if a person corresponds with the appropriate paperwork.