Home » Tax Solutions » TAX LAW IN COLORADO

TAX LAW IN COLORADO

Tax law is the body of law in the United States that regulates income taxes, property taxes, employment taxes and more. Everyone is required to pay taxes. When filing tax returns, each individual must fill them out properly and completely in order to avoid investigation or allegations of tax fraud. If you are being investigated by the Internal Revenue Service (IRS) or have otherwise encountered a tax dispute, then contact Goldman Law. The firm has years of experience in tax law and can help you through your tax problems. The Colorado tax attorneys at the firm are equipped to help in the following areas:

Criminal Tax

Criminal tax deals with allegations or formal charges filed against an individual or business. Typically, the criminal charges are something like tax fraud or tax evasion. A conviction can result in lengthy prison sentences as well as large fines.

Tax Audits

An audit by either the Internal Revenue Service (IRS) or the Colorado Department of Revenue means that these agencies are looking further into your tax return to see if there is any fraud. There are various types of audits that can include simple mail verification or an in-person interview with an IRS agent at a local office.

Amended Tax Returns

Mistakes happen, and there are times when individuals or businesses realize their need to amend a return after it has already been mailed. Some errors on tax returns are simple mathematical errors that can be corrected at an IRS service center. Contact a tax lawyer to learn whether or not you might need to amend a previously filed form.

Unpaid Taxes

Most importantly, find out what you owe to the IRS. Once it is clear how much you owe, you will need to go through the process of paying back taxes. You may not be able to afford these payments, which is why the IRS sometimes grants additional time or installment agreements.

Employment Taxes

Business owners have a great responsibility to ensure accurate federal income taxes as well as Social Security and Medicare taxes in regard to their employees’ wages. There are special provisions for self-employed people and small businesses. A failure to withhold or pay the proper amount can lead to an IRS audit of your business.

Sales and Use of Tax

“Sales and Use of Tax” is applicable to those planning on opening a new business in the state of Colorado. These are the rules that must be followed when collecting and filing sales / use taxes. Businesses must obtain things like sales tax licenses that are properly registered with the Colorado Department of Revenue.view latest blog post at https://www.mintpressnews.com/tax-revenue-expected-to-reach-125-million-as-2015-colorado-cannabis-sales-near-1b/213081/

Accountants

If you are an accountant and your professional abilities, have been called into question by the IRS, and then the firm may be able to help you. If you are being investigated for or have been charged with malpractice as a CPA, please call the firm about accounting liability.

Offers in Compromise

Form 656 is the form used to fill out an offer of compromise. This will allow a person to settle or otherwise pay off a tax debt for an amount that is less than is actually owed. If paying off your debts to the IRS will cause a significant financial hardship, you may be able to qualify for this option.

Claims for Refund

The IRS can offer individuals and businesses a refund if the actual tax liability is less than the actual taxes paid. In order to claim this refund, you must do so within a certain time frame (typically three years). If you file for a refund, the IRS should be deposited three days after you file online or four weeks if you mail the claim for refund. All you need to file this type of claim is a social security number, the exact refund amount and to meet filing status.get more information here!

Failure to File Income Taxes

If you have not filed an income tax return, then you can still file the past due return. Late payments may also be eligible for alternative payment plans if the amount cannot be afforded without great financial difficulty. The IRS will take actions against those who fail to file income tax returns.

TAX LAW IN COLORADO

IRS Investigations

If you receive a notice that the IRS is investigating your tax return, then this could simply be a random draw part of IRS protocol. This may, however, be a legitimate criminal investigation of potential tax fraud. The IRS should provide a reason for the investigation on their notice.

Freezes on Bank Accounts

Your bank account could potentially be frozen if you are facing an audit by the IRS or have been alleged of some type of tax fraud.

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS
Email
Print