Understanding How Tax Laws Affect You

There are few areas of the law as complicated as the tax laws. Running afoul of tax laws can leave you with hefty civil penalties or even criminal charges. If you have personal or business tax challenges, you need representation from attorneys with the skills and experience to help you.

At Herold Law, P.A., we are dedicated to guiding you through all tax issues you may be facing. We have helped individuals and business clients handle all tax law planning and representation matters since 1980. From our office in Warren, we represent clients throughout New Jersey and the New York metropolitan area with integrity and professionalism.

Recently, the United States Supreme Court held that the IRS collected excessive penalties on federal income taxpayers who failed to properly file annual Foreign Bank Account Reports. Taxpayers who paid more than $10,000 per annual report may be able to get money back, depending on the date the extra payments first started. Our tax law attorneys are prepared for a wave of legal filings on behalf of taxpayers in both federal and state claim courts. For more information, read our blog on the subject.

Navigating Unfiled Back Taxes Or An IRS Audit

If you have not filed your tax returns, or if you have filed but not reported all your income, it is only a matter of time before the IRS contacts you. Consequently, making a voluntary disclosure can help you avoid the severest of penalties such as criminal tax evasion charges. With the help of our experienced tax attorneys and working closely with your accountants, you can disclose your unfiled tax returns efficiently and correctly. We ensure that you file the appropriate forms and documents to resolve your issues with the IRS and protect yourself from criminal investigation.

Our experience with all areas of tax law allows us to understand the complicated processes of an audit. We will prepare you for what you are about to face by reviewing your tax returns, reexamining the law and explaining how to address questions an auditor is likely to ask. You can trust our attorneys to advise you if you must appeal an audit determination. Rely on our firm to ease your stress and to give you the guidance you need.

Governmental Tax Audit Matters

The goal of a tax audit is to find additional revenue for the government. The IRS scrutinizes the tax returns of self-employed individuals and small business owners even more closely, looking for claimed deductions and expenses that look suspicious. An IRS auditor can request documentation to verify your expenses and deductions, burdening you and your representative to produce the information. It is essential to have effective IRS audit representation to avoid paying more to the government than necessary.

Tax Collection Matters

Taxpayers are often offered a compromise to settle a tax debt for less than the full amount owed. However, the process is complicated and should be handled by a tax lawyer who fully understands the IRS collection procedure. We have extensive experience negotiating favorable settlements under the IRS program. We represent clients with a wide array of tax problems and can handle any issue you may be experiencing.

Tax Planning

Our team prides itself on understanding our clients’ businesses and the tax challenges and goals impacting their operations. We listen to our clients’ needs and help them develop creative and individualized tax strategies that position them for success. Tax planning can ensure our clients are protected.

Representation of Clients With Tax Problems

Our professionals work hand-in-hand with our clients to come to a resolution. We work at great lengths to achieve the best possible outcome for every client’s specific issue, using innovative approaches to resolve their tax problems. We have years of experience representing clients before federal and state tax entities.

Tax Resolution

Tax controversies can be confusing and expensive without proper legal guidance. Our lawyers represent individuals, businesses, and other entities in all aspects of federal and state tax disputes, including audits, tax appeals, and litigation. Our clients will receive a thorough and realistic assessment of their issues. We work to resolve these matters in the most efficient manner possible.

Tax Examination Matters

It can be overwhelming to be notified that you have been chosen for a tax return audit, and you must prepare for an intense inspection of your documents. Our experienced tax lawyers can help you prepare for an in-depth look at your tax situation. We have the knowledge to help you prepare and negotiate any subsequent litigation.

Civil Tax Litigation

The IRS and federal courts take tax crimes very seriously. Criminal tax violations, such as tax evasion, typically result in a loss of freedom in the form of jail time or probation. In cases of civil tax fraud, the government can impose penalties that results in the loss of money or assets. Civil tax fraudulent conduct usually involves a taxpayer willfully filing a tax return with incorrect information or willfully failing to file a tax return at all. There is generally no statute of limitations for the government to assert civil tax fraud penalties.

There must be clear and convincing evidence to prove that some part of the underpayment of tax was due to fraud and the taxpayer had intent to evade the assessment of taxes. The government may impose a penalty equal to 75 percent of the part of the underpayment attributable to fraud. The IRS may also issue additional penalties depending on whether there was a failure-to-file, failure-to-pay, or unreported foreign accounts, assets, investments, or income. It is crucial that taxpayers facing civil tax fraud allegations work with an experienced attorney to ensure their rights and best interests are protected.

Contact An Experienced Tax Law Attorney

For all your tax-related legal questions, turn to Herold Law, P.A., Call us at 908-647-1022 or contact us online to schedule a consultation.