Businesses and individuals have long pursued strategies to protect their assets from heavy tax burdens. The Internal Revenue Service, however, is constantly searching for strategies that may be skirt the line of what is legal. If the IRS comes after a strategy that you use, it may be wise to work with a tax attorney to ensure you and your assets are protected.
According to a quarterly securities filing, the IRS has been auditing 11 years of Microsoft's tax filings. This includes an ongoing audit of tax years 2007 through 2014 and a reopened audit of tax years 2004 through 2006, with the main issue being transfer pricing.
When individual or business taxpayers have civil disputes with the IRS, the first steps toward resolution are taken with the IRS directly. The ultimate result, however, may be a decision by the agency that the taxpayer believes is incorrect or unjust.
As of this moment, 19 states have legalized medical marijuana. Moreover, four states and the District of Columbia have legalized adult possession of at least small amounts of marijuana. While cultivation and sales are still strictly regulated in most places, there's a lot of money to be made in legalized pot -- but no effective rules on how that money is taxed.
Tax laws are very complex. Individuals can face serious penalties for failing to comply with tax laws in the United States. Certain tax regulations can be very surprising, especially if you are unaware of the tax consequences.
Plenty of Americans miss the tax deadline every year. Others file, only to discover they owe taxes and can't afford to pay. If you're one of them, unfortunately, you could end up owing tax penalties.
The federal tax code is very complicated. Even people who have been filing their taxes themselves for years likely are not experts. If the IRS ever accuses them of breaking the law, there is a good chance the taxpayer will not even understand what they are accused of doing, let alone be able to mount an effective defense, without the help of a tax attorney.
A claim by the IRS that you owe it back taxes puts more than your bank account at risk. The agency may also take your home or other property through what is known as a “tax lien.”
A taxpayer may feel powerless against the mighty IRS, but an individual or business who feels they are being overcharged on an income tax adjustment has the option to appeal. Even the place they file the appeal is not predetermined.
In the law, most things can be negotiated. This applies to criminal law as well as civil lawsuits. It also applies to many tax controversies involving the IRS.