There are a number of reasons people may fail to file their taxes or pay back taxes. Some people feel hopeless because they owe taxes and don’t have money to pay, others simply run out of time to file and decide to chance not filing and there are others who are angry with the government and refuse to pay. Whatever the reason for not filing, whether you skip a year or fail to file for years, the probability the IRS will eventually catch up to you are high.
Not paying back taxes means the IRS will begin adding fees, penalties and interest to the original debt. These fees add up quickly. No one is exempt, we constantly read about singers, actors and other well-known people who owe back taxes. Just last month the IRS seized actress Lindsay Lohan’s bank accounts for back taxes.
When the IRS feels you’ve been hiding money, filed fraudulent returns or willfully failed to file, there are cases where jail time is ordered. The IRS can also place liens against your property or seize your property including bank accounts and garnish your wages without ever going to court. The IRS may send you a summons to appear to meet with an IRS officer and ordering you to bring in specific documents and records. The IRS can also summon a third party without your knowledge, such as the record keeper from your bank or job to collect and gather information about you. The IRS is one entity allowed to take your social security benefits to pay off a tax debt.
Typically the IRS’s policy is to not prosecute ordinary people who make simple mistakes or whose returns were lost in the mail. The IRS typically doesn’t prosecute if you voluntarily come forward before they contact you. If you have been blatantly fraudulent, such as not responding to IRS letters year after year, the more likely the IRS is to prosecute you. When the IRS does catch up with you, they don’t have to prove an exact amount you owe in order to prosecute.
A tax attorney is the only professional who can defend you using all the protection afforded by our legal system. A qualified tax attorney is an expert who can negotiate tax settlements and is skilled at resolving the most complex tax issues. Further, if there are any criminal implications, that tax attorney will provide service to protect you. Unlike a Certified Public Accountant (CPA) or other tax entity, the tax attorney affords you attorney-client privilege.
It’s counter-productive to blame yourself for a back tax debt, or not filing. It is crucial to deal with tax problems and resolve them before they destroy your financial life. We, at Gantenbein Law Firm recognize tough situations such as job loss, divorce, illness or a failed business can cause tax problems. We are here to get your life back on track. Tyler Murray, Gantenbein Law Firm’s tax attorney is one of Colorado’s top tax attorney helping clients and CPAs tackle the most challenging tax issues and take on the IRS with success. Give us a call today to set up a consult (303 618-2122).
If you need expert assistance with your back taxes, contact the Gantenbein Law Firm at 303-618-2122. We have award-winning attorneys – we are dedicated to our clients and provide the highest quality legal services. Gantenbein law firm is in Denver and serves all of Colorado.
Visit our Denver Tax Law Firm website for more information.
Gantenbein Law Firm practice also includes Colorado Foreclosure Defense, Colorado Real Estate Law, Colorado Business Formation & Representation and Colorado Family Law. This combination is exceptional in that it provides our clients a complete and full perspective of the most common issues surrounding your unique assets or tax issues- such as mortgage forgiveness and its debt relief tax implications. For more information on these areas of practice, visit Gantenbein Law Firm’s website.