Davis, CA Tax Attorney
Dealing with tax issues can be difficult for anyone. Constant developments and complications in tax return and reporting requirements causes confusion, leading to mistakes and costly penalties. No matter what tax law issue you may be dealing with, our Davis tax attorneys may be able to help.
At NewPoint Law Group, LLP, we have experience in a number of different fields within the broad area of tax law. We can help you identify the optimal strategy for limiting your tax liability and prepare your returns to prevent costly mistakes or missed deadlines. If you are facing a lien or levy on your assets, we can help you explore options to provide you relief and wipe the slate clean. We can also advocate on your behalf in case of audit and help you file an appeal if you disagree with the outcome. If you control foreign assets and are concerned about international income reporting requirements, we may be able to assist you in performing a voluntary disclosure.
No matter what concerns you may have with your tax situation, the experienced Davis tax attorneys at NewPoint Law Group, LLP may be able to help. You deserve professional help for your tax concerns, and we are ready and waiting. Call 800-358-0305 and schedule your first appointment to get started.
Tax Filing and Preparation Services in Davis, CA
State and federal tax codes become more complex every year. Being out ahead of all proposed changes is what allows our clients to remain in compliance. This strategy minimizes the chances of costly mistakes that could lead to invasive government audits or costly penalties for noncompliance.
The best way to minimize your tax liability while also staying within the bounds of the tax code is a forward-facing strategy that incorporates the creation of business entities for sole proprietors, adjusting existing business structures, and taking advantages of tax credits when available. In tax preparation, timing is everything, so we strongly suggest that you speak to one of our Davis tax attorneys before taking any further steps in your tax filing preparation.
Tax Liens and Levies in Davis, CA
Taxpayers in Davis who are dealing with a tax lien or levy often mistakenly believe that they are the same thing. The reality is that liens and levies represent two very distinct legal concepts. Failing to identify the critical differences between the two can land you in hot water, so we encourage you to contact one of our Davis tax attorneys if you have any questions.
A levy is a government seizure of taxpayer property, such as bank account funds or income. If the government imposes a levy on bank account funds, the bank is legally obligated to retain the funds for three weeks before giving it to the government. Therefore, if you are facing a levy on your bank account, you should contact a Davis tax lawyer as soon as possible in order to explore your options.
Conversely, a lien is a tool that secures the government’s interest in any assets that you currently own or that you may obtain later if you owe a tax debt. Liens are typically removed once your outstanding tax balance has been paid off. There are certain exceptions where you could obtain a lien discharge or withdrawal if the government believes that removing the lien will allow you to pay your tax debt. If you are facing a tax lien that is hindering your ability to control your assets, speak to one of our qualified Davis tax lawyers today.
Audit Representation and Appeals in Davis, CA
If you are facing a tax audit from the IRS in Davis, you should be aware of what will be required of you. Resolving audits quickly and completely is the only way to limit consequential penalties and, in some cases, avoid potential criminal charges.
There are three types of government audits: mail audits, office audits, and field audits. Mail audits are the least intense form of audit, and typically just require you to mail in documentation that supports information contained on the tax returns in question. Office audits are more serious and will require the individual being audited to come into the closest IRS field office with a collection of documentation on your financial circumstances. Field audits, in which government agents will come to you, are the most intensive IRS action available, and are usually reserved for instances of suspected tax fraud or small businesses with particularly complex financial dealings.
Regardless of the type of audit, the government must issue the targeted taxpayer a letter of notice. Your first step after receiving this letter should be to contact your Davis tax attorney so that you can gather your records and prepare any possible defenses.
International Tax Compliance
The IRS has recently shown a renewed interest in going after potential tax evaders who fail to disclose foreign income or assets. This is particularly troubling because international reporting requirements are confusing to most taxpayers. Many fail to realize that they are obligated to submit certain forms until it is too late.
The government does offer an out to taxpayers who are concerned that they may have fallen out of compliance with foreign income reporting guidelines. The voluntary disclosure program allows for taxpayers to file amended returns that more clearly or accurately disclose their financial circumstances. By coming forward voluntarily, disclosing taxpayers may earn reductions in penalties for foreign tax law noncompliance or even avoid them entirely.
However, if done incorrectly, voluntary disclosure can cause the taxpayer more harm than good. Be sure to consult with a seasoned Davis tax lawyer before taking any steps towards voluntary disclosure. At NewPoint Law Group, LLP, we can answer any questions you have about developments in foreign asset reporting developments.
Tax Questions in Davis, CA? NewPoint Law Group, LLP Can Help You Today
Tax law issues such as liens, levies, and audits are too serious to handle on your own. The Davis tax lawyers at NewPoint Law Group, LLP are ready to help. Call us today at 800-358-0305 for all of your tax law needs.