Elk Grove, California, Tax Attorney

Monitoring potential tax law issues while trying to operate a business can be an exhausting task. Tax law can often change between the years, and it can be challenging to determine what portions of the tax code apply to your business. Fortunately, business owners do not have to manage their taxes alone. If you require legal assistance to manage taxes for your business, you should consult with an experienced Elk Grove tax attorney.

At the NewPoint Law Group, LLP, we are devoted to providing our clients with the legal representation they need to handle their tax law issues. We understand the many ways that the tax code can impact a company, and we are here to alleviate your concerns. To schedule a confidential lawsuit to discuss your legal options, contact the NewPoint Law Group, LLP, at 800-358-0305. You can also contact the firm using our online submission form.

Common Tax Law Issues in Elk Grove, California

There is a wide range of tax law issues in Elk Grove that can arise when operating a business. If a business owner is not careful when managing their taxes, they can easily make a mistake that would have a substantial impact on their business. That is why it is necessary to understand when to work with an experienced attorney to handle common tax law issues a business may have to deal with.

Tax Return Planning

Tax return planning is one of the most common issues for businesses. A company may be subject to a number of reporting requirements depending on the type of company established by the owner. For example, a sole proprietor will have different filing requirements from a company that was established as a corporation.

Our firm can help you resolve a number of tax-related issues, like determining the proper structure for your business or making use of a tax credit for your company.

Unpaid Tax Returns

It is vital to ensure that you file your yearly tax returns with the Internal Revenue Service (IRS). Fortunately, if you fail to file tax returns for a certain year, you may still have options to correct your mistake. The IRS is often willing to work with a company or taxpayer to recover tax debt before they elect to prosecute a person for failure to pay.

One way to correct an unpaid tax return is to set up installation payments with the IRS. However, negotiating an installment payment can be a tedious task. The taxpayer will require extensive documentation regarding their expenses, income, and other items.

Failing to reach out to the IRS to negotiate an installment plan can lead to a number of serious issues for a taxpayer. For example, the IRS may decide to place a lien on property owned by the taxpayer. If the taxpayer refuses to pay their tax debt after the IRS has placed a lien on their property, the IRS can then levy the property to pay off the tax debt. Personal property is not the only item that can be levied by the IRS; they also have the power to freeze bank accounts and other assets. This can be devastating for a business owner that required the levied property to operate their business. However, the IRS will still provide the taxpayer with a period of time to pay off their debt and recover their property.

Discharge of Taxes by Bankruptcy

Generally, an Elk Grove taxpayer cannot discharge their tax obligations by filing for bankruptcy. However, there are some exceptions to this rule. For example, some sections of the tax code allow for tax penalties, back taxes, and other types of taxes to be discharged in bankruptcy. In order to discharge certain taxes, a taxpayer may be required to wait a number of years before they can begin the process.

Note, however, that bankruptcy should not be considered as your first option to manage tax debt. This intricate process can substantially impact your financial situation for many years after filing bankruptcy. Our firm can help you weigh all your options before attempting to discharge taxes in bankruptcy.

Tax Audits

If there are discrepancies between a tax return filed by a taxpayer, the IRS may subject the taxpayer to an audit. Being the subject of a tax audit can be intimidating as you may be unsure what caused the IRS to begin the audit. Due to the number of agencies that are involved in the administration of taxes in California, it is easy to become lost while trying to remain compliant with all tax laws. That is why it is important to work with an experienced attorney that can help you understand your rights when it comes to a tax audit. Our firm can help you prepare for an audit by analyzing the tax issues presented by the IRS and how they can be resolved.

We recognize the difficulty of remaining compliant with the many aspects of the tax code, and our Elk Grove tax attorneys are here to address your concerns.

Consult with Our Experienced Elk Grove Tax Lawyer to Discuss Your Case

If your business needs legal assistance to handle a complicated tax matter, you should contact an experienced Elk Grove tax lawyer as soon as possible. The legal team at the NewPoint Law Group, LLP, possesses decades of combined legal experience, and we would be honored to use this knowledge to represent your company. To schedule a confidential legal consultation to discuss your tax situation, contact us at 800-358-0305. You can also contact the firm online.