The collection of taxes is one of the central roles of the IRS and state taxing authorities. In order to fund the government, as well as the programs they support, the IRS and its state equivalents must ensure that all taxpayers are reporting and paying what is required of them. Because the burden is largely on the taxpayer, there are times when genuine mistakes or oversights cause someone to be out of compliance. In these situations, Pontius Tax Law is available to advise on your next steps.
If you face a tax controversy or disclosure issue, now is the time to seek out the help of a committed tax law firm that offers trust and value. A Bethesda tax attorney can help you efficiently and effectively resolve these issues.
FBAR—which is more formally known as Reports of Foreign Bank and Financial Assets—is a form used by the Treasury Department to secure the reporting of assets held in overseas financial accounts. Taxpayers—including citizens, businesses, and even lawful permanent residents—are required to complete additional documents regarding these accounts alongside their standard tax returns, including those listed under FATCA.
Compliance is mandatory but a Bethesda tax attorney could offer insight on how to resolve delinquency issues when these reports are not made on time. This may require the taxpayer to take part in an offshore disclosure program.
The prospect of an IRS audit or a dispute over a tax bill can seem daunting for most people. The good news is that it can be possible to resolve this without facing lengthy or difficult disputes with the IRS. An attorney in Bethesda could guide a taxpayer through an audit and potentially appeal the decision if they believe the judgment was in error.
Some audits may lead the IRS to open an investigation into tax fraud and evasion. These cases could result in criminal prosecution but there are opportunities to address any good-faith errors and prevent this from happening.
There are many ways for the IRS to collect on the tax debt they are owed. Two of the tools they are most likely to use are liens and levies. Liens are placed on assets like real property, which cannot be sold as long as the lien is in effect. Levies apply to financial accounts and can be used to siphon funds to pay tax bills. A Bethesda tax controversy lawyer could help negotiate the release of liens or levies and the repayment of a tax obligation on favorable terms, sometimes through an installment agreement or an offer in compromise.
If a business fails to remit the trust fund taxes that they withhold from employees’ paychecks, the IRS can also impose liens and levies against the business until the debt is paid. Additionally, the IRS can hold business owners personally responsible for these underpayments, as well as enforce collections on them.
There are many ways that Pontius Tax Law could assist you, depending on your needs. While many taxpayers find themselves needing to resolve a collection effort or disclose foreign financial assets, legal counsel is generally not needed unless there is $50,000 or more at issue. The larger the assets, the more value we can provide.
You deserve skilled guidance in order to avoid conflict with the IRS. Call a Bethesda tax attorney for a confidential consultation.
Pontius Tax Law, PLLC is a tax law firm that strives to resolve sensitive tax problems through trust, dedication and value. The law firm was founded by John Pontius with offices in Washington, DC, Rockville, MD, Bethesda, MD, Vienna, VA, and Alexandria, VA. Mr. Pontius represents individual and business clients with sensitive and serious tax matters before the Internal Revenue Service and state taxing authorities. His client base is local, national, and international.
Over the course of his career, Mr. Pontius has represented businesses and individuals with complex tax issues in the following areas: FBAR examinations, offshore and domestic disclosures, FATCA, FIRPTA, tax planning, unfiled tax returns, release of tax liens and levies, trust fund recovery penalty, IRS and state audit examinations, as well as appeals, penalty abatement, U.S. Tax Court litigation, along with defense of tax fraud and evasion. If you require assistance from a tax lawyer, contact Mr. Pontius to discuss your situation.