Questions About Your Taxes?
Our Experienced Denver Income Tax Attorneys Have Answers
Taxes are something that all average Americans must contend with on a yearly basis. When they are done right, they can provide much needed financial relief to you and your family. When they are done incorrectly, however, the penalties you could face from the IRS could be severe. For example, if you or your business are audited, and you are found to have manipulated your tax records incorrectly — whether intentionally or unintentionally — then you and your business will receive a harsh penalty in the form of sizable fines. If you are found guilty of intentionally manipulating your tax records, you could possibly face prison time. Whether the mistake was intentional or not, there are dedicated professional tax attorneys who can help make the necessary corrections, prepare and file all the necessary tax forms as well as help remedy your tax issues with the IRS.
All of our local Denver income tax attorneys at Wiegand Attorneys & Counselors LLC have a Master of Laws in Taxation (LLM) from the University of Denver. Since obtaining his LLM degree in 1977, founder Sonny Wiegand has been actively involved in the American Bar Association section on taxation and aggressively seeks out continuing legal education programs. Sonny and his legal team spend continuous time and effort to stay current on the continually changing state and federal tax laws in order best to serve the interest of the clients. Our firm’s business tax lawyers can assist businesses, individuals and estates & trusts with any and all of their tax needs.
What Is Business Tax Planning?
Business owners must file taxes for the business (as well as for themselves, individually). This can be a rather involved and complicated process that can carry potentially severe consequences if done improperly. For this reason, it is advisable for business owners big and small to work with a skilled tax attorney when structuring the form of his or her business. Having an effective business tax plan will maximize after-tax benefits from ordinary earnings (which minimize income taxes) and employee benefits (which minimize employment taxes).
What Is Business Succession Planning?
Whether a business is a new start-up or an ongoing business, it is important to consider the owner’s “exit strategy” — otherwise known as a “succession plan”. This plan may be to turn the company over to its employees, to one of several children or to a stranger. However, the planning for that succession is an often overlooked aspect of a business organization. When a business owner fails to plan accordingly, his or her business could fall into the wrong hands or otherwise be mishandled upon his or her departure from that business.
Proper planning not only simplifies the tax return preparation but also can reduce the federal and state tax burdens. Structuring a business so the owners can enjoy every possible benefit, as well as minimize the tax burdens after transfer of ownership, can be as much of an art as it is a science. Luckily, it is an artful science that all of our Denver income tax attorneys practice well.
What Are Common Types of Income Tax Preparation?
Both individuals and businesses are responsible for filing taxes. This can get complicated, especially if you run a larger business with several employees or if you are an individual with several items to file. Our Denver income tax attorneys have the experience and knowledge to help with tax filings and contend with tax issues big and small.
The following are three of the most common types of income tax preparation for individuals and businesses:
- Individual federal and state income taxes
These are the taxes that we all have to fill out every year. Any of the Denver income tax attorneys at our firm can actually prepare and electronically file tax returns for you. We can also prepare and file all federal and state forms (in states that require state-specific forms, such as New York, Ohio etc.).
- Business federal and state income taxes
While it is always imperative to fill out your tax forms correctly, that goes even more so when filing business taxes since an improper filing could potentially affect not only you, but also your employees. One of the skilled income tax attorneys from our office can ensure the legality of your filing by preparing and electronically filing all federal, state and municipal income tax forms for your business. If you run a franchise, we can help you determine if you are in a state that requires state-specific franchise tax forms.
- Non-Tax Forms
In some cases, there may be other documents that you are required to file with your federal income taxes. The most common reason you may need to file a “non-tax revenue” form is the result of the Foreign Account Tax Compliance Act (FATCA), a 2010 United States federal law requiring all ‘U.S.-persons’ (U.S. residents and also to U.S. citizens and green card holders residing in other countries) to self-report their non-U.S. financial assets annually to the Internal Revenue Service (IRS) on form 8938, which is in addition to the older and further redundant requirement to self-report them annually to the Financial Crimes Enforcement Network (FinCEN) on form 114 (also known as ‘FBAR’). The professional Denver income tax attorneys from our firm can also prepare and electronically file all forms required related to non-US trusts, non-US Bank accounts, non-US business holdings and other non-US investments.
Need Help With Your Taxes? Call Us Today
Taxes are a necessary part of an American citizen’s life. While they can cause a headache, neither your business nor your personal taxes have to be difficult. The best way to ensure that your taxes are not headache (or penalty) inducing is to hire one of the experienced Denver income tax attorneys from Wiegand Attorneys & Counselors, LLC.
If you have questions about your income taxes, then contact our local Colorado offices in either Denver or Breckenridge to schedule a consultation today. During this consultation, you will be able to sit down with one of our skilled tax lawyers to discuss the details of your taxes as well as discuss the best plan of action for you. Call today to see how we can help you.