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Tax Law

Tax Audits and Litigation

Audits

If you received an IRS or State audit letter you need to talk to an experienced tax professional. We pride ourselves on helping clients survive tax audits though our understanding and experience in all phases of tax controversy – audit, trial and collections. We work with the revenue agent for your benefit and we strive to achieve the best result possible while insulating you from the process.

DOR Managed Audit Program

The CO Dept. of Rev. Managed Audit Program allows taxpayers to conduct audits themselves with DOR guidance and supervision in exchange for penalty relief. While the program contemplates taxpayers doing the work themselves, we are available to assist and provide counsel in Managed Audits and to Protest the audit results.

Trials

If you have received a Notice of Deficiency – you must file a petition (or protest) in the U.S. Tax Court or the IRS will assess the tax against you and start collections. Nick Richards began as an IRS Trial Attorney and he has helped countless taxpayers succeed in Tax Court. He also represents taxpayer claims for refund in U.S. District Court and protests state tax determinations in Colorado and California.

Tax Compliance

Foreign Account and Entity Reporting

Interests in foreign accounts and ownership in foreign entities must be disclosed to the IRS and FinCEN every year. Taxpayers who have not complied are required to file past due returns – the IRS offers several programs including the Streamline and Offshore Voluntary Disclosure Programs to reduce applicable penalties and protect from criminal prosecution.

Cannabis Tax

Cannabis businesses face unique tax challenges – higher more burdensome taxes, certain audits, and I.R.C. § 280 – a code section that denies deductions for business expenses. Whether you are working to make sure your business is compliant or dealing with the tax man now, we can help. Nick has helped many cannabis business survive state and IRS tax audits and continue in their operations.

For businesses that receive unfavorable audit determinations, we will fight for you in the U.S. Tax Court or state court. We also utilize our audit and compliance experience in advising cannabis businesses on federal and state tax compliance.

Stop Tax Collections

Tax Debt

The IRS and State Tax Collectors are powerful officials with the ability to levy (take money) from your accounts and file Notices of Federal Tax Lien. With our experienced approach, you will see an end to uncontrolled collections, tax levies, and you will understand the plan to resolve your tax liability. The resolution could be “pennies on the dollar” or payments over time – we will advise you whether an Offer in Compromise is possible. If you do qualify, we will prepare the offer, file it with the IRS, and represent you when the IRS has questions.

Employment Taxes

Delinquent employment taxes are a significant problem. The Trust Fund Recovery Penalty “TFRP” imposes personal liability on certain individuals for “trust funds” – amounts withheld from employee wages but not paid to the IRS or state.

If you have an employment tax liability, we can help you. We will deal with the IRS on your behalf, you will understand the law, and together we will effect the best approach to resolve the problem.