FBAR and Foreign 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 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, NJRLAW can help. Nick has helped many cannabis business survive state and IRS tax audits and continue in their operations.
NJRLAW also helps Cannabis businesses that receive unfavorable audit determinations. The IRS will now consider Offers in Compromise from cannabis debts - though there are certain restrictions. NJRLAW also utilizes its audit and compliance experience in advising cannabis businesses on federal and state tax compliance.
If you received an IRS or State audit letter you need to talk to an experienced tax professional. NJRLAW prides itself on helping clients survive tax audits though its 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, NJRLAW is available to assist and provide counsel in Managed Audits and to Protest the audit results.
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.
Nick J. Richards
Dill Dill Carr Stonbraker & Hutchings
455 Sherman St, Suite 300
Denver, CO 80203
Main: (303) 777-3737
Fax: (303) 777-3823
Licensed in Colorado and California
Founded by a Denver Tax Lawyer with years of IRS and private client experience, Nick Richards is a partner at Dill Dill Carr Stonbraker & Hutchings where he represents taxpayers involved in tax audits, trials and collections in Colorado, California and throughout the U.S. Please feel free to explore NJRLAW.com and contact me at Dill and Dill with a description of your tax problem.
I am happy to discuss your tax matter free of charge.
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 the experienced approach of NJRLAW, 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 - NJRLAW will advise you whether an Offer in Compromise is possible. If you do qualify, NJRLAW will prepare the offer, file it with the IRS, and represent you when the IRS has questions.
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, NJRLAW 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.