Silver Law PLC

White-collar tax crimes carry serious consequences, including lengthy prison sentences, hefty fines, and restitution to victims. They can also have lasting collateral effects, such as loss of professional licenses, damage to reputation, and difficulties with future employment or housing.

You typically have 30 days from the date on the notice to respond, though deadlines can vary depending on the type of audit. Responding promptly is crucial to protect your rights and avoid additional penalties. If needed, you can request an extension, but it’s best to consult a tax attorney to ensure a proper response.

Engaging a tax attorney provides comprehensive legal expertise and strategic representation, helping you navigate audits, negotiate with the IRS or state tax authorities, and defend your interests in court. Their guidance safeguards your financial interests and provides peace of mind when facing complex tax disputes.

To prepare, gather all relevant financial records, organize receipts and statements, and review your tax filings for accuracy. Remember, the goal of the audit is to ensure accurate tax reporting and compliance. Consulting a tax attorney beforehand can help you stay organized, respond correctly, and protect your rights throughout the process.

Yes. The IRS may reduce or remove penalties through programs like First-Time Penalty Abatement or Reasonable Cause Relief. First-Time Abatement is available if you have a good compliance history, while Reasonable Cause applies when circumstances beyond your control prevented compliance, such as illness or natural disasters. Requests are typically made via Form 843 or by phone, and denied requests can be appealed.

Tax evasion can result in hefty fines, interest on unpaid taxes, and, in serious cases, criminal charges. Federal penalties may include up to five years in prison and fines up to $100,000 for individuals or $500,000 for corporations. State authorities can also impose additional penalties, ranging from misdemeanors to felonies, depending on the severity of the offense.

Our firm handles a wide range of tax disputes, including IRS and state audits, collections, tax litigation, innocent spouse claims, tax fraud investigations, and disputes over deductions or credits. We represent both individuals and businesses, providing strategic guidance and defense at both the federal and state levels.

Yes. Businesses can negotiate with the IRS and state tax authorities through options such as Offer in Compromise, installment agreements, or penalty abatements. In some cases, Currently Not Collectible (CNC) status may temporarily halt collections for severe financial hardship. Compliance and thorough documentation are essential, and consulting a tax attorney can help businesses secure the most favorable terms while navigating complex negotiations.