Naples Tax Return Preparation Attorney
While a large percentage of Americans have relatively straightforward taxes that should make filing relatively easy, even these types of tax returns can have significant errors made unintentionally by the taxpayer. For more complex tax situations, mistakes can abound in tax returns, and interest and penalties can accrue. Businesses in Florida are also required to abide by tax laws, and businesses are required to file annual tax returns with the IRS just like individual taxpayers. The ways in which businesses are taxed can vary widely based on the business structure and other factors specific to the company, but it is important to remember that tax returns are a necessity. Whether you are an individual or you own a business and have questions about tax returns, or you need assistance getting your tax returns ready to file, a Naples tax return preparation attorney can help.
Preparing Complex Tax Returns
Tax returns can be complicated for many different reasons, and even individuals with seemingly straightforward tax situations can benefit from the assistance of a tax return lawyer. For individuals with complex tax situations, or businesses, it is essential to seek advice from an attorney to be certain that you file your tax returns properly and without any errors that could end up resulting in interest, penalties, and other consequences. The following are common issues that complicate tax situations, according to the Internal Revenue Service:
- Sale of a business;
- Depreciation of property;
- Capital gains and losses, including tax issues pertaining to stock options, cryptocurrency, and day trading;
- Commuting to work;
- Change of a business entity classification;
- Business consolidation, merger, or acquisition;
- Pension and annuity distributions;
- Excise tax;
- Discharge of student loans;
- Health care matters affecting taxes, including HSAs;
- Foreign Tax Credit issues and foreign tax computation;
- Business earnings from foreign companies;
- Taxation for gig economy workers and employers;
- Business reorganization;
- Renting property for profit;
- Establishing a trust or obtaining funds from a trust;
- Need to amend a previous tax return; and/or
- Unfiled tax returns from previous years.
These are just some examples of life changes, business changes, or other situations that can result in a more complex tax situation. For individuals or businesses that have unfiled tax returns, or when an amended tax return is necessary, it is particularly important to seek legal advice since you will likely be assessed interest and penalties on unpaid taxes and may need to deal with other ramifications. Even if you regularly file your tax returns but make an error due to a complex tax situation, you could owe interest and penalties, and you could face the possibility of an IRS tax lien or levy.
Contact a Tax Return Preparation Lawyer at Ronald Cutler, P.A.
When you are getting ready to file your individual taxes or taxes for your business, it is essential to get it right. Ronald Cutler, P.A. can assist you with all of your tax preparation needs, and we can assist you when you need to amend a tax return or deal with an audit. If you have questions or concerns about tax return preparation, or you need assistance, contact a Naples tax return preparation attorney at Ronald Cutler, P.A. today.