Two years ago, the Internal Revenue Service (IRS) had 74,608 pages in their Tax Code (laws). More pages have been added since then. Is it no wonder taxes are one of the most complicated and complex legal issues today?
Adjustments are made yearly to the income tax brackets which most of us are aware of. However, there are also other adjustments made, making taxes even more confusing.
Thirty-three years ago “tax indexing” was added to the tax codes. Tax indexing adjusts various rates of taxing in regards to inflation. The indexing was done to preserve purchasing power during inflationary times by joining together taxes, wages and other rates. Each year, the new mandatory annual adjustments are set. The IRS will announce these adjustment rates later this year.
This year, 2018 for the first time in 31 years, Congress passed a major Tax Reform Bill. The reform established new income tax brackets, corporate tax rates and changed a multitude of deductions and regulations.
With all the changes in the tax reform law, normal adjustments, the indexing and thousands of pages of new tax codes, most taxpayers need help understanding it all.
Around 43% of our taxpayers file taxes from home using an online tax preparation program. The rest of the taxpayers leave this ‘chore’ to someone else, generally: a professional tax attorney, a tax preparer, or certified public accountant (CPA).
A tax attorney has completed law school, passed the bar exam and has specialized in tax-related work. A tax attorney specializes in the minutiae of the IRS tax code and uses the tax code to and for their client’s advantage. A tax attorney can offer you legal advice. Taxpayers are also protected under the confidentiality privilege, meaning your attorney cannot be compelled to reveal any compromising information from their clients to anyone, including the IRS.
In most states, tax preparers have no special credentials outside of taking a certain number of continuing education hours for tax preparation and generally work at discount tax preparation centers. A CPA typically has to take an exam that includes a wide range of accounting skills and is familiar with the basics of tax issues and settlements.
At Gantenbein Law Firm, our tax attorneys also hold master’s degrees in taxation - the highest level of of tax education a tax attorney can possess - and are highly recognized as leading tax attorneys in the state of Colorado. They are proficient and current with the new tax reform and laws - they have a clear understanding of the tax code. They specialize and will use the tax laws to help clients resolve IRS issues such as audits, appeals, liens, garnishments, investigations and myriad of other tax matters. Our Denver, Colorado tax attorneys are dedicated to safeguarding our clients from the possible devastation from tax consequences.
Gantenbein Law Firm tax attorneys Tyler Murray and Michelle McCarthy's knowledge of the new Tax Reform Bill has been highly acclaimed. They are published authors in the newest edition of the Colorado Lawyer with their highly recognized publication of the new Tax Reform Bill, H.R. 1 - Tax Cut and Jobs Act . Both attorneys have been speakers for the Colorado Bar and Denver Bar, presenting The Act Formally Known as the Tax Cuts and Jobs Act" Greater Denver Tax Counsel Association.
The new Tax Reform Bill has brought challenges for many people, including business owners. Some of the major tax issues Gantenbein Law Firm has been solving for our clients include: whether or not to change the corporate structure of a business in order to save money under the Tax Reform Bill; helping businesses designated as "services" have less tax liability; helping families save money by establishing trusts through tax planning; helping clients determine the best deductions and lowest tax liabilities.
For more information on our Tax Law practice, and how we provide your best tax options, visit our Tax Law webpage. You can also visit here for more information on our experienced tax attorneys.
Gantenbein Law Firm also practices Real Estate Law, Business Law- including Contract Law and Small Business and Start Up Business Law, Probate Law, Estate Planning, Wills & Trusts, Elder Law, HOA Law, including homeowner disputes with their Homeowners' Association, Foreclosure Defense, and Credit Repair & Dispute. For more information regarding these practice areas and lawyers, visit www.gantenbeinlaw.com. To schedule a consultation of your case in Tax Law, or any other practice area, call 303-618-2122.