Beat IRS Audits And Penalties With Port St Lucie Tax Attorneys

Hiring a tax attorney costs $300 to $750 for basic notice responses, $1,500 to $5,000 for audit representation, and $7,500+ for complex litigation. Your final cost depends on debt size, case difficulty, and how much documentation you need to gather. Our criminal tax investigation defense stops prosecution that could lead to jail time and a permanent record. Port St Lucie residents often face tax issues after relocating from states with different income tax rules. Schedule a free case evaluation to receive your exact quote.

File all missing tax returns immediately to start the 10-year collection statute from the assessment date. The IRS has no time limit to collect until you file, and liens attach at $10,000 debt.

Request first-time penalty abatement if you have clean filing history for three prior years. Coordinate federal and state filings simultaneously. We calculate your exposure, file missing returns, and negotiate payment terms.

Tax attorneys reduce IRS penalties but rarely eliminate interest charges because interest compounds daily and continues until you pay the full debt. Compound penalties can double your tax debt within 24 months when failure-to-file penalties at 5% monthly combine with failure-to-pay penalties at 0.5% monthly plus interest.

First-time penalty abatement requires 12 months of clean compliance before your penalty. We offer a money-back guarantee if we cannot reduce your penalties. We file abatement requests, document your clean filing history, and stop penalties from doubling your debt.

Yes, you can be audited for not filing FBAR when foreign accounts exceed $10,000, and trust beneficiaries must also report. In Port St Lucie, attorney privilege protections apply when discussing past filings. Many resolve this using Streamlined Foreign Offshore Procedures with three years of amended returns. The next step is evaluating which disclosure program best fits your situation.

Yes, crypto futures and margin trades get taxed differently than spot trades because they fall under IRC Section 1256 contracts with a 60/40 tax split if traded on regulated exchanges like CME. Most crypto traders miss deducting $3,000 to $8,000 annually in trading fees, gas costs, and subscription expenses for tax software and premium exchange memberships on Schedule C. If you pay foreign withholding taxes to international exchanges, claim Form 1116 foreign tax credit to recover those amounts and avoid double taxation on the same income.

DAO governance tokens you receive for participation qualify as ordinary income compensation at fair market value under IRC Section 61, reportable on Schedule 1 Line 8z when received. Calculate your gain or loss for every crypto disposal by subtracting your adjusted cost basis plus transaction fees, network gas, and exchange commissions from your sale proceeds on Form 8949. Set aside 30% of your crypto profits throughout the year in a separate savings account to cover federal and state taxes, eliminating surprise bills at tax time.