An IRS ruling in some tax situations can be very helpful — but they are not always a good idea.
Based in Bellevue and serving Washington State and Seattle, attorney Olga Guzhva can help you determine if seeking an IRS ruling is a good idea in your case. You can learn more below. Or, to consult with us about our tax attorney services and how we can help in your particular situation, please contact Guzhva Law Firm to schedule a free phone evaluation.
There are some situations that are either new or unusual, and there are no taxation laws or legal precedents that address them completely. If it is not clear how a particular activity or a transfer of assets should be taxed, the IRS can be asked for a revenue ruling. In these cases, it is important to get an advice from a tax attorney who will send a revenue ruling request to the IRS, to address your specific tax question. The IRS will not rule on anonymous or hypothetical situations, and requires a detailed description of the situation and full disclosure of taxpayer’ financial information.
The IRS ruling can be legally relied on, meaning you can be confident that you will not be challenged by the IRS once you have an IRS ruling in your possession. It is binding, and even if the IRS rules differ in the future, you will be able to follow the ruling issued specifically to your inquiry.
Seeking an IRS ruling is something that needs to be carefully considered, because the IRS decision could have negative consequences for your case. For example, if you filed your taxes incorrectly, you could be subject to an audit and back taxes.
At Guzhva Law Firm, we are providing thoughtful solutions and measurable value to each individual situation. Because U.S. tax law and regulations are complicated and constantly changing, it is important that you obtain up to date information about the provisions that apply to you to prevent costly mistakes.
To schedule a consultation with a tax attorney, please contact us today. With offices in Bellevue, we work with tax clients throughout Seattle and Washington State, and elsewhere.