Tax & Bankruptcy Lawyers
Fried & Rosefelt, LLC7315 Wisconsin Avenue
Bethesda, Maryland 20814
Contact Fried & Rosefelt, LLC
Law Firm Overview FREE CONSULTATIONFried & Rosefelt, LLC is a law firm dedicated to helping individuals resolve tax and financial problems. The legal professionals at our firm are experienced in handling tax and bankruptcy matters, especially when related to business matters.
Our attorneys regularly represent our clients - individuals and business taxpayers - in front of the IRS and US Tax Court. Members of the firm also regularly represent clients in many other courts and agencies.
The tax attorneys and other professionals at Fried & Rosefelt, LLC use a multi-disciplinary team approach to find a comprehensive solution for each client's tax problems and financial challenges.
Areas of Law
Additional Areas of Law: Tax: (Audits & Investigations; Bankruptcy Tax Relief; Installment Agreements; Innocent Spouse Relief; Offer in Compromise; Payroll Tax Issues; Release of Liens & Levies; Tax Fraud & Evasion; Trust Fund Penalty; Unfiled Tax Returns; Tax Court Litigation; Foreign & Offshore Bank Accounts (OVDI & FBAR) ); Business Workouts & Chapter 11 Reorganizations; Tax-Motivated Bankruptcies; High Income Personal Bankruptcies; Chapter 11 Individual Bankruptcy; Chapter 7 Bankruptcy; Chapter 13 Bankruptcy.
Areas of Law Description
Fried & Rosefelt, LLC provides legal representation and services in the following areas of practice:
- Tax Problems
At Fried & Rosefelt, LLC, we know how to help solve serious tax and financial problems and let you sleep again at night. For more than 25 years, our attorneys have helped hundreds of business owners and individuals find solutions to what seemingly insurmountable tax and financial problems. Our attorneys have a keen understanding of the law, the available solutions, and on-the-ground business experience. Let us lift the burden off your shoulders, and put it on ours. We deal directly with the IRS so you don’t.
• Audits & Investigations
Our firm has substantial experience representing individuals, professionals, commercial businesses and business owners facing audit of their income, sales or employment tax returns by the IRS or state taxing authorities. In an audit, the government is represented by a team of well-trained specialists, including audit examiners, accountants and attorneys. If your tax return is selected for examination, you need to level the playing field. Experienced, knowledgeable counsel is crucial to obtaining the right result in your case. Engage our team of attorneys and other tax professionals to make sure that your interests are protected.
• Bankruptcy Tax Relief
If you have a serious tax problem, you need an attorney who is experienced in two worlds, tax AND bankruptcy. The attorneys at Fried & Rosefelt, LLC have that experience. Michael Fried, the founder of Fried & Rosefelt, LLC has helped many taxpayers solve their tax and financial problems through the bankruptcy process. In addition to his law degree, Mr. Fried holds a Masters of Law in Taxation, a Masters of Business Administration and has published articles concerning bankruptcy tax relief in national tax journals. Mr. Fried has also spoken to a variety of professional tax and accounting organizations about the discharge of taxes in bankruptcy and the treatment of federal tax liens and levies in the bankruptcy process.
• Installment Agreements
If you cannot afford to make monthly payments and do not qualify for another type of tax relief, such as an Offer in Compromise, our attorneys can help you request that the IRS place your account in a "currently not collectible" status. Once an account is classified as "currently not collectible" by the IRS, it will discontinue enforcement action and release any levies already in place. In many instances, the IRS will keep an account in currently not collectible status for a substantial period of time. In some cases, we have even seen accounts kept in uncollectible status until the collections statute of limitations has expired. For more information concerning IRS or state installment agreements, please call us for a free, confidential consultation.
• Innocent Spouse Relief
The Innocent Spouse rules created by Congress in RRA 98 provide for three types of relief. You may qualify for "general liability relief" — often called 6015(b) relief — an improved and fairer version of the old innocent spouse rules; "allocated liability relief," also known as 6015(c) relief; or even simple IRS "equitable relief" if you fail to qualify for one of the first two types. However, despite the changes that make spousal relief easier to obtain, it important to understand that even under these easier, fairer rules, spousal relief is not always allowed. A word to the wise: If you believe there is something wrong with your joint tax return, don’t sign it. If your spouse won't agree to file a correct return, file separately. Although filing a joint return will usually result in a lower immediate tax liability, filing an incorrect return can also mean paying a lot more tax in future.
• Offer in Compromise
At Fried & Rosefelt, LLC, our attorneys and tax professionals have many years of experience helping taxpayers reduce their federal and state tax liabilities through the IRS Offer in Compromise (OIC) program and similar state OIC programs. The process of submitting an Offer in Compromise and obtaining IRS acceptance is complicated. Success requires substantial attention to details, and compliance with a variety of IRS regulations, procedures and guidelines. The difference between approval and rejection of your OIC is often the knowledge, experience and judgment of your tax professional.
• Payroll Tax Issues
The attorneys at Fried & Rosefelt, LLC have substantial experience representing employers and their officers and owners in Payroll Tax cases. Our attorneys work with the IRS to negotiate a payment plan, an offer in compromise, or other solution to the problem. Our firm is also experienced in defending business entities against forcible collection action initiated by IRS Revenue Officers as well as other related payroll tax problems. The attorneys at Fried & Rosefelt, LLC work tirelessly to keep your business operating and to solve your payroll tax liability. We help you understand your payroll tax obligations, help you solve your existing problem, and help you meet your future Payroll Tax reporting and payment requirements. Contact Fried & Rosefelt, LLC to help solve your Payroll Tax problem.
• Release of Liens & Levies
The lawyers and tax professionals of Fried & Rosefelt, LLC help you understand your rights and how to use the tools that are available to you to reach a solution to your lien, levy or other tax problem. Our attorneys and tax professionals can help mitigate the consequences of aggressive IRS enforced collection action. In many cases, we are able to obtain voluntary IRS or state release of a lien or levy against your wages, bank account, or other property. Our understanding of IRS collection action will help protect you from abuse of power by the IRS and assert the rights made available to all taxpayers by the Internal Revenue Code, the Taxpayer Bill of Rights, and other federal and state laws.
• Tax Fraud & Evasion
If you have failed to file your tax returns, under-reported your income, or knowingly claimed excess deductions, you may find yourself facing a criminal tax investigation. An IRS criminal investigation is a very serious matter, and criminal tax evasion and tax fraud have the potential to result in a criminal indictment and incarceration. If you know or have reason to believe that you are the target of an IRS criminal investigation, your best option is to contact experienced legal counsel immediately. Do not discuss your situation with IRS criminal investigators without legal advice. Legal counsel can make the difference between freedom and time spent in a federal penitentiary.
• Trust Fund Penalty
If Withholding Taxes, also commonly called "Trust Fund Taxes" or "941 Liabilities," remain unpaid by a business entity, the IRS will aggressively pursue collection from responsible individuals involved in operating the business or who are otherwise involved in making business and financial decisions for the business. The IRS is authorized to "pierce the corporate veil" by assessing the unpaid Withholding Tax liabilities of a business directly against the individuals that are responsible for the company’s failure to properly withhold and pay the Trust Fund Taxes. This individual assessment is called the Trust Fund Recovery Penalty (TFRP).
• Unfiled Tax Returns
Individuals with unfiled tax returns often begin seeking help by contacting their accountant. Federal and state laws recognize a limited accountant-client privilege concerning confidential communications. However, the privilege or confidentiality rules involving discussions between a client and an accountant do not apply to criminal cases. Only the attorney-client privilege survives a state or federal criminal tax investigation or prosecution. This privilege is often a critical component in representing and defending a taxpayer with unfiled returns or unpaid taxes. If you have unfiled tax returns and need help, contact the attorneys at Fried & Rosefelt, LLC.
• Tax Court Litigation
At Fried & Rosefelt, LLC, our objective in every tax controversy is to resolve issues and controversies quickly, efficiently, at the earliest stage and, if possible, without litigation. Our attorneys deal regularly with the IRS, the Treasury, the Department of Justice, and state taxing authorities in an effort to negotiate a resolution of our clients’ tax disputes and cases. At times, however, successfully resolving a tax controversy requires litigation in one of the four different federal courts having jurisdiction to resolve tax controversies: The United States Tax Court; The United States District Court; The United States Bankruptcy Court; and the United States Court of Claims. The attorneys at Fried & Rosefelt, LLC have represented taxpayers in a variety of tax disputes in these federal courts and their state counterparts.
• Foreign & Offshore Bank Accounts (OVDI & FBAR)
If you have an undisclosed offshore bank or financial account and have failed to file your Report of Foreign and Financial Accounts, often called an FBAR, the IRS has enacted a new amnesty program called the 2011 Offshore Voluntary Disclosure Initiative (OVDI) which is aimed at providing US citizens and residents with the opportunity to come forward, disclose their unreported accounts and income, while avoiding criminal prosecution and reducing IRS penalties. Your only other alternative is to hope and pray you that you avoid discovery and criminal prosecution. Not a very good bet in today’s environment.
Our firm has experience in representing clients in all types of bankruptcy cases. We regularly represent individual professionals and business organizations in Chapter 11 bankruptcy cases in order to reorganize these clients’ financial obligations. The bankruptcy attorneys of the Fried & Rosefelt, LLC have successfully helped numerous Washington, DC area clients discharge or reorganize tens of millions of dollars of commercial and tax-related financial obligations, as well as save their residential and commercial properties from foreclosure. Additionally, for some portion of our clients, a Chapter 7 or 13 bankruptcy case can effectively discharge or reorganize their financial problems. Our attorneys have extensive experience in guiding high-income individuals through bankruptcy minefields.
• Business Workouts & Chapter 11 Reorganizations
With the extreme tightening of the credit markets experienced in recent months, individual professionals and small businesses have been having a difficult time finding credit to fund ongoing operations. This has exacerbated a problem that is typical of small businesses – obtaining the cash flow required for their operations. Many of our clients have very successful businesses that have been very profitable over time, but from time to time experience cash flow problems due to periodic declines in revenue. Other clients have had successful businesses on the brink of failure due to some poor business decisions or lack of attention to legal or fiscal matters. And some clients have had businesses that just didn't work and needed to be closed or restructured in order to succeed. Often the appropriate solution to a client's problem is beyond their ability due to the complexity of the issues involved in restructuring debt. No matter how complex a financial problem may be, our lawyers have the requisite knowledge and experience to resolve it.
• Tax-Motivated Bankruptcies
Most tax professionals mistakenly believe that no taxes can be eliminated (“discharged”) in a bankruptcy. This myth is wrong. Although the intersection of the United States Bankruptcy Code, the Internal Revenue Code, and IRS lien and levy rights is complicated, bankruptcy relief is available to stop collection activity by the IRS or state taxing authority and eliminate some or all of an individual client’s tax liability. The filing of a bankruptcy case automatically and immediately stays (stops) IRS bank account levies and wage garnishments, and enables the taxpayer to either obtain a discharge or reorganization his or her tax liabilities.
• High Income Personal Bankruptcies
Our law firm has over 25 years of experience representing high-income individuals in connection with all types of bankruptcy cases, including Chapter 7 and Chapter 13 bankruptcies. We have extensive experience in guiding high-income individuals through the bankruptcy process, beginning with various types of income and asset planning associated with filing a bankruptcy through the preparation of the documents to the ultimate discharge of debts or confirmation of a reorganization plan with the court.
• Chapter 11 Individual Bankruptcy
A typical individual Chapter 11 client is one who falls into one of three categories: 1) an individual who has a lot of complex, usually business-related debt but also a lot of assets and/or high income, which can be used to fund or otherwise support a Chapter 11 Plan; 2) an individual who does not fall within certain parameters required for Chapter 7 [insert hyper link here] or Chapter 13 bankruptcy; 3) an individual with a business that could be disrupted by a Chapter 7 bankruptcy; or 4) an individual who needs to reorganize debt but who also needs greater flexibility in order to accomplish his or her goals.
• Chapter 7 Bankruptcy
A filing under Chapter 7 – often called a liquidation or straight bankruptcy – is the most common type of bankruptcy proceeding. In a Chapter 7 case, a debtor is allowed to exempt (keep) all or a certain portion of his or her property. In most cases, the debtor keeps all property. However, each person and situation is different, and the actual amount that can be retained (the "exempt" amount) by a specific debtor is determined by the market value of the debtor’s property in terms of dollars, the type of the property owned by the debtor (for example, a retirement account), and/or the manner in which the property is owned by the debtor (for example, whether the property is owned individually by the debtor or jointly by the debtor and a spouse).
• Chapter 13 Bankruptcy
A filing under Chapter 13 is technically referred to as "individual reorganization." It is a way for people to "reorganize" their debt into a manageable, monthly payment plan that is fair for the individual's creditors. A Chapter 13 Plan must pay out the greater of the individual's monthly disposable income aggregated over a certain period or the amount creditors would have received in a Chapter 7 bankruptcy if the individual's property were liquidated. As in a Chapter 7, an individual in a Chapter 13 Plan gets to exempt a certain amount of property. In order to qualify for a Chapter 13 bankruptcy, a client must be an individual regular and stable income (either from employment or from another source).
Mr. Michael S. Fried
Mr. Daniel S. Rosefelt
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