Petrova Law PLLC Archives

GREENSBORO, N.C. /ScoopCloud/ -- Petrova Law, a boutique tax law firm, which represents high net worth clients and companies nationwide, has been ranked by Chambers USA among the nation's best for its work on complex and high-stakes tax law matters.

Chambers USA, a premier legal data provider, publishes the most prestigious legal rankings in the United States. The rankings are so demanding in their selection that only two percent (2%) of lawyers and 0.5% of law firms in the United States make the cut. It is truly a client's guide to the best of the best in law.

"I am honored by the recognition. This is like the Oscars, but for law firms and lawyers," Attorney Allie Petrova describes her law firm's recent honor as a Band 2 tax law firm by Chambers USA. "Chambers rankings give a voice to the complexity of the work we do and the care we take to deliver the highest level of results-driven client service in the tax realm."

Only seven North Carolina firms in tax law were recognized by Chambers USA with the high honor this year. The selection utilizes a rigorous and independent research process, ranking lawyers based on legal skills, caliber, professional conduct, and client service among other criteria valued by clients.

"We maintain a reputation for excellence. We are known for handling high stakes matters in tax law, when very significant amounts are in question," says Ms. Petrova. Many of Petrova Law's clients are multi-millionaires and large companies, for whom omissions in tax filings can have a snowball effect when combined with penalties and interest over a number of years.

Petrova Law's Tax department advises business owners, investors, and growth-oriented businesses on business tax matters. The firm represents clients before the United States Tax Court, the Internal Revenue Service, and the state taxing authorities. Attorney Petrova and her team tackle some of the most challenging cases in asset protection and tax structuring, tax-related litigation, IRS audits and administrative appeals.

Ms. Allie Petrova, an experienced tax lawyer from North Carolina, is distinguished to be among a handful of lawyers in her field with a Chambers USA recognition in the state. Chambers USA ranks law firms and lawyers separately. Ms. Petrova is highlighted as a preeminent practitioner for her strength in assisting clients with tax structuring and with legal representation in disputes before the IRS.

"Creating a guided step-by-step process for a stress-free client experience rooted in discretion is a pillar in our work," explains Ms. Petrova. It all starts with a user-friendly visit to the firm's website at www.petrovalaw.com, where clients can arrange a private and confidential consultation with one of the firm's attorneys.

About Petrova Law:

Petrova Law is a national tax law firm which exclusively represents high-income taxpayers and businesses with high-stakes, high-value tax debt before the IRS and state tax authorities.

For more information about Petrova Law, visit: https://petrovalaw.com/

Petrova Law, a boutique tax law firm, which represents high net worth clients and companies nationwide, has been ranked by Chambers USA among the nation's best for its work on complex and high-stakes tax law matters.

Related link: https://www.petrovalaw.com/

GREENSBORO, N.C. /ScoopCloud/ -- It is official now: The Internal Revenue Service is going after high-income taxpayers who need to be filing returns, reporting income, and coming to terms with overdue taxes, penalties, and interest, cautions renowned tax attorney and national speaker Allie Petrova, founder of Petrova Law PLLC, a premier tax resolution law firm.

In its effort to improve tax compliance in the high-income categories, the IRS has started mailing out compliance letters to more than 25,000 individuals and families with more than $1 million in income earned during tax years 2017 through 2021. IRS compliance letters have also gone out to over 100,000 high-income earners with incomes between $400,000 and $1 million for the same period.

"Clients typically feel overwhelmed in these situations. It is important to not delay and to consult with a specialized tax attorney right away because deadlines are tight. The last thing you want is to miss an IRS deadline," cautions attorney Petrova, who guides taxpayers with high-stakes tax debt in the six and seven digits. Attorney Petrova works with clients from all over the country.

Curiously enough, this is all low-hanging fruit for the IRS because these cases were flagged based on Forms W-2 and 1099 received by the IRS from third parties. The IRS was unable to match this income data with corresponding returns, which indicated that these high-income earners received income, but did not file tax returns.

What does that mean to you? Make sure you open your incoming mail, particularly from the IRS and the state tax authorities. Muster some courage and open it right away, do not let it linger on your desk or the kitchen counter.

In some cases, the IRS can file on behalf of taxpayers what is called a substitute for return based on income reported on Forms W-2 and 1099s. That leads to exorbitantly high taxable income because the IRS does not take into account all applicable deductions. Then, the taxpayer has the daunting task to prove that this taxable income should be lower.

If a taxpayer hasn't filed tax returns for any of the immediately preceding couple of years, the first action to take would be having these returns prepared and filed after a consultation with a tax attorney.

"When a client came to my office recently, we discovered that her family - she and her husband - owed the IRS a balance of over $600,000. While she expected some balance due to non-routine transactions, the magnitude was a bit of a surprise. IRS balances can snowball with the added interest and penalties," shares tax attorney Allie Petrova.

The IRS has been strengthening its enforcement efforts for a while now. Thanks to Inflation Reduction Act funds, it finally has the budget and funding to be impactful.

Many of Ms. Petrova's clients are high net worth individuals who value privacy, peace of mind, and reliable solutions. "We look at tax issues from every angle and do everything possible to discover the best solution for each client and minimize the tax impact," remarks attorney Petrova.

For more information about tax attorney Allie Petrova, visit: https://www.petrovalaw.com/who-we-are/galina-allie-petrova/

About Petrova Law PLLC:

Petrova Law is a national tax law firm which exclusively represents high-income taxpayers and businesses with high-stakes, high-value tax debt before the IRS and state tax authorities.

For more information about Patrova Law, visit: http://petrovalaw.com/.

It is official now: The Internal Revenue Service is going after high-income taxpayers who need to be filing returns, reporting income, and coming to terms with overdue taxes, penalties, and interest, cautions renowned tax attorney and national speaker Allie Petrova, founder of Petrova Law PLLC, a premier tax resolution law firm.

Related link: https://www.petrovalaw.com/

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Tax Attorney to Millionaires Among Nation’s Best by Chambers USA, Defends High Stakes Tax Cases Before the IRS

Tax attorney to millionaires, Allie Petrova, warns about new IRS tactics against taxpayers