Frequently Asked Questions
Petrova Law is a boutique business law firm focused exclusively on tax and business law matters. The firm assists businesses with tax strategy, IRS representation, sales and purchases of businesses (M&A), and general corporate law from startup launch through growth and maturation to exit and succession.
Send Allie an email or call us at 336.310.1210 to discuss your matter and how we can help you. Before we can begin representing you, we need to confirm there are no actual or potential conflicts of interest. Then, we would provide with a copy of our engagement letter, which you can read and sign.
We value our clients and are client friendly. At Petrova Law, you get the best of both worlds, personalized attention and tailored legal solutions combined with Allie Petrova’s big firm experience and business background. Her solid tax background enables her to solve tax problems and arrange transactions in a tax efficient manner. All at cost conscious pricing, which results in significant savings for quality legal representation. Our clients expect and know they will get the personal attention they deserve. To learn more, visit Philosophy and Why Petrova Law.
As a full-service business law firm, we handle a broad spectrum of legal needs for our clients. From startup business counseling through general corporate matters to financings, acquisitions and sales of businesses, we give our clients the attention they need. We pride ourselves in offering tax-sensitive business planning. We handle IRS representation in federal tax audits and disputes, and seek settlements of back taxes and suitable resolution with the IRS for individuals and businesses. For a complete list of our legal services, visit What We Do.
Most actions in life and business are accompanied by tax consequences. Tax is a complex field, which requires thorough understanding of our Internal Revenue Code and tax laws. We remind our clients that the U.S. government at the federal and state levels takes tax matters with individuals and businesses with significant gravity.
If you are in business, you need a tax lawyer to resolve serious tax issues and advise you on structuring transactions from a tax perspective. If you have received an IRS notice indicating you have a tax problem, a tax lawyer can take action on your behalf. If you operate a nonprofit, a tax lawyer can assist you with obtaining tax exempt status and remaining compliant.
Ms. Petrova applies her experience and advanced tax training to handle a variety of tax problems and assists with proactive transaction planning. To learn more, visit Allie’s attorney profile. Consider using our Tax Counsel Services for strategic tax advice and assistance with identifying risks and opportunities in your tax profile.
Ms. Petrova applies her experience with the Internal Revenue Service, where she worked at the Office of Chief Council to analyze international tax matters and emerging legal issues arising from tax examinations of large businesses. Also in Washington, she advocated on behalf of small businesses, nonprofits, and individual taxpayers at the National Taxpayer Advocate’s Office.
Ms. Petrova is well positioned to counsel multinational companies with her experience at European law firms and Ernst & Young in New York, an International Economic Law degree from La Sorbonne in Paris, and business experience in the finance departments of a Fortune 500 company and a private U.S. business with international operations. Allie Petrova received her undergraduate degree in Business Administration and Economics with a Finance concentration and an Accounting minor from Greensboro College, where she graduated magna cum laude.
Attorney Petrova is admitted in North Carolina and New York. To find out more, visit Allie’s attorney profile.
You are also welcome to call us for a complementary status update.
Transparency and easy billing are central to the firm’s core values. We believe in collaborative and trusting relationships. We know that clocking every minute of an attorney’s time can make fees unpredictable. Each client works with a budget, and setting aside funds for unknown costs can be a challenge.
Our experience shows that discussing legal costs upfront helps with our clients’ peace of mind. For this reason, we are open to discussing pricing upfront. For certain document preparation, we can offer you flat fee packages, which means that you pay a fixed amount. A flat fee arrangements allows us to build a true partnership with you founded on efficiency, predictability, and peace of mind. Some matters require Ms. Petrova’s engagement on an hourly basis, and she gladly will discuss this with you in your initial meeting.
You can find out more in the Fees and Costs section.
We bill on a monthly basis for the work performed in the prior month. At the conclusion of our first meeting or at any other time, we can sit down with you to go over billing options and answer your questions if you so choose.
Common reasons for tax disputes requiring IRS appeals lawyers include discrepancies in reported income, disallowed deductions or credits, and disagreements over tax liability assessments. Taxpayers may also contest penalties and interest charges.
Engaging in the IRS Appeals Process can significantly impact business operations, causing financial strain and affecting cash flow. Experienced IRS appeals lawyers help to minimize disruptions and aim for favorable outcomes. The IRS Office of Appeals offers an administrative pathway to resolve disputes without litigation, saving time and resources.
IRS appeals lawyers use various strategies to negotiate favorable settlements in tax disputes, including presenting compelling evidence, leveraging tax law precedents, and negotiating with the IRS Office of Appeals. Their goal is to resolve disputes through the IRS Appeals Process, reducing tax liabilities and avoiding court, which helps maintain business stability.
The process can take several months to over a year, depending on the case’s complexity and the IRS Appeals Office backlog.
While you can represent yourself, having an experienced IRS appeals lawyer increases your chances of a favorable outcome by navigating the complex process, preparing a strong case, and negotiating effectively with the IRS.
When dealing with the 90-day deadline for filing a Tax Court petition, you must ensure the IRS has your most up-to-date address. The 90-day period starts from the date listed on the IRS Notice of Deficiency, not when it is received. If you are outside the U.S. when the Notice of Deficiency is mailed to you, you have 150 days to file a Tax Court petition. This deadline is strict – if missed, your case will be dismissed. To avoid this, act quickly. Missing the deadline may leave you with the option of paying the tax in full and suing for a refund in another federal court. If the IRS sends this notice to an outdated address, you risk missing the deadline, which can result in your case being dismissed. Filing Form 8822 (Change of Address) ensures you receive critical IRS correspondence promptly. For more information, you can visit the IRS website.
You can resolve your dispute with the IRS before and during Tax Court litigation. Pre-litigation settlements may eliminate the need to file a petition in Tax Court and lead to more favorable terms. Settling with the IRS during litigation can help avoid the uncertainty and costs of a trial. Our attorneys guide you through every step of the settlement process.
Tax Court is typically the last step in defending a tax position in a dispute with the IRS. The process involves filing a petition, presenting evidence, and negotiating settlements. An experienced attorney can guide you through each stage, help prepare your case, and improve your chances of securing a favorable outcome.
Recent IRS enforcement trends target high-income earners, large corporations, and complex partnerships. With Inflation Reduction Act funding, the IRS uses advanced technology and AI to identify tax avoidance schemes and enhance audit targeting.
Businesses that have leveraged Inflation Reduction Act tax credits have the best chances to prevail by demonstrating a strong tax position and compliance. Proper documentation can significantly impact the court’s decision, and expert representation ensures all credits are adequately defended.
We can help you evaluate your chances of success in Tax Court. While you can represent yourself in the Tax Court, on a pro se basis, having legal representation significantly improves your chances of success.If you lose, your case in Tax Court, potential liabilities include additional taxes, penalties, and interest.