There are things in life that are always black or white. These events have no grey areas. Hiring tax lawyers when you are facing some unknown tax consequence is a black area that needs addressing. It is vital when you have a tax concern or issue you use expert tax advice.
The 2017 Tax Cuts and Jobs Act has made definitive changes in taxes. Don’t take part in filing taxes you don’t understand with numbers that will raise red flags with the IRS. Obtain legal representation so you can protect yourself and your financial future.
There are seven good reasons for hiring a tax lawyer when dealing with your taxes. This informational guide will help you determine what you need to do with your legal tax concerns. The guide will also let you know when you need to get legal help for yourself or your business.
Tax Lawyers are Your Allies
Tax lawyers serve as your advocate, spokesperson, and negotiator when you have any issues with the IRS. Sometimes IRS tax concerns start very small, but without legal representation, they can become large tax issues. It’s not worth the risk because the tax answer you need for any legal concern can be handled by these attorneys.
No matter what the IRS wants from you or why they want it, be aware that even small mistakes can turn into big penalties and fees. There is nothing easy about understanding tax laws. Tax laws are complex, and a tax attorney can help you understand what is needed by the IRS and specifically how to file or respond.
Sometimes you need to minimize your legal exposure on the front end of your tax problem, with a stellar and knowledgeable tax lawyer. It’s important to handle tax problems on the front end because it may be too late for much to be done on the back end.
When Do You Need a Tax Attorney?
One of the top reasons for hiring a tax attorney is when you have been told by the IRS your taxes are inaccurate, are being flagged for an audit or you are being investigated by the IRS. But there are other reasons you need a tax attorney. Please find some of those reasons listed below.
IRS Legal or Criminal Issues
You don’t want to be legally or criminally investigated by the IRS. What you do want is to provide the IRS with the information they need and a way forward you can financially live with. Only a tax attorney can give you the representation you need for negotiating with the IRS.
You want to minimize your exposure to legal or criminal sanctions by the IRS, and only an experienced tax attorney can help get you an offer in compromise result that gives you a financial plan that allows you to move forward.
Tax planning is also a very good reason to access the services of a tax attorney. An experienced tax attorney can help you with your estate planning, business arrangements, tax planning, and more.
It’s true CPA’s can also help you with these items. But a CPA cannot draft your estate wills, trusts, buy-sell agreements, and many other legal documents you may need. That when the services of a stellar tax lawyer are important.
Minimizing your Tax Burden
Minimizing your tax burden is another top reason to hire a tax attorney. Whether you have an estate, you need to oversee and pay taxes on, or a business, only a tax lawyer can help. A knowledgeable tax lawyer can also help you with any IRS enforcement proceedings, injunctions or negotiated settlements you need.
Negotiated settlements can be for your taxes or your company. No matter what your IRS issue is, tax attorneys can represent you in State or Federal Tax Court. Tax lawyers can also represent you in District, or Bankruptcy courts too.
Starting a Business
You may have no issues or concerns with the IRS. But you may be wanting to start a business. If you want to start a business, a tax lawyer can help you anticipate tax outcomes for business structures, like LLC vs. C-corporation. The minute differences between one type of business or the other can be more than you can understand or absorb.
If you are doing business in another country, having a tax attorney isn’t optional, it is vital. Trying to figure out another country’s tax rules and regulations while meeting your tax obligations in the US is a nightmare. If it all sounds too complex or difficult for you, that’s why it is so important to hire a tax attorney.
You don’t think you have done anything wrong, but you might you owe back taxes to the IRS. Owing money to the IRS is like waiting for a bomb to go off beside you. You can get a settlement agreement done for the back taxes owed with an experienced and knowledgeable tax attorney.
There are many programs the IRS offers for back taxes, and your attorney can negotiate for you through one of those programs. The negotiated settlements help you avoid some of the IRS penalties and interest due on your back taxes.
Disputes with the IRS
You are having a dispute with the IRS and things are getting ugly. Disputes with the IRS are costly regardless if, in the end, you are right or wrong. Disputes can also cause an untold amount of financial anxiety and grief.
Why would you want to handle it yourself when a tax attorney can become a tax advocate fighting for your rights and reducing or eliminating what you owe the IRS?
When the Tax Code Changes
Ignorance is not a defense. The tax laws keep changing. Tax codes are continually updated. If you miss an amendment to tax code or misinterpret a new tax regulation, you can face serious legal issues.
You don’t ever want to be in a position where you have to tell someone at the IRS you didn’t know. The IRS will ask you why you didn’t hire a tax attorney who did know.
Tax Attorney Need in Austin?
There is nothing like having esteemed and reputable tax lawyers in Austin when you need one. Lawyers at THEVOZ Attorneys are highly trained tax law and work to bring the finest tax legal services to you when you are in need.
Don’t wait until you are one day too late to change an IRS tax outcome. It’s so easy to reach out today and start planning your future.