Are you dealing with some complicated financial situations? Are complex tax problems getting out of hand? Maybe it’s time to consider hiring a tax attorney.
In the US, the IRS performs over 300 thousand earned income tax credit audits every year.
If you’re in trouble with the IRS, you’ll want to figure out a solution before they take action against you or your business.
Here are some telltale signs that it’s time to hire the best tax attorney you can afford.
You Need the Best Tax Attorney for an Audit
When the IRS comes calling, you need a knowledgeable professional on your side. The best tax lawyer can help you prepare for the audit so you can respond quickly to requests. You have the right to hire a legal counsel to represent you, and a former IRS attorney is a great choice.
A business tax audit can be very complex, and a tax attorney will assist you in preparing the auditors’ questions. If your audit ends up in tax court, your tax attorney will help you navigate through the process.
Are You Buying or Selling a Business?
The tax implications of business transactions can be complex. Protect your financial future by consulting with a tax lawyer before you close the deal.
Planning allows you to use tax strategies to reduce taxes owing. Have them review your sales contracts to avoid future case litigation.
Do You Owe a Lot of Back Taxes?
When you end up in arrears with the IRS, it’s not ideal. As a small business owner, you want a qualified tax attorney working for you.
They will assist you with negotiating an installment schedule for back payments. If you have a criminal tax matter, your tax attorney will help exonerate you and help you avoid fines.
If you want to dispute a balance owing, it’s best to have your tax attorney handle the paperwork required. They can also help with exceptional circumstances such as an offer in compromise or file for innocent spouse relief.
Are You Planning Your Estate?
It’s essential to plan ahead to minimize estate taxes. A tax attorney understands estate tax law and may recommend setting up a trust. They can draw up the paperwork required when transferring assets to family members.
A plan will help reduce taxes owed by the estate. Your attorney can help decrease costs and problems associated with your will.
Basics to Look For in a Tax Attorney
A tax attorney must have a valid license to practice law in your state. An additional certified public accountant degree gives them an expanded knowledge of finances. They require a valid tax identification number to allow them to prepare tax returns on your behalf.
Hire a Tax Attorney for Peace of Mind
There are a lot of good reasons to hire the best tax attorney to help you. When you learn how they can support you through a complicated matter, you’ll be happy you decided to consult with one.
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