There are certain tax situations that you can handle on your own, but there are also many other cases where you’ll need to hire a tax attorney if you own a business. The possibility of knowing when a complex tax situation will occur that calls for the help of an attorney is unknown. You could’ve straggled when it came to your tax obligations, and are now being contacted by the IRS. If you take the correct approach and hire a tax attorney before being faced with problems from the IRS then this will never happen to you.
Being that there are so many experts involved in finances, you need to determine which expert best fits your needs. You first need to understand the difference between a tax attorney and CPA ( certified public accountant) to help you assess which one you need assistance from.
Whats the difference between a tax attorney and a CPA?
Tax attorney specializes in complex tax issues while a CPA is skilled in financial record-keeping and tax preparation. CPA is authorized to represent cases in IRS dispute, but they do not have the same training that tax attorneys have.
If you’ve determined that you need help from a tax attorney then you’re in the right place. This outline below will help you better understand when it’s time to a hire a tax attorney
1. You’re starting a business
What kind of business ownership do you have? Sole proprietorship? Limited liability company? Tax Reformation’s are included in any business set up you choose from. When you hire a tax attorney, you will be informed about the structure and tax treatment of your company, this helps you avoid possible IRS penalties and unnecessary interest. It can also be helpful to have a tax attorney if you’re engaging in international business, you’ll need help with making sure you stay in tune to another country’s tax guidelines and regulations, contracts and other legal matters.
2. Owning a taxable estate
If you plan on leaving any amount from $5.6 million to $11 million in your will for your family it might make sense for you to hire a tax attorney. The person who is legally entitled to the property will have to pay an estate tax for the balance over the amounts. By hiring a tax attorney, you can avoid large part of your estate going to taxes by creating a discreet strategy.
3. Under criminal investigation by the IRS
By law it is mandatory of you to pay income tax, if you refuse to the IRS has no choice but to pursue criminal charges. Due to the severity of the situation, if you are accused of tax fraud it is recommended that you hire Douglas Healy. Refusing to respond or pay can wind you up in jail. This is not a situation you want to handle by yourself. Hiring a tax attorney won’t make the criminal charges disappear but your legal counsel can help lessen your retribution.
What you should look for in an attorney:
If you’re encountering a complex tax issue and are looking to hire a tax attorney here are some key points to look for in the attorney
– advanced training in tax law
– Master of law degree ( LL.M)
– Good reputation & references
– Affordable rates
Schedule an meeting
Schedule an interview with an attorney prior to hiring them. You should conduct a thorough research on the attorneys firm, then schedule an interview before paying for any services. Here are some questions to consider asking the attorney to help you evaluate which attorney is the right match for your case.
– Are you admitted to the state bar?
– What types of tax law do you specialize in?
– Can you help me with my tax case?
– How much do you charge for your services?
Anyone can be an expert when it comes to finances, however you want to find someone with experience when it comes to starting a business, carrying out international affairs or criminal investigation by the IRS. Though having a tax attorney is beneficial for your business, you should equally educate yourself on the ins and outs of tax codes so you were’t violating any penalties moving forward with your business. Douglas Healy is always available to help you when you have legal problems but you should consider consulting before the IRS comes knocking at your door to avoid problems all together
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