Taxes, taxes, taxes. We’re not big fans of them, right? But, they won’t disappear if we simply avoid them! In fact, we might get into big trouble if we do that.
The annual job of paying state and/or federal taxes can be overwhelming, even for those with the most basic financial circumstances. However, this murky process might be plain frightening to handle on your own when faced with intricate tax difficulties.
The services of a tax attorney can be useful for everyone, regardless of their profession, level of income, number of dependents, or other factors. If you have a tax problem, he or she can help you prevent it from getting worse or make it easier to manage. Oh, and a tax attorney can also represent you in communications with the IRS, which will be less stressful for you.
Have we tickled your fancy so far? Are you looking considering the option of hiring a tax attorney, but still haven’t made up your mind? Look into this link to find out more info https://www.nytimes.com/wirecutter/reviews/should-you-hire-a-cpa/.
First, let’s explain what a tax attorney is, shall we?
General definition
Most tax attorneys begin their careers in the same way as CPAs do, by earning a Bachelor’s degree in accounting. Depending on the institution and the courses needed to graduate, some students may also choose to major in mathematics, pre-law, or business.
After completing a Bachelor’s degree program, the next logical step is to sit for the Law School Admissions Test (LSAT). In order to enter law school, you must take this exam. After three years of study, you will be prepared to take the bar exam.
Even after passing the state bar exam, a tax attorney still has some work to do in order to get work in the field. To gain the requisite experience, they frequently work for a tax law business while juggling their studies.
Many tax lawyers do have Master’s or even Doctoral degrees in Accounting, which greatly expands their understanding of the tax code. This aids them in fulfilling the criteria of their state bar organization for continuing education credits in order to maintain their eligibility to practice law. You can read more on this page folks.
Now that we’ve covered that, let’s focus on why you need to hire one ASAP:
You’re behind on your taxes
Need to catch up on years of unfiled tax returns? Don’t sweat it because you’re probably not the only one. While an accountant could assist you in filling them out and submitting them, a tax attorney should be consulted for legal advice.
In addition to submitting and processing your taxes, they can also help you work out a payment plan that is mutually beneficial with the IRS.
Not having to deal with the Internal Revenue Service alone is a huge relief, especially if you have behind taxes for multiple years.
Amazingly enough, hiring a tax lawyer to represent you sends a message to the IRS that you’re not alone, and allows you to focus on running your business while your lawyer handles all of your interactions with the taxing authority. It will make a tense scenario a little less so, and that’s always a plus.
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Estate planning
Another thing that might cause you a headache is estate planning. For some people it’s a fun thing to do, but for others not so much though.
If you are concerned about your heirs having to pay hefty estate taxes or want to set up a trust for the benefit of your children or grandkids, a tax attorney can assist you.
They can take care of the necessary legal steps to get your estate in order on your behalf. But wait, there’s more!
They are able to establish trusts and advise you on who would make the most suitable trustees. Even if you wish to leave a portion of your estate to a nonprofit and have a board of directors handle distributions, a tax attorney will roll up their sleeves and get to work ASAP.
Amazingly enough, tax attorneys are extremely knowledgeable in all facets of estate planning and will work to ensure a smooth transition of power. In addition, if you have any concerns or questions about the administration of your estate or the procedure to set it up, they will be able to assist you.
Setting up a new business
Starting a business can be a real hassle folks! You’ll need to file the appropriate paperwork, apply for a new EIN, open business bank accounts, and more if you want to legally establish your business as anything other than a partnership, a sole proprietorship, S-corporation, or C-corporation.
It’s not easy, even if you’re only buying an already established company and only changing its name. But, turn that frown upside down because you’re making a bold choice! People say that fortune favors the bold. So, because of their extensive background in corporate organization and planning, tax attorneys can assist you at every stage. Check out this link for more https://www.thestreet.com/taxes/how-to-find-a-good-cpa-taxes.
Tax liens and IRS wage garnishments
Let us tell you this, folks. Few things are more stressful than learning that the Internal Revenue Service intends to garnish your salary and/or place tax liens on your property. The IRS is taking a strong line because you ignored all of their previous warnings about the taxes you owe.
In reality, the IRS may pursue criminal charges against you if you owe a substantial amount of money and fail to pay. You should consult a tax attorney for help if this is the case. Your tax attorney can manage all interactions with the IRS. Phew!
They can also assist you in arranging a payment plan or making a lump sum payment to end the garnishment, lien, and criminal accusations against you. You and your tax attorney can expect the IRS to work together to find a solution so long as you abide by the terms of your agreement.
