Estate planning and an Internal Revenue Service tax audit are two situations where you should seek the advice of a tax attorney. These professionals have spent many years studying for their Bachelor’s, Juris Doctorates, and other advanced degrees. They can assist you in removing liens from your property or garnishments on your wages. A tax attorney, while the two jobs may not be closely related, is highly skilled and can help with any legal matter. Getting an attorney to help you with your taxes may seem unnecessary. As you can see, tax attorneys can handle many things that a CPA can’t. You can hire a tax attorney to represent you or assist you. Here are five great reasons to hire a tax attorney.
- You’re Behind On Your Tax Returns
Do you need to deal with years of unreported income? Although you can complete them and send them in with help from your accountant, it’s best to speak with a tax attorney OKC about the issue. They can assist you in working with the IRS to have those returns sent in and processed. It will be easier to deal with the IRS together, even if you owe several years’ worth of unpaid tax. You can have a tax attorney represent your interests, which will make it easier for the IRS to communicate with you. It will make a stressful situation less stressful, which is always good.
- Do You Want To Start A New Business
You may be underestimating the difficulty of starting a business. It is not enough to properly incorporate your business (you have options between a sole proprietorship, partnership, S-corporation, and a Corporation in general), but it is also necessary to manage all paperwork, apply for an EIN (employer ID number), establish business bank accounts and many other tasks. Even if your goal is to buy an existing business or rebrand it as yours, the process can be complicated. As tax attorneys have a lot of experience in business planning and setup, they can help you with this entire process.
- Need Help With Estate Planning
Estate planning can be complex. A tax attorney can assist you whether you’re looking to create trusts for your family or to protect your assets from being taken over by creditors. They can manage all paperwork and help to organize your estate. They can help you pick the best trustees to handle the funds. A tax attorney is available to help you set up nonprofits with part of your estate. They will also be able to disburse funds. These tax attorneys are experts in estate planning and will help make the process of succession planning as easy as possible. You can also ask them questions about the estate setup or any other aspects of it.
- You Have To Deal With IRS Wage Garnishments
There are few things more frustrating than discovering that the IRS is going to garnish your wages and place tax liens on your properties. You have probably ignored any notices from the IRS regarding back taxes that you owe. The Internal Revenue Service has changed its strategy and is now taking a tough stance. If you have more tax debt than you can afford to pay, the IRS may resort to criminal charges. You need a tax lawyer to help you if this happens. Your tax attorney can help you reach the IRS and manage all communications. They can help you to negotiate a lump sum payment or payment plan that will stop garnishment, and lien attempts, and even put the criminal charges on hold. The IRS and your tax attorney will work together to come up with a solution as long you follow the terms.
- You Are Undergoing An IRS Tax Audit
IRS tax audits are stressful. They can involve the IRS coming to your business, or you sending them your financial records. A tax attorney can make it easier. A tax attorney will help you communicate with IRS officials, assist you with submitting records for review, and ensure you have all records required by the IRS. As a liaison, your tax lawyer can help you with any questions or additional information that the IRS may need. An attorney is always helpful; in case the IRS determines you owe them back taxes.