Running a business can get overwhelming. There are an endless number of things to keep track of to run the “business” side of your business. For some, it may feel like this neverending “to-do” list can pull you away from whatever service you provide or product you sell (aka the whole reason you started the business in the first place). Hiring a tax attorney is a great way to protect yourself and your business.
An attorney can help in multiple areas of your business. Your attorney can speak with the IRS on your behalf and provide you with all of the records that are required. Moreover, an attorney can help you prepare the necessary documents for review and fight back against a back tax assessment. Read on to learn more about tax attorneys and to find out all of the responsibilities an experienced tax attorney can help with.
What is a tax attorney?
A tax attorney is a lawyer who specializes in tax law. Normally, they hold a Juris Doctor degree and belong to the state bar association. Some have additional degrees such as a Master of Law in Taxation (LL.M.), which is an additional degree that law school graduates can pursue after passing the bar exam.
Tax professionals learn everything about taxes, so you don’t have to
Tax lawyers are the professionals who help people and businesses understand how to comply with tax laws. They may represent individuals, companies, or other entities in disputes over taxes.
Tax lawyers must have a thorough understanding of federal and state tax codes as well as regulations governing business operations. Tax law is an incredibly complex area of law so it’s important for taxpayers to seek out professional legal advice before making any decisions about their taxes or filing returns.
Paying for professional counsel can help to avoid costly penalties
Hiring a professional can help you avoid penalties imposed by the IRS by presenting your case and negotiating settlements. They can also help you resolve legal disputes before they reach court, and they will attend audits to represent your interests. They may also look over federal and state tax forms and provide legal advice on tax issues.
A tax lawyer can provide counsel on legal matters regarding taxes
A tax lawyer can advise a taxpayer on how the law might affect them, help them determine whether they should fight an assessment, and assist in formulating strategies to minimize taxes owed.
Tax lawyers may be involved with any number of tax-related activities including creating or restructuring business entities, working with mergers & acquisitions, determining how partnerships are taxed, representing clients at administrative hearings about their taxes, handling tax disputes with the Internal Revenue Service (IRS), representing taxpayers before state tax boards or local county boards of equalization, advising taxpayers on estate planning issues that relate to their taxes are other issues.
A tax lawyer is an attorney who specializes in the field of taxation
Tax law is an area of law that has been around for a long time and requires specialized knowledge. Tax lawyers are attorneys who specialize in taxation and can provide guidance on any tax-related issue.
Tax attorneys provide financial advice on most activities subject to taxation
Whether you’re living in Memphis, TN, and seeking advice on how to minimize your taxes, or are facing an IRS bill you can’t afford to pay, a tax lawyer can help resolve your problems. Tax lawyers can provide advice on all activities that are subject to taxation, including income, property transactions, and gifts.
A knowledgeable attorney can determine whether or not taxation is appropriate for your particular situation and can negotiate with the IRS or in court to reduce your tax burden.
Looking for clarity on how decisions or a new law might influence your tax situation?
Tax lawyers also keep informed on current and proposed legislation that will affect taxation. If you have a specific question about how new laws might influence your situation, a tax lawyer can provide clarity. In addition, some tax attorneys specialize in particular types of taxes such as estate taxes, capital gains taxes, transfer taxes, international taxation, and more.
A tax lawyer researches and interprets federal, state, and international laws
In addition to researching and interpreting federal, state, and international laws, a tax lawyer can provide legal advice to clients on relevant matters. This is one of the most demanding areas of law because it requires expertise in many different fields, which can change quickly.
A tax lawyer also needs to have a lot of patience with their clientele, who will often need explanations for complicated aspects of the law that they may not fully understand themselves. However, this is a rewarding area of law with countless branches and specialties. Tax lawyers can work for government entities, legal firms, or corporations in any industry.
Is it time to consult a tax lawyer?
There are many reasons why an individual might need to consult with a tax lawyer. They could have questions regarding the creation of their will or trust, be involved in international business dealings, have inherited property from a foreign country which they are not sure how to go about claiming, or recently divorced and are looking into ways to best allocate their assets to minimize future taxes.
Knowing when it is time to consult with an experienced attorney can be the difference between taking the necessary precautions to avoid a “sticky” situation, or having to pay the costs of fixing a mistake after it has been made.
A tax lawyer may have experience with estate planning or bankruptcy cases, too
While a tax lawyer has an extensive and intricate understanding of the laws surrounding taxes, tax court, tax debt, tax penalties, tax planning, and more, their legal education can also lend itself to other important legal matters in one’s life.
They may also have experience with estate planning or bankruptcy cases. However, they can be contacted by anyone that has any questions about how taxes work. Tax lawyers are often consulted on matters relating to international law, as well as state and local tax laws.
A tax professional can provide tax advice in all areas of an individual’s life
They look at how a client can create an estate plan that will help minimize the taxes the client will have to pay. A good example of this is having a tax attorney determine whether your home should be owned by you individually or through a trust so that when you die, the property passes on to your family without being subject to taxation.
More specifically, TN tax lawyers help individuals manage their taxes
Tax law is a very complicated and often confusing area of the law. It’s also one of the most important areas for an individual to understand, as it affects many aspects of their lives.
The primary responsibility of tax lawyers is to help individuals manage their taxes by filing all necessary forms with the appropriate authorities to minimize their liability through deductions and credits.
More specifically, they help individuals manage their taxes by filing all necessary forms with the appropriate authorities to minimize their liability through deductions and credits.
Domestic versus international tax law
Tax law can be divided into two general categories: domestic (United States) tax law; international tax law, which governs taxation between countries that have signed agreements on how income should be taxed in each country.
How to find the best tax attorney for your needs
Tax lawyers can work for a law firm or themselves. They are the ones who draft and file tax returns, represent clients in disputes with the Internal Revenue Service (IRS), and advise clients about how to minimize their taxes.
What to look for
When you’re looking for a tax attorney, you want to make sure that you find someone who is experienced with your particular type of tax issues. You may also want to find someone who has a good rapport with clients.
Tax lawyers also advise businesses on issues such as acquisitions, international taxation, mergers and reorganizations, securities offerings, employee stock ownership plans (ESOPs), executive compensation packages, retirement planning issues including qualified retirement plans like 401(k)s or SEPs, fringe benefits like company cars or country club memberships that may be taxable under the current tax laws.
Since an attorney is not a sales person, you can trust they are advising with your best interest in mind.
There are many other types of taxes too, but these are some of the most common areas where taxpayers need help from a lawyer because they have complicated rules. Tax lawyers are also involved in tax planning and tax preparation.
The responsibilities of a tax attorney
The tax attorney provides legal advice to help clients minimize their tax liabilities and maximize their deductions.
Communicate to their clients, and on their behalf
A tax attorney must be an excellent communicator. Many cases involve negotiations with state tax agencies and IRS officials. This requires excellent communication skills and a thorough understanding of the law. A tax lawyer must be able to work with a variety of people to find the best solution for a client.
Stay up-to-date on any changes to tax laws
The laws surrounding taxes are complicated, and they constantly change. Hiring the right representation is crucial, particularly if your financial future is at stake. Attorneys can help you minimize your tax liability by implementing strategies that can reduce your tax liability and avoid tax debt.
What to expect from your tax attorney
When you decide to hire an attorney, you will need to ask several questions. First, you’ll want to make sure the tax attorney you choose has the appropriate credentials and experience.
Explain your tax problems in detail
Next, you’ll need to discuss the possible outcomes of your tax problem. Be sure to provide your attorney with all the information you have regarding your situation. A strong attorney-client relationship requires honesty and full disclosure of information. With this, they can provide the best counsel possible.
This is where strong analytical skills come in handy. You’ll need to understand how your problem is related to the law, what the opposition is arguing, and how the law affects your case.
Be open to solutions
Attorneys are highly capable of handling complex tax matters. They can help you settle any issues with tax authorities, such as the IRS, and negotiate an affordable payment plan. They can also help you with your own income tax returns.
How to work with your tax attorney
It is important to be ready with details about your tax situation and any notices from the IRS, as this will help your attorney prepare your case. If you need a tax settlement, have unpaid taxes, back taxes, tax liens, wage garnishment, an IRS audit, or any other legal issues that would require a tax professional or legal assistance, then proper legal representation is the best option.
Services for tax-related issues
Tax attorneys provide a variety of services, including tax return preparation, audit representation, and accounting. For complex tax problems, it is best to hire an attorney who can represent you with confidence.
When you have an audit or are being investigated by the IRS, having a lawyer’s help can be invaluable. While it is important for a person to do their own independent research, speaking with a person who has a license to practice law and represents taxpayers can be a life safer.
Hiring a good tax attorney benefits you!
Tax attorneys understand the nuances of laws for taxes, and they have access to the latest information and resources to protect your rights. They can also be your advocate in negotiations with the IRS.
They do the hard work so you don’t have to
A tax attorney can help you pursue any relief options, such as Penalty Abatements. It can be confusing and stressful to deal with the IRS, and hiring an attorney can be of great benefit. As an added bonus, hiring a tax attorney with excellent skills can give you a competitive edge.
Hire an experienced tax attorney with confidence
Talk to an experienced tax attorney, Joseph Damiens today. Schedule your confidential consultation by calling our Mississippi office at (662) 442-4423 or our Tennessee office at (901) 499-4466.