Tax Prep Attorneys Working Hard To Protect What is Yours
You may have gone down the “rabbit hole” trying to learn more about your taxes and what the ramifications can mean for you if done incorrectly. Tax attorneys are highly skilled and experienced in all things tax law, from the federal and state levels to the city and municipal levels. The seemingly endless tax laws and regulations can overwhelm just about anyone. By relying on an experienced attorney, you don’t have to spend countless hours trying to untangle the facts and your options.
An experienced tax attorney can help clients with tax disputes or legal advice on business transactions, estate transfers, property acquisitions, and more. Some of the most common reasons to hire a tax attorney are;
- Starting a business and learning more about how to structure the business
- Selling or buying a business and wanting to ensure you maximize tax benefits
- If the client is under investigation by the IRS
- Negotiating a tax debt settlement
- If the client is preparing estate planning documents
- If the client has committed a tax crime and needs representation.
I have years of experience helping clients through this process, and I am confident I can help you too. Contact my office at 407-499-5680 to discuss the specific details of your situation and learn more about how I can best assist you.
How Can a Tax Prep Attorney Help Me with My New Business?
Most of us aspire to be business owners knowing this can be quite the undertaking. There are laws and regulations that, if not followed correctly, can create an unnecessary headache when trying to get a business off the ground and bring in income. Should you form a corporation or an LLC? It can be challenging to choose which entity is best for you. An experienced tax attorney can walk through your business plan with you to determine which entity is best for your specific situation and help you to finalize all necessary paperwork.
The last thing that a new business owner wants to think about is an audit that will likely slow them down or make their efforts to begin creating revenue seem overwhelming. A tax attorney can help clients avoid common mistakes that lead to audits, help them understand what to do should an audit occur, and more.
What tax deductions apply to my business? This question is one of the most common that I come across. To maximize your income, you can take advantage of tax deductions that apply specifically to your industry. Discovering what those deductions are and making sure you are documenting them correctly throughout the year can make tax time much less stressful.
Do you have employees? Ensuring you are taxing your employees appropriately can save headaches and unnecessary stress in the future. Set your employees up correctly by consulting a tax attorney and take one less stress off your plate in running your business effectively.
How Can Tax Attorneys Help Me With Buying/Selling a Business?
Buying or selling a business can be an equally exciting and challenging time. There are so many details to consider, some you may not have even thought of, that can significantly impact your financial situation and tax implications. Working with an experienced immigration law attorney can help you to negotiate effectively and make sure that from a legal standpoint as well as a tax/financial standpoint, all of your bases are covered. They can help you determine which allocations are best for you in the upcoming transaction and ensure that all necessary information is documented in the transaction to avoid audits in the future. They can also help to negotiate the best scenario for you as it relates to the tax implications of the transaction.
How Can I Negotiate a Tax Debt Settlement?
If you are in a position where you need to negotiate a settlement with the IRS, we don’t need to tell you how painful and overwhelming this process can be. The IRS can put liens on your property, freeze access to bank accounts, garnish wages, and obtain the funds they are owed. If you cannot pay back what is owed all at once, you are not alone and have options. Working with an experienced tax attorney can provide invaluable insight, help with negotiations with the IRS, determine what options you have, and more. You can legally represent yourself, but having an experienced attorney on your side throughout the process can save time, money, and frustration. An attorney can negotiate with the IRS for you, explain the options available, and provide professional guidance along the way.
Some options to settle IRS tax debt are an installment agreement, filing for bankruptcy, getting wage garnishments released, avoiding bank levies, and more. Each client brings a unique set of circumstances to the table, so working with a knowledgeable attorney to determine which options are best for you can save unnecessary stress on your part. For some clients, it may be filing for chapter 7 or chapter 13 bankruptcy; for others, it may be setting up an installment agreement that will suffice the IRS and one you can afford to meet.
I’m Being Audited. What Do I Do?
One of the most common ways tax attorneys can help their clients is through audits. Most of us have heard all of our lives the horror stories that accompany a tax audit. It can feel overwhelming and scary if you’ve never experienced one before. The IRS can initiate an audit when it feels the taxpayer is committing fraud, has made errors, or is providing less than complete information on their tax returns.
An office or correspondence audit typically entails gathering the requested documents to provide the evidence the IRS is looking for to resolve the audit. Many clients choose to handle these on their own. Still, the help of a professional can save both time and frustration when conducting these audits by explaining what the IRS is looking for and what will satisfy the audit, so it is complete and doesn’t occur again, and more. If a field audit is initiated, it can be the most intimidating of audits. It generally involves an IRS agent visiting your home or business to conduct an audit. You can rely on professional and legal guidance in these situations to help you navigate the process and satisfy the IRS, rather than facing the problem alone and making mistakes that could cost you significant fines or fees.
Are You Being Pursued on Criminal Tax Charges?
If you are faced with criminal tax charges, the time to hire an experienced tax lawyer is now. They can help you through the entire process to avoid unnecessary mistakes that can result in dire consequences for you and your family. You should not be punished for making an honest error when preparing tax returns.
You can work with your attorney to establish the facts, correct the errors, and avoid unnecessary penalties. There are multiple options such as negotiation, proving the statute of limitations has been exhausted, proving errors in the audit process, negotiating pleas, and more that can help you to avoid severe penalties and incarceration.
How Can a Tax Attorney Help With Estate Planning?
Many estate planning strategies can provide comfort and financial security for you and your family. Working with an experienced tax attorney can help you understand the tax implications for setting up a will or trust, transferring assets upon your death, and other ways to maximize the tax benefits available to you and your family. You have worked hard all of your life to obtain your assets. It is instinctual in all of us to want to protect that the best that we can and ensure that our family can benefit from our assets after we are gone.
Why Hire a Tax Attorney?
As you can see in this article, there are several reasons that someone may need professional advice or help from experienced tax attorneys. Taxes are a part of nearly every phase of our lives and aren’t going anywhere. Trust in the experience and knowledge of a tax professional to guide you through different stages of your life and create a plan that maximizes your tax benefits and avoids penalties.
I have several years of experience helping clients and their families through various stages of their lives. I can work with you to create a strategy that benefits your family after you are gone, helps you to get the most out of selling your business, create an effective business plan for starting a business venture, negotiate audits if necessary, and avoid complex tax issues. You may feel you can represent yourself in some situations, and I applaud you for that. If you are curious about how a professional attorney can help you save time and money in the future and form an effective strategy to do so, call my office at 407-499-5680.
I look forward to working with you and your family to navigate this phase of your life and get you back on track and focused for the next chapter of your life.