When it comes to basic tax information, most individuals know close to nothing! If you’re in this group and you have a business, you could be setting yourself up for disaster. Tax pros can help make your business run smoothly and keep potential legal issues at bay.
If you’re considering hiring a tax lawyer but need a little more convincing, here are solid reasons to go ahead with your plan:
Professional Tax Knowledge
tax code at present runs above 2,000 pages. You likely won’t dream of reading it even if you needed to. Don’t compromise your business to save a few bucks. With an attorney, you can make sure that everything is done right. Needless to say, a lawyer is an expert of law and can guide you along current state and federal guidelines.
Assistance with Returns
Perhaps the most appreciated advantage of hiring a tax attorney is getting help with the filing of your returns. As well, your tax lawyer can assist you with with amended or late returns, and extensions to make sure that everything is being handled as efficiently as possible.
A tax attorney can work as an intermediary when the IRS decides to audit your business or wants to hear from you. You might find this scary on your own, but an attorney can tell what questions would be asked, and therefore what information must be on hand so as to fix the issue.
Protection for Your Assets and Payment
An attorney can ascertain that your income and assets are protected using various methods such as settling debts with a compromise offer or setting up an installment agreement.
When to Hire a Lawyer
Ideally, you’ll want to hire a lawyer before issues crop up. But some situations will actually need you to hire a legal expert on your side. Here are examples:
If you’re being audited by the IRS, a lawyer can guide you in the process and keep it as smooth and penalty-safe as possible. Knowing how nerve-wracking such an experience usually is, you’ll thank yourself for hiring an expert.
Hiring a tax lawyer is necessary when you face criminal charges from the IRS. You could be looking at jail time for tax evasion or fraud.
Even if you haven’t committed any mistake, it’s easy to get overwhelmed or stressed when speaking to someone from the IRS. If you have to communicate with the IRS for whatever reason, having an attorney as an intermediary can be the best way to do it.