Are you facing an IRS audit? Seizure of assets? Or just unsure of your tax returns? Here are 5 times where you need to hire a tax attorney!
Taxes are a major source of anxiety for Americans, with one in four of us fearing that our tax returns will be audited by the IRS. This has less to do with trying to outsmart Uncle Sam and more to do with the fact that the US tax code is complex, confusing, and contradictory.
It is all too easy to fall into dangerous legal activity by accident when it comes to our taxes, as even basic income tax returns can be difficult to properly understand. There are certain situations when an accountant can help you.
However, there are many other situations where the best course of action is to immediately get in touch with a tax attorney. Here are five situations where you should definitely hire a tax lawyer.
Get a Tax Attorney If: You’re Being Audited
An audit is always a panic-inducing situation. However, it doesn’t mean you’re in the wrong. If you’re asking yourself, “what can a tax attorney do for me?”, the most important thing is peace of mind.
If you get an audit, they will be able to figure out if you have any discrepancies in your return and help you avoid legal trouble or fines.
You’re Leaving a Substantial Estate to Your Heirs
Most people don’t have to worry about this one. If you’re married, then your estate will only be taxed is the value exceeds $10.98 million (this figure is set to rise next year).
If your estate is substantial, you’ll want to hire expert tax attorneys, such as those at silvertaxgroup.com. They’ll help you avoid any unnecessary charges and navigate the system for you so that your family gets what they’re entitled to.
You Get a CP Notice
If you want to know what is a tax attorney most frequently responsible for, it’s this. The government regularly sends out CP notices when they have suspicion to believe a person is not being properly taxed.
It may be benign, as many notices are simply requests for more information. A lawyer for taxes will help make sense of your CP notice and protect you from any unnecessary punitive action.
You’re Starting a Business
Anyone starting a new business or selling an old one should put some resources aside for tax lawyer fees.
They will help you decide how best to list your company for tax purposes (LLC, SS-Corp, etc) and get you any tax relief you might be entitled to as an entrepreneur.
They will also make sure that you’re compliant with local tax regulations in whichever country or state you choose to operate in.
You’re Being Charged with a Crime
So what does a tax attorney do? In essence, they keep you on the right side of the law. If you are unfortunate enough to fall afoul of the IRS and are formally charged with a crime, it’s time to lawyer up immediately.
If you have committed a tax crime, be it fraud or theft, the penalties are severe. If you wish to minimize the fallout and try and avoid serious jail time, a tax attorney is absolutely necessary.
Whether you’re wondering what a tax attorney can do for you or just trying to ringfence your finances, it helps to keep yourself up-to-date.
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