Tax attorneys are needed for IRS audits and estate planning. To represent you in court and before the IRS, these experts spend years in school earning Bachelor’s degrees, Juries doctorates, and even Master’s and doctorates in accounting. They help with IRS legal concerns, property liens, and wage garnishments. Tax attorneys may help with legal issues, unlike CPAs.
Why engage a tax attorney? First, the top five reasons.
What’s A Tax Attorney?
Tax attorneys often start like CPAs with a Bachelor’s degree in accounting. Depending on the institution and degree requirements, some major in math, pre-law, or business. After earning a bachelor’s degree, take the LSAT. This examination is needed to enter law school, where they study law for three years to pass the bar exam.
Tax attorneys can get work after passing the state bar test. To get experience, they work for a tax law company while studying. Many tax attorneys have Master’s or Ph.D. degrees in accounting, which boosts their understanding of the tax code. This helps individuals meet their state bar association’s continuing education obligations to practice law.
How Can Tax Attorneys Help?
Tax attorneys know to account, but their work is different. Tax attorneys can defend you in court or write to the IRS. Tax attorneys can conduct bookkeeping, but you wouldn’t hire them. They specialize in law-related accountancy.
If the IRS is garnishing your earnings and you want to negotiate a payment plan, or if the IRS has levied liens on your property due to unpaid taxes, you should engage an Oklahoma tax attorney. In certain cases, a tax attorney can mediate between you and the IRS to benefit both sides.
If you owe a lot of back taxes, wish to settle with the IRS, or set up a payment plan, you need a tax attorney. They can resolve IRS concerns, including levies, garnishments, and bargains.
Besides IRS difficulties, a tax attorney may write estate paperwork and set up trusts to protect your money for future generations. They’re ready for these materials. Your tax attorney can manage family business succession planning while your CPA knows how much money is in your business bank accounts.
Why Hire A Tax Lawyer?
A tax attorney can handle many things a CPA cannot. Tax attorneys are needed for several reasons. Five reasons you need one.
1) Late Tax Returns
Unfiled taxes for years? Your accountant can help you fill them out and submit them, but a tax attorney is preferred. They can help you submit and process your returns and set up a mutually beneficial payment arrangement with the IRS. You won’t have to confront the IRS alone, which might be scary if you owe multiple years of taxes. Having a tax professional represent you show the IRS that you have support, and having the attorney handle all IRS correspondence makes things easier for you. It will reduce stress, which is always excellent.
2) Starting A Business
Startups are harder than you think. It would be best if you properly incorporated the business (sole proprietorship, partnership, S-corporation, or C-corporation), managed all the paperwork, filed for a new EIN (employer identification number), set up business bank accounts, and more. Even rebranding an established firm is tough. As company setup and planning experts, tax attorneys can assist you throughout this process.
3) Estate Planning Help
Complex estate planning. A tax attorney can help you put money in trusts for your children or grandkids, ensuring that your estate will be divided as you like or avoid excessive estate taxes. They’ll organize your estate’s documentation. They can create trust and recommend trustees. A tax attorney can help you establish a nonprofit with a portion of your estate and have a board distribute the assets. They are experts in estate preparation and will simplify succession planning. They can also answer estate or set up inquiries.
4) IRS Wage Garnishments And Tax Liens
The worst news is the IRS is garnishing your salary and putting tax liens on your property. The IRS is now playing hardball since you presumably disregarded their notices about your past taxes. The IRS may even press criminal charges if you owe enough money and don’t pay. If so, you need a tax attorney. Your tax attorney may contact the IRS and manage all communications. They can assist you in setting up a payment plan or lump sum payment to cease garnishment and lien efforts and put criminal charges on hold. The IRS will cooperate with you and your tax attorney if you agree.
5) Irs Tax Audit
Tax audits may be unpleasant if the IRS visits your firm or you provide them with your financial documents. Tax attorneys simplify matters. A tax attorney will speak with the IRS on your behalf, assist you in gathering the required records, and submit them for evaluation. Your tax attorney can function as a go-between for IRS inquiries. An attorney is always helpful if the IRS thinks you owe past taxes.
