If you are looking for legal consultation for your taxation issues, either you are individually paying taxes or taking care of your business taxes, a qualified New York Tax Attorney can assist you.
An experienced tax attorney can help you to understand the lawful tax regulations. They will also be able to assist with solving tax issues such as federal income tax, gift, estate, property, estate, federal tax, tariff, and issues related to complying with Internal Revenue Service obligations.
What does a tax lawyer do?
Many Americans find filing taxes online easy thanks to the ease of using online tax-filing tools. Many people don’t realize how complicated the tax code can be. Sometimes, an expert may be needed to ensure you receive a large refund check and not an IRS audit notice. To make sure it’s not a criminal summons or an audit notice.
These are five areas that a tax attorney can help you with.
Respond to IRS Audit and Collection Notifications
You will probably need some help if the federal government calls, especially if the IRS is owing money. It can be difficult to deal with the IRS’s many tools for collecting taxes, including interviews and notices. It is possible for the IRS to make a mistake when determining your owed amount. However, a professional may be able to spot the error and advocate for you.
Ensure you Avoid Jail
For not filing a tax return on time or failing to pay taxes in a timely and accurate manner, there can be severe penalties. You can’t be sent to jail for failing to pay your taxes. However, you could be sentenced for cheating on taxes.
A tax lawyer can help you if you are being charged with tax fraud or any other tax-related crime. Tax defense lawyers are skilled advocates for criminal defendants and are available to help with any criminal investigation or potential investigation.
Navigate Confusing IRS Documents
Nearly 2,000 IRS publications and forms are available. Many of these can be difficult to understand for a layperson. An expert tax attorney may be able to help you navigate the complicated IRS tax process.
Help you set up, buy, or sell your business correctly
There are many tax implications when starting a business. The type of business that you choose will determine how your business is taxed. If you have investors or partners, a tax lawyer can help you understand how tax impacts different business structures.
A tax lawyer can help you understand the tax implications of buying or selling a company. If you’re forming a nonprofit, a tax lawyer can help maximize your tax benefits while following complicated rules.
Help reduce your taxes in the future.
It’s all very well to calculate your tax filing for the year. What if you are already concerned about the potential tax impact next year? A tax lawyer can help you determine which of the many ways to reduce your future tax liability.
What are the duties of a tax lawyer?
You may have figured out that a tax lawyer has five primary duties. They must understand the tax code and how it applies for their clients, regardless of whether they are individuals or businesses.
Tax lawyers represent taxpayer clients that may require assistance in avoiding IRS trouble or figuring out how they can pay the least amount of taxes allowed by law.
This may seem simple, but there are tax laws at all levels. Each level has its own set of events, which can be taxed or exempted from taxation.
What does a tax lawyer cost?
Tax lawyers usually charge an hourly rate. This will depend on where you live and how experienced the lawyer is. Tax lawyers charge between $200 and $400 an hour in 2020.
If the work required is simple and well-configured at the beginning, some tax lawyers may charge a flat rate.
All over the country, there are free and low-cost tax clinics. More information is available at the Taxpayer Advocate Service website.
What are the advantages of a tax attorney over a CPA?
A good tax lawyer is not enough for a small business. These are five reasons to hire a tax attorney.
The IRS has issued you a Notice of Deficiency.
A CPA or EA may appear in Tax Court. They may have the knowledge and experience to win your case. However, they might lack the ability to present your case.
You are considering merging with another company or obtaining funding.
A tax lawyer should be consulted if you are planning to merge with another entity. From the beginning, your tax structure is important.
If you have a partner or co-venturer.
Do you want to enter as an LLC, partnership, C corporation, or S corporation? Tax laws governing corporate and partnership tax are different. A tax lawyer can help you understand the differences.
Plan for the future of your business.
Are you adamant that your children will inherit the business when you are gone? A good tax lawyer can help incorporate your business into your estate plan.
You are a non-profit.
This is where the laws can get quite complicated. The Tax Code governs many nonprofits. There are many details that you need to know, including structure, board selection, and prohibited transactions. A CPA won’t likely be able to help you.
Is it worth hiring a tax lawyer?
It depends on your situation whether it is financially prudent to hire a tax attorney. An attorney is necessary if you have a legal problem, such as a criminal case, like tax fraud, or if you plan to sue IRS.
If you need assistance with filing taxes or have general questions, you might consider consulting a trusted tax preparer or accountant who will charge less per hour than a lawyer.
What questions should I ask my tax attorney?
Questions to Ask a Tax Lawyer
Here are some questions to ask a tax attorney when you reach out to them:
- How long have been practicing law?
- What is your hourly rate? Is this a flat-fee service?
- How much time do you spend on tax law?
- Are you an accountant by trade?
- Are you a specialist in a specific area of tax law?
- Do you think this is a case that requires the assistance of a lawyer?
Good tax defense lawyers will defend you and preserve your rights. They will listen to you and not give advice to others. They can review your case and offer you options. He or she is there to help you through all phases of the investigation and will make sure that you are comfortable with his suggestions.