When Should You Call a Tax Attorney?
Both tax attorneys and accountants can quickly help you during the season, especially if you find some discrepancies along the way. The name lawyer or attorney has the already known ring because it implies that you are fighting the law and not working with numbers.
Generally, they can provide you help on numerous aspects of laws and regulations, which is something that accountants cannot handle.
Of course, you do not have to be in the worst situation possible before you find an attorney because you can call them in any situation to help you deal with questions that are on-hand.
Apart from that, they will be able to handle the numerous problematic events so that you can plan your future with ease. Before you decide to contact an Atlanta tax lawyer, you should learn reasons to do it in the first place.
Keep in mind that attorneys tend to specialize in this technical and complex field of law. They can help you handle both legal and technical issues which are associated with your taxes.
At the same time, a lawyer can help you if you have a problem, which is why we recommend you conduct a consultation before anything happens.
When Should You Call A Tax Lawyer?
Similarly to other lawyers, tax attorneys also come with Juris Doctor Degree, which is also known as J.D. They also have to finish the state bar with an idea to open or work for a particular practice.
We are talking about minimum requirements, but they can obtain additional training and courses in law. Most of them have a master of laws degree in taxation, which is an important thing to remember.
At the same time, some know accounting, but they will not prepare your returns and taxes similarly as accountants. Instead, they have experience and expertise to help you deal with potential legal implications that could happen due to taxes.
In case you are facing a severe accounting problem, which can lead to legal issues, you should find an attorney that features a CPA or certified public accountant title, which will help you cover all bases.
Since attorneys with CPA are rare, you should know that they are expensive in the short run.
1. Taxable Estate
The IRS or Internal Revenue Service is one of the most critical institutions in the U.S., which means that you have to fill both personal returns and estate file returns.
Generally, you can achieve taxability if the overall value reaches 12 million in case you are single and 24 if you are married.
That is something you do not have to think about, but your heirs will have to pay for an estate tax depending on the estate’s worth, which is an important consideration you should remember.
At the same time, its exemption has doubled due to TCJA or Tax Cuts and Jobs Acts, which will expire in 2025. If you wish to learn more about taxation in general, you should check here for more information.
Therefore, you will find an attorney that will help you with the estate planning strategies to stay below the threshold and avoid severe payments to the IRS.
2. Starting a Business
Everything depends on the type of business that you wish to start, but generally, you should talk with a tax attorney to determine all potential hassles and issues that you should prepare for.
The question is whether you can function as the single proprietor, or you should incorporate it with others. Finding a legal counsel will help you determine the structure of taxes that your company should follow and handle some issues that you may not consider.
For instance, if you wish to engage in international business, you should find someone to help you with treatments, contracts, and other legal issues. The assistance can mean a difference between a formal contract and the one that features liabilities.
3. In Case You Have Legal Issues
Another reason why you should find an attorney is to conduct a lawsuit against an IRS, or if you are under investigation by them, or if you wish to get an independent review before the case reaches the U.S. Tax Court.
In all these situations, you should find someone who is familiar with regulations as well as the courtroom. Even though non-attorneys can represent you as well, but you should find someone that has understanding and knowledge on how to help you with the process.
This is highly important if you have committed a tax fraud, which includes claiming credits or deductions that you should not. The main idea is that communication and relationship with the attorney are confidential, which means that you can tell everything and find the safest way out.
Keep in mind that lawyers do not have a legal obligation to say at court everything you told them, which is something that you will not get with accountants. Check out this link: https://en.wikipedia.org/wiki/Tax_law to learn everything about this particular type of law.
Things to Expect From Tax Lawyer
If you own a business, you should know that numerous things could arise and happen that require the personal assistance of a tax attorney. In the further article, we will list you the reasons why you should conduct a consultation as soon as possible:
- An attorney can quickly review numerous legal and business contracts and structures to determine which is the best course of action for your enterprise at the beginning
- Tax lawyers can help you deal with negotiations and business contracts, which will allow you to determine whether these deals will have tax effects or not.
- You can get help when it comes to selling and deducing during the tax season, especially when it comes to severe deductions such as depreciation.
- Remember that tax attorneys can represent you in an audit and tax court in case an audit requires an appeal or ends up unfavorably. In case an IRS levels charges against you, the best way to protect yourself is by having the best legal assistance possible.