When it comes to basic tax information, most individuals know close to nothing! If you see yourself in this boat and you’re trying to manage a business, you might be setting the stage for a catastrophe. Tax experts can help you with your business, making sure you avoid potential legal issues in the future.
If you’re planning to hire a tax lawyer but could use a little more push, below are solid reasons to pursue the plan:
Expert Tax Knowledge
The updated U. And you probably won’t read it, whether you had to or not. Don’t take chances with your business to save a small amount. Use an attorney’s services to make sure everything is done accurately and properly. Needless to say, a lawyer knows the legalities inside and out and will help keep your business compliant with current federal and stage guidelines.
Help with Returns
Perhaps the biggest benefit inherent in a tax attorney’s services is the much needed help you get when filing your returns. Your tax lawyer can offer assistance too when it comes to late or amended returns, and extensions to ensure that these things are given the attention they need.
A tax attorney can work as an intermediary when the IRS decides to audit your business or wants to hear from you. It can be frightening to do this by yourself, but an attorney will know what questions will be asked, and thus what information you should prepare in order to resolve the issue.
Payment and Asset Protection
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 Should You Hire a Lawyer?
Ideally, before anything goes wrong, you’ll want to be ready with an attorney. However, there are certain situations that need you to have a legal professional by your side. These are a few examples:
If the IRS is auditing you, a lawyer can help you go through the process as confidently, smoothly and safely as possible. You’ll be glad you hired a pro, considering how nerve-wracking this situation is known to be.
If the IRS has filed criminal charges against you, a tax attorney will be indispensable. The penalties for tax evasion and fraud penalties can be quite steep, sometimes including jail time.
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 are told to communicate with the IRS, it would be smart to have an attorney acting as an intermediary.