Tax law is an incredibly complex sphere filled with regulations. Thus, it is very obvious to have difficulty understanding the implications of IRS. This is where a tax attorney comes in with a profound knowledge of tax issues which can benefit you in a variety of ways. While hiring a tax attorney you need to ensure that they have a law license for practicing law. This license acts as proof of the skills, qualifications, and authority of the tax attorney to offer necessary guidance and represent you whenever you land into tax disputes. You can check your state’s bar association website to verify the license of your tax attorney. It also becomes necessary to consider the experience of your tax attorney in handling similar cases. You must ask how much your attorney is going to charge for their services. Usually, the lawyer’s fee varies according to the popularity and size of the firm, its reputation, experience, and location. Today we are going to take a look at the different ways in which you can benefit from availing the services of a tax attorney:
· Estate planning is an important area of practice for a tax attorney who holds adequate knowledge for handling complex paperwork and devising estate planning strategies. You can benefit from hiring a tax attorney if you are considering purchasing a rental property but are not sure of its implications on your income tax return. Here a tax lawyer can help reduce your income taxes by taking advantage of the federal tax code. A tax attorney can advise and guide you regarding the tax implications of both state and federal laws on setting up trusts, transferring assets to loved ones, and more.
· If you are planning on starting a business then a tax attorney can come in handy. They will educate you about the different taxes imposed on businesses and their implications. An income tax lawyer will also offer adequate advice on federal tax deposits, withholding taxes, and 941 returns that apply to employers. As a result, you can properly learn your tax responsibilities so that your business can thrive without any blockades.
· If you disagree with an IRS tax audit then a tax lawyer can represent you in a tax court and negotiate your settlement terms with the IRS. They can help settle your tax disputes for less whether through penalty abatement or other offers made as a compromise. An IRS tax attorney can also be hired to communicate with the tax office on your behalf if you haven’t filed tax returns for a certain period. These professionals will help in preparing and filing these returns with the IRS. A tax lawyer can help resolve tax debts arising from the filing with an installment agreement.
Conclusion
Tax attorneys specialize in the application and interpretation of complex tax laws and policies. A Tax Attorney in Reno holds the experience of working in different settings like law firms, accounting firms, tax courts, state and federal agencies, private organizations, non-profit organizations, boutique tax firms, and corporate and business entities.
