You may have heard of tax lawyers but be unaware of or unsure of what they can offer you or why you might need to hire their services. There are some obvious times when you will need to hire the services of a tax attorney, but hiring one at the right time is often key.
We have gathered information regarding three types of tax problems attorneys solve every day and when you will need to employ their services. This will help to ensure that you hire one as soon as you need to.
IRS Audits and Criminal Investigations
This is the most obvious time that you will need to employ the services of a tax lawyer, as IRS criminal investigations are not a joke. However, some companies do not think to get a tax attorney involved at the audit stage, which can be a mistake. Tax attorneys are there to ensure that your company passes an audit comfortably and without the audit progressing to a criminal investigation.
One way to avoid a criminal investigation is to hire a tax attorney to complete an audit ahead of an IRS audit to determine risk areas and put recommendations in place to counteract the risks. A tax attorney can also represent you in court should you need this representation during the audit or criminal investigation process.
Hiring a specialist tax attorney for any dealings with the IRS is an excellent insurance policy and one we highly recommend.
When Leaving an Inheritance
When deciding what you are going to do with your assets upon your death, it is helpful to discuss this with a tax attorney before making any decisions. You can discuss your distribution of legacies before writing them into your will. An experienced tax attorney will also be able to explain the tax implications to both you and your beneficiaries.
Having this knowledge ahead of time will help your beneficiaries to know what they will need to do in the event of their inheritance and make that period less overwhelming.
When Selling, Buying, or Setting Up a Business
Another, possibly, obvious instance where you would hire a tax attorney. However, we have repeatedly had clients approach us for our assistance after trying to complete these tasks and finding they do have the knowledge or skills to complete them successfully.
Buying or selling a business can be simple, but more often than not, there will be tax implications and obligations that need to be fulfilled. To ensure this is completed correctly, hiring a tax attorney is the quickest and easiest way. A tax attorney will have the required knowledge of state and federal tax laws to ensure that nothing is missed and your business transaction is completed smoothly.
A tax attorney can also help you when beginning to trade to ensure that you meet your business tax obligations.
If there are other aspects of your business or personal finances that you are unsure of the tax details or obligations, the sooner you contact a tax attorney, the better they will be able to give you advice.
