Resolving tax issues may take a level of finesse and skills that you don’t have. Instead of taking up the matter with the IRS, you need someone with the confidence, knowledge, and experience of handling tax disputes to help you. If you are not sure if it’s the right time to seek the help of an attorney, this guide will break down when and why you need IRS tax lawyers.
Help You With Tax Settlements
Tax attorneys have the experience required in achieving tax settlements. While a CPA may be familiar with different tax programs, they may not fully understand the ins and outs of most programs. The tax codes and laws are complex and may sometimes change yearly.
Also, there are plenty of programs that a troubled taxpayer may consider to reduce or settle the tax liability owed, and a tax lien attorney is in the best position to determine the right program to use and how to qualify you.
It can be a stressful time for anyone who’s under the collections process from the IRS, and any wrong advice can be costly. If you don’t want to take chances with your future, tax attorneys will help you get IRS tax relief.
Help With Tax Legal Matters for Your Business
When starting a business, a tax lawyer can guide you on the tax implications and issues relating to the taxation of different companies. If you already have employees, a tax lawyer understands the requirements regarding federal tax deposits, 941 returns, and withholding taxes.
Sometimes you may be required to go with expansions and mergers, and there will be certain issues that have to be sorted. Tax lawyers can help you get through the process of acquiring, expanding, and developing newer businesses.
IRS Tax Disputes
Many tax disputes are as a result of an audit of one or many parts of tax returns. If you receive a notification from the IRS about an upcoming audit, you should hire a tax attorney immediately. The tax relief attorney will communicate with the IRS on your behalf and will be there during the audit to help you with the settlement.
By having a legal counsel, you will not have to overpay as a result of your audit. Sometimes, taxpayers ignore the letters and warnings from the IRS because they don’t know how to respond. As a result, the IRS may threaten to file a lawsuit for tax evasion.
A lawyer can assure the IRS that you are taking the investigation seriously, and will represent you in court if you’re charged with a tax crime.
Asset and Payment Protection
Tax lawyers know the measures to take to protect your assets and income. The IRS can garnish your income or put a lien on your assets to settle your debt. With the help of these attorneys, you can safeguard your finances by filing for an offer in compromise (OIC) to settle your debt. They can also make arrangements to pay your debt using a money order, ACH withdrawal, credit card, or other payment methods. This way, you can safeguard your assets from being seized.
Offshore Wealth
There are a lot of people that do business outside their country. While having offshore accounts and wealth is legal, you have to declare what you have outside, and taxes should be paid accordingly. While there are different programs, you can use FBAR filing and offshore voluntary disclosure programs (OVDP) — but be sure to work along with tax lawyers since they are in a good position to advise on how to go about with such issues.
Document Requests
Two rules apply when dealing with the IRS: You have to send all the documents promptly and you should provide what is not asked. In cases where you send the wrong file, they may scrutinize in the hope of finding incriminating information. Hiring tax lawyers is an excellent idea as they’ll guide you on what you have to submit to authorities.
If you’re faced with a situation that requires you to make tax decision and don’t know how to go about it, you are better off getting in touch with a tax lawyer. With their years of experience and knowledge of the in and out of IRS, your issues will be handled promptly.