Tax-related issues should be handled thoughtfully and given careful consideration. Without a doubt, the IRS is no joke, and any mistake from you, your employee, or an unreliable tax preparer could land you into serious problems.
According to the tax foundation, the Internal Revenue Code consists of 2,412,000 words, and other regulations help explain the laws, adding some 7,665,000 more words. Those are ten million words for you—what could be easier? No wonder 26% of Americans hate filing taxes!
In this article, we have outlined why and when it is crucial to engage a tax attorney to handle your tax issues.
1. You Get Professional Advice
For an ongoing business, it is difficult to underestimate the need for a CPA. A certified accountant will assist you in handling basic tax questions and business advice.
However, when it comes to sensitive issues that involve the IRS and complex tax laws, an attorney is an absolute necessity. Indeed, professional tax attorneys are more knowledgeable on the multifaceted, positive, and negative impacts of tax filings.
If you have any problems related to your tax, the tax attorney will provide you with the best advice, and also assist you in getting all your tax benefits. After all, this is his main line of work.
2. Awareness of Tax Policies
The tax laws are updated now and then, and it is almost impossible for the ordinary citizen to keep up with the new changes. On the upside, a tax attorney is well-versed in the tax policies and updated on new tax laws.
Their evolving knowledge of tax news is pivotal in helping you file your tax returns accordingly and achieve the most desirable outcome.
3. Cost Efficiency
While great representation is not cheap, lousy representation is way more expensive. If you have thought about the huge costs incurred in hiring a lawyer, then you need to weigh in what you stand to lose by not engaging one. An attorney’s primary obligation is to focus on tax controversies, and they may be in a position to identify, analyze, and respond to issues that you might otherwise overlook.
Your accountant may not be as thorough and quick as a tax attorney. The tax attorney knows which legal position is best for you or your business and acts accordingly. Although their hourly rate might be a little more, the output is, undoubtedly, worth the cost. They understand the “whack-a-mole” response to IRS inquiries, where issues may escalate and create more problems for you in the future.
Furthermore, they don’t necessarily focus on how they can fix your problems now, but also how they can help protect you in the future, by gaining more tax benefits.
4. Privileged Communication
The communication between an attorney and a client is subject to the full and well-protected attorney-client privilege. When the IRS is investigating your tax reports (or trying to put you in jail), they frequently ask for testimonies and documents from tax preparers you hired to assist you in filing and financial management.
More often than not, the communications are disclosed, and your accountant or tax preparer might testify against you. This is because the accountant-client privilege is significantly limited and does not apply in tax preparations.
However, your communications are protected with a tax attorney, and you are assured that your attorney will represent you well without necessarily disclosing your tax preparation process.
5. Time Is Money
As stated earlier, the Internal Revenue Code and Treasury regulations are voluminous and cover up to 1700 pages of fine print. Sifting through all these tax codes will surely take you a significant amount of time that you could otherwise spend on your day-to-day business.
A tax attorney understands all these codes and works through to their finest details. A reasonable attorney will save you valuable time since they know their line of work better than you do. This means that tax obligations and records keeping will not be your duties anymore.
6. Fewer Errors
Miscalculations and inaccurate filling of tax details is a common problem during filing and can cost you a great deal. Tax filing is not a ‘walk in the park’ kind of task and requires detail, accuracy, and a great deal of expertise.
By hiring a tax attorney, you enhance efficiency and reduce the chances of making gross unnecessary errors.
7. “I Didn’t Know” Is Not an Excuse
This is the last thing the IRS expects to hear. As a responsible citizen, they expect you to take responsibility for your taxes at all times. While even the best of us slip and makes tax errors obliviously, the IRS is never ready for tell-tale stories and small chit-chat.
Hiring a tax attorney can be your only insurance against ignorance and errors, and keeping yourself and businesses away from the dreaded tax audit.
8. Don’t Miss out Tax Deductions
Travel, acquiring new equipment, and even food expenses in your workplace could be deductible tax expenses. However, it is worth noting that each deduction comes with specific instructions that your attorney can help you demystify and offset your income.
Reasons You Should Engage Silver Tax to Help You Handle Your Tax Issues
As you’ve probably figured out by now, working with a tax attorney saves you money and provides you with a stress-free filing season. Whether you are starting a business involved in international affairs, or facing a trial charge with the IRS, you need a qualified tax attorney to help you down the road. At Silver Tax Group, client satisfaction is our primary goal, and here are some ways, we can help you with your tax issues :
- Obtain emergency relief from IRS actions – While the IRS tax levies and measures take effect immediately, we can help you find a professional tax attorney to help you get relieved from their actions.
- Stop the IRS from garnishing your check – You don’t have to worry if the IRS decides to collect the money you owe them by garnishing your paycheck. If they have issued you with a final notice, we will help you act quickly on finding an offer in compromise, installment agreement, or help you achieve a not collectible status.
- Help you in preparing or avoiding an audit – We will accurately file your taxes and forms to prevent miscalculations and gross errors that make you susceptible to IRS flagging. If you have already received an audit ruling that you are not pleased with, we can help you appeal and represent you well.
- Ensure you receive all the viable options if the IRS issues a levy against your property – If the IRS wants to seize your property to pay for your taxes, we will help you establish solid communication grounds and utilize the options available for you, like installment agreements.
- Keep your tax records in check – The longer you withhold from resolving your tax penalties, the more the problems spiral out of control. We understand how difficult it is to face the power of the federal government alone. We assure you that together, we will explore the full scope of challenges and handle situations correctly with your best interests at heart.
For more information about tax attorneys and their associated benefits, feel free to schedule a consultation today, and we will be more than willing to assist.