Hiring a tax attorney is often one of the most important things you can do when tax season comes around. You’ll likely be in a tax controversy situation sooner or later, and hiring a tax lawyer can give you the advantage you need to resolve your tax issues quickly and efficiently. In order to decide whether you should hire a tax attorney to help you with your tax problems this tax season, it’s important to understand some of the common tax issues that tax attorneys encounter every day. With that in mind, here are several tricky tax situations where hiring a tax attorney often makes perfect sense.
When tax issues come up, many people simply write a check and pay their tax bills without taking the time to talk to a tax attorney. While this might seem like an easy solution, it often just isn’t realistic. Real estate planning, IRA contributions, gift and inheritance taxes, and other tax issues can be time-consuming to resolve without the help of a tax attorney. If you try to handle these issues on your own without the help of a tax attorney, you could find yourself making mistakes that cost you money. By consulting with a professional, they can ensure you get the right tax treatment while keeping your assets secure.
Audits are another reason to consider hiring a tax attorney. While audits are common as we age, some can be unnecessarily aggressive, leaving you frustrated and confused. When you hire a qualified professional, they can give you advice about how to handle potential audits and what to do during them to avoid being unnecessarily cheated out of your money. Whether you owe back taxes, are going through a foreclosure, tax lawsuit, appeal an audit, or any other issue, a good tax attorney can help you understand your options and make the best decisions for your situation.
An attorney can also help you with estate planning and international business tax issues. You may have employees, contractors, investors, family members, or property in different countries. Your business may have employees based in one country and contractors in another, both of which may have tax issues to deal with. Your estate planning may also include issues related to offshore accounts, gift and inheritance taxes, and more.
Attorneys also help people prepare and execute IRS audit notices. A notice of audit is a formal letter that informs you that the Internal Revenue Service has conducted an examination and has found some mistakes on your tax return. When this happens, you owe the taxpayer their money plus additional interest and penalties. Preparing for an audit requires a lot of work including researching the tax code, preparing any documents pertinent to the audit, and following the audit process. Tax attorneys in Orlando can help you through this difficult process and ensure you receive a clean bill of health from the Internal Revenue Service.
Many tax issues can be resolved quickly and without the assistance of an attorney. However, there may be tax issues that cannot be easily resolved without the help of an attorney. Tax attorneys work to resolve financial records and other issues that might be under the control of the taxpayer. These professionals can help you determine how much money you owe the government, asset protection for your future, and find ways to avoid or reduce criminal penalties associated with tax fraud.