Taxes. That’s the thing that we complain about a lot, but we know nothing of it. It explains why when we’re faced with a concern about them, the best thing to do would be to lawyer up. An expert in tax settlement services maintains that, while an accountant is enough to manage tax issues, there are cases where the knowledge of a legal expert is crucial. Here are telltale signs that you may need to speak with a tax attorney.
1. An IRS Audit
Receiving notice of an audit from the Internal Revenue Service (IRS) is probably the most concerning thing for a taxpayer. Audits can become complicated, particularly if inconsistencies or mistakes are discovered. It may not always be a sign of misconduct. A tax attorney can act as your representative, protecting your rights and making sure you answer questions correctly throughout the audit process.
2. Back Taxes
A tax attorney can be extremely helpful if you have a sizable debt in back taxes that you’re unable to pay in full. They can pursue an offer in compromise that allows you to pay less than the entire amount due or arrange an installment agreement with the IRS. Tax attorneys can also help in determining whether filing for bankruptcy could be a practical way to get rid of tax obligations.
3. Tax Fraud or Tax Evasion
Serious accusations of tax fraud and evasion carry repercussions like steep fines and even jail time. If the IRS believes you have purposefully concealed assets, claimed incorrect deductions, or failed to report an income, legal charges may be filed against you. The knowledge of an attorney is essential in these situations, as they can evaluate the accusations, formulate a defense, and attempt to lessen fines or criminal charges.
4. Starting a Business
There are many tax considerations when starting a business, ranging from determining the best legal structure to comprehending tax obligations. A Baltimore tax settlement lawyer can suggest going the way of an LLC, corporation, or sole proprietorship to affect your tax responsibilities. Your tax attorney can help minimize your obligations.
5. A Major Financial Transaction
Significant tax repercussions may result from specific financial transactions like selling real estate, inheriting a sizable property, or transferring substantial assets. If you don't plan, you may be shocked by what you’ll end up owing. A tax counsel can structure them to lessen your dues.
6. A Tax Dispute
A tax attorney can act as your advocate in a dispute with the IRS or state tax authorities. Arguments over the amount of taxes due and denied credits or deductions can all lead to disputes. Tax attorneys can litigate in tax court on your behalf, negotiate settlements, or appeal IRS rulings.
7. A Tax Compliance Concern
Because tax laws are always being updated, it can be difficult for individuals and businesses to stay in compliance. A compliance review can be performed by a tax attorney if you’re not sure of your situation. They can spot possible problems and offer advice on fixing mistakes to avoid fines and complications.
The Name of the Tax Game
A professional in tax settlement services says there’s nothing like having a tax lawyer who can protect your interest. Whether it’s an audit, tax debt, criminal allegations, or complex financial matters, legal counsel by your side can give you peace of mind. Richard Hackerman can help straighten out your tax concerns. Call 410-243-8800.
