Tax-related issues require careful thought and consideration. Dealing with the IRS is a serious matter, and any blunder made by your staff or tax preparer can lead to many problems.
When you’re facing an IRS audit, it’s best to hire a tax attorney. They can handle everything from legal issues to removing liens on your property. Here are the top 4 reasons you should hire a tax attorney for your business.
Non-lawyers rely on books to understand the intricacies of tax law. While tax attorneys also use books, they’re certified experts and look beyond the law itself. Besides tax books, they also study the Tax code, IRS regulations, and other sources of law.
Although hiring a tax lawyer may cost you money, you can lose a lot more money if your tax matters are handled incorrectly. You must weigh the cost against the potential losses that may arise due to unprofessional tax preparers.
Furthermore, tax lawyers not only fix your current problems but also make sure that your investments are protected for the future as well. Their hourly rate may be a little more, but it is undoubtedly worth the cost.
Professional Legal Advice
Besides protecting you when you’re in dire situations such as tax fraud or missing returns, tax attorneys can provide you with legal advice and education about certain tax policies and legal advice that a layperson might not know. This is important if you are establishing a new business or are conducting a noticeable financial transaction that can catch the attention of the IRS.
The communication between an attorney and the client is fully protected by the attorney-client privilege. During the investigation, the IRS frequently asks for testimonies and documentation from tax preparers that you hired for the filing and financial management.
During these situations, your accountant can testify against you as the accountant-client privilege is limited and does not apply in tax preparations.
With a tax attorney, you are protected without the fear of your tax preparation process being revealed.
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