For any individual taxpayer or business, one of the areas where there is little room for errors is in taxation. The taxman expects nothing than full compliance, and it is your mandate to ensure you adhere to all regulations. This can be a tough mandate to achieve, given how complicated the world of taxation is and the never-ending changes to the rules and laws governing this mandate. It becomes even more demanding considering you are answerable both to the federal and state governments. Since ignorance is no excuse for making a taxation mistake, a foolproof strategy to always seek the services of experts in this niche area. A tax attorney is undoubtedly, the professional you will require at one point or the other for personal or business concerns. If you are not sure the areas that these taxation law experts can be of aid, the following are some of the core areas;
- Interpreting and responding to IRS notices
When you receive a notice from the IRS, you cannot afford to take it lightly as this can be a make-or-break move. Instead of being in a rush to make the wrong interpretations about what the notice implies, a tax attorney comes to the rescue. Since these professionals are well versed in tax laws and the mandates of the IRS, they will professionally decipher the information for you. Instead of having to second-guess what the notice implies given the legal terms used by the IRS, a tax attorney breaks it down. As a result, it becomes easier to respond to the IRS and provide adequate information that could eliminate the need for a one-on-one session or field audits.
- Negotiate with the IRS
If the IRS is on your neck because of any taxation mistakes, then you need a tax attorney to fast track what would otherwise be a complicated process. The strong negotiation skills of seasoned lawyers come handy in avoiding lots of legal implications for mistakes committed by a taxpayer. Primarily, what the taxman seeks to accomplish by following up on audit cases is to ensure they recover money lots. It is, therefore, never in their best interest to go through an extended period of prosecution when there are suitable alternatives. A tax attorney makes this possible as they offer a platform for professional negotiations that are in the best interest of everyone.
- Reduce tax liability
If you want to get into the world of business, then it is vital that before you rush to get operations running, the services of an attorney are sought. These specialists have a firm grasp of business taxation modules and, depending on the needs at hand, can tailor the best program that will ensure success. Always have in mind that failure to consider the taxation requirements for different businesses can see you have lots of liability that cannot be managed. At worst, it can drain the business profits and leave you personally liable to pay the taxes.
It is not only businesses that can benefit from the expertise of tax attorneys, but anyone with the need for estate planning. The government never considers anything to be free lunch and charges high taxes for properties or assets given to heirs. Since you cannot take the risk and have the government eat up a large share of the property left for your loved ones, legal measures can be taken. A tax lawyer will ensure that they adopt the best estate planning strategies that reduce tax liabilities without breaking any taxation laws.
- Be your advocate and assist in fighting criminal charges
Tax fraud is a serious crime in the United States, and the probable consequences that come with facing these charges are too severe to be taken lightly. A tax attorney understands this and will use their legal knowledge and skills to reduce the charges or have them eliminated. Instead of openly being at the risk of serving time in prison, having a lawyer that specializes in taxation charges mitigates lots of risks. Unlike depending on a CPA, an attorney cannot be forced to testify against you and will handle every piece of information with confidentiality. As a result, you will have in them a trusted partner who will put their best foot forward to ensure they protect your best interests.