Tax attorneys, also known as tax law specialists, focus on a specific area of taxation. It’s important to have one when making sure that your business is on the right tax footing. In addition, tax law is a constantly changing body of law. When something in the tax code changes, it may be prudent to retain a qualified attorney who can speed on that code. They can help you understand the implications of any tax law changes.
One area of expertise that tax attorneys often concentrate is in understanding accounting laws. They know how to read the latest publications and issue guidelines. They are very good at handling audits, as they can look at a small business’s records and advise the business owners as to how to respond to the Internal Revenue Service audit. They can even negotiate settlements between tax payers and the government. For large businesses, this can mean savings of millions of dollars in unpaid taxes. For an individual or married couple, an audit can mean losing your house, having your wages garnished or getting a large tax lien filed against you.
A tax lawyer can also assist a business in structuring a payment plan to keep its finances in order. He or she may be able to negotiate payment plans with creditors in order to settle tax debts. This is a specialized field of tax law and involves working with collection agencies to pursue payment plans for past due accounts. If the collection agency refuses to come to an agreement, tax lawyers can file a federal tax lien against the debtor.
Another area of specialization is in financial planning. Tax lawyers specialize in assisting clients in taking advantage of tax credits and incentives. For instance, the filing of an estate tax by a business or professional can save the client thousands of dollars over the life of the tax credit. In addition, tax lawyers can help individuals and couples to determine which tax breaks will help them reduce their financial obligations.
Taxation is a difficult subject for most people. A tax lawyer can help his or her clients understand that tax laws apply to them. This includes understanding exceptions to income tax that are applicable to a client. Clients may have special tax credits that their accountant doesn’t know about and a tax lawyer can help them determine if they should file on their own or hire a CPA to do it for them.
There are many other areas of specialized knowledge within the realm of tax law. Tax attorneys can help their clients resolve issues regarding estate taxes, bankruptcy, trust management, insurance, and payroll. A tax attorney can also represent clients who owe money to the IRS. This can include negotiating with the IRS to reduce the amount of tax liability of a client is liable for. If a tax liability is too high, a tax attorney can work with his or her client to have the liability reduced or completely eliminated.
A tax attorney can also help people with tax controversy, including issues that are related to federal income taxes, federal tax laws, or estate taxes. Clients who owe money to the IRS can work with their tax attorney to settle their outstanding tax debts. This can include debt settlement, payment plans, and interest forgiveness options. Tax controversy cases often require the expertise of tax attorneys who have worked successfully with other tax agencies in the past. Attorneys who have worked in other tax offices can better understand the IRS and what tax controversy clients can expect.
In many cases, a tax attorney can represent his or her clients in federal tax court. This requires the services of an attorney who has a proven track record in successfully defending tax disputes from local tax courts. In tax litigation, attorneys who successfully win cases for their clients often receive substantial tax payouts. In some instances, a tax issue may reach the US Supreme Court. If this happens, a trained tax lawyer can help his or her client file the necessary paperwork so that the case can go to the highest court possible.
