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Hiring the right tax advisor translates into better tax savings. It is advisable to have a long term relationship with one’s tax advisor so that you have professional help any time you need it. Tax attorneys are lawyers with a special tax law degree called LLM in taxation or a tax specialization certificate from the State Bar Association. Commonly, individuals and businesses go knocking on the doors of professional tax attorneys when they have a tax problem, need legal representation in court, are embroiled in trouble with the IRS or need business and estate planning. The tax professional can provide you assistance in numerous ways, such as: • Tax guidance: The professional attorney guides you with key tax decisions and also provides basic information and advice. • Resolve tax disputes: They can support you in resolving tax issues amicably without sacrificing your rights. • Handling IRS: They will guide you with procedures and formalities in dealing with the IRS. In fact, they will act as your representative in front of the IRS and handle the IRS bureaucracy on your behalf. Being qualified lawyers, they will even fight lawsuits on your behalf against the IRS. • Legal matters: If matters come to court, then the tax attorney is qualified to fight on your behalf and also assist you in seeking independent review at the tax court. • Tax Frauds: In case you have committed a tax fraud such as claiming false deductions or credits, the tax attorney is your best guide and advisor who can also get you the protection of privilege. • Business planning: Whether you are setting up a new business or expanding an existing one or even signing a new deal, the professional tax attorney is your best guide and an indispensable advisor who will be a part of the deal from the beginning to advise you on the tax implications. They can also assist you with structuring your financial system to make the maximum tax savings. • Estate planning: Planning your estate is not as simple as stating one’s wishes about how one wants to distribute their income. There are tax implications attached to large and small property acquired through inheritance. A tax attorney can help you strategize your estate planning in such a manner that your loved ones get the maximum benefit of their inheritance. They will also help you in filing estate tax returns. • Accounting Issues: Some tax attorneys also have a background in accounting. They can assist you in deciphering complex account books as well as the legal matters. Your tax attorney is extremely important to help you plan your financial activities while paying the right amount of tax. So, it is advisable to employ the services of someone who is reliable, trustworthy, professional, knowledgeable and experienced. A good tax attorney can be found by: • Checking the professional associations or referral panels such as local bar associations, National Association of Enrolled Agents or other online directories • Through personal reference of acquaintances • By advertising for their services • There are tax clinics across the country that are funded by the National Taxpayer Advocate, where free or low-cost legal assistance is provided to the taxpayers. Tax laws change constantly and often we end up committing errors in filing the returns, unknowingly, since a new law is in place. The tax attorney is always updated in these matters and can help you with the loopholes to earn some extra benefit. They can provide an individual or business with identifying potential tax consequences to plan their finances better and offer advice on how to minimize taxes. UpCounsel is a marketplace for legal services. By using technology to reinvent the traditional legal model, we are making legal services accessible for every individual and business. you can find out more about the above here Brooklyn pop up shop
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