While tax-related issues are a stressful and isolating experience, you’re far from alone when contending with them. People across America owe over $120 billion in back taxes, interest, and penalties.
Regardless of your unique situation, quality tax attorneys can help you resolve debts and disputes. Read on to learn why expert assistance is important for complex tax situations.
1. Help Understanding Tax Law
Tax attorneys have specialized in understanding the ins and outs of tax law. They have extensive research and a complete education in this legal area. As a result, they’ll understand both state and federal regulations and can help you understand the intricacies of the tax system.
Quality tax lawyers will have experience working with clients in similar situations to you. They’re up to date with current legislation and changes and have likely worked with others since they were put into place. This means that you’ll always get up-to-date information and assistance.
2. An Accounting Background
Most tax attorneys have some experience in accounting. Maybe they’ve worked as accountants for companies in the past. If they haven’t, their legal education may have required them to learn the basics of accounting.
This means that these specialized professionals will have a better understanding of how financials work. They’ll know what’s going on with your situation and how it can improve.
3. Information About Penalties
The IRS makes a lot of money by charging penalties for all kinds of things. Some fees and penalties make sense, including late fees and penalties for underpayment of estimated taxes. But other fees, like those for putting incorrect information on forms or applying deposits during the wrong timeframe, are less straightforward.
If you suspect that you owe money to the IRS, it’s better to be safe than sorry. Tax lawyers will help you go over possible reasons that you’re in debt. Then, they’ll help you understand any problems so you can work toward a resolution.
4. Reviewing Documents
Whether or not you owe the IRS money, you’ll need to review tax returns and documents for accuracy. If you fill them out wrong, especially dispute-related documents, you’re going to be subject to fees and possible criminal charges.
A tax attorney will help you review all the legal documents you’re submitting to the IRS. They’ll also help you figure out what options you have in the event of a dispute or filing issue.
5. Dealing with Audits
The IRS conducts audits on certain people during every tax period. This means that they examine the person’s accounts and financials to make sure that they’re giving them the right information. You’ll be notified that you’re getting an audit before it happens.
If you owe the IRS money and are audited, a tax lawyer can help you talk with agents to help you navigate underpaid taxes, interest, and penalties. They’ll help you reach a good resolution so that you don’t have to worry about too high a financial burden.
6. IRS Communication
The IRS website is difficult to use, and you may not find the information you need. Because of this, many taxpayers choose to call them on the phone. Those who call the IRS sometimes wait 2 hours or more before accessing a representative.
But even if someone gets to you within a few minutes, it’s tricky to navigate their phone system. It’s especially challenging when you have tax disputes or a unique situation that you need to discuss in depth. You’re likely to get frustrated and spend hours working toward no attainable solution.
Tax lawyers can help you talk to the IRS by drafting documents and submitting them for you. They can correspond with the IRS quickly and ask them questions. This will save you a lot of hassle.
7. Negotiating Better Deals
If you’re in a tax-related bind, you likely need to come to a solution that minimizes the penalties and fees you’ll be subjected to. For example, if you owe back taxes, you’ll probably need to pay a percentage of those taxes as a late fee. This can add up quickly if you don’t negotiate to reduce your debts.
A tax debt attorney can talk to the IRS and help you decrease these fees. Reputable professionals at Anderson Bradshaw Tax Consulting have experience working with IRS agents to help score you a better deal. This will decrease your tax burden so that you can work your way out of a bad situation effectively.
Like all lawyers, tax attorneys are held to a high ethical standard. Attorney-client privilege protects all of the information that you share with your tax lawyer. This means that your financial and tax information will stay private throughout any legal process.
You will be able to have legal discussions about your taxes without anxiety that they will get out to third parties like employers. Discreet communications that you don’t get with tax preparers or regular accountants mean that you can deal with complex concerns with minimal stress.
Many people fail to hire a tax lawyer because they think legal fees are unnecessarily high. However, while it looks expensive on paper, it can save you a ton of money in the long run.
Even in the absence of a serious problem with your taxes, attorneys can help you better understand tax codes. This could help you decrease burdens in future tax seasons.
10. Helping Avoid Criminal Charges
Tax evasion is an extremely serious crime. So is fraud. Whether or not you committed these crimes, you still may face penalties if you’re accused.
It’s also important to note that some people accidentally don’t pay their taxes correctly. These individuals may be guilty of tax evasion even if it was unintentional.
Regardless, a tax attorney can give you the legal advice you need to stay compliant. This could help you avoid damaging fines and even jail time in some cases.
Hire Quality Tax Attorneys Today
The expert tax professionals and consultants at Anderson Bradshaw can help with any tax situation. If you’re burdened with a lot of IRS tax debt, it’s time to get started.
With over 32 years of experience in the industry, our team is committed to resolving tax disputes and helping you understand any complex tax situation you’re faced with.