A tax attorney is an attorney who concentrates in tax law. Financial lawyers assist individuals in organizing their money in order to maximize their tax circumstances, comply with tax regulations, and resolve disputes with the IRS or other tax authorities. Some specialize in inheritance, foreign, or company taxes.
• Tax lawyers are often employed by law companies or accountancy firms. Some may be sole practitioners, which means they run their own companies and work for themselves.
• Tax attorneys at law firms often assist clients on how to get advantageous tax treatment in a variety of scenarios. They may prepare contracts or other legal papers as required, and they may represent clients in tax court or elsewhere.
• Tax attorneys at accounting and consulting businesses are more likely to assist clients in complying with tax requirements.
When is it worthwhile to hire a tax attorney?
Some scenarios may need the services of a tax attorney.
Planning an estate
A tax attorney may assist you in developing estate planning strategies and handling the paperwork associated with avoiding estate taxes, transferring assets to family members, establishing trusts, and other techniques.
Establishing a business
A tax attorney may be able to assist you in developing tax-efficient solutions for beginning, purchasing, selling, or growing a company.
A tax attorney may assist you if you have a tax problem, wish to challenge the IRS, the state, or a local tax authority, or seek a hearing before the United States tax court.
Tax relief if you have an outstanding sum with the IRS or another taxing body that you wish to negotiate or fight, a tax attorney may be able to assist you.
• Make a compromise offer
• Innocent spouse assistance
• Payment options to spread out tax expenses
What to look for in a tax lawyer?
Here are three things to look out for.
1. A legal degree. An attorney must receive a law license in order to practise law.. You may check the website of your state’s bar association to see whether a tax attorney is licensed to practice law in your state.
2. Evidence of advanced knowledge or specialized training. To get a legal license in most states, you must also complete law school. Some tax attorneys hold a taxation master’s degree. Some tax lawyers also have CPA credentials, indicating that they are certified, public accountants.
3. A tax identification number for the preparer (ptin). Anyone who prepares tax returns for a fee must get a ptin from the IRS. Your tax return must be signed by the preparer, who must also supply a ptin.
How to obtain free legal aid?
You may be able to obtain free or low-cost tax advice from a tax attorney in your region if you go to a low-income tax clinic, often known as a litc. These clinics represent persons with incomes below specific thresholds who need to settle IRS tax issues. Litcs may defend you before the IRS and in court in audits, appeals, and tax collection issues. Litcs may also assist clients in responding to IRS letters and resolving account issues.
Polston Tax can assist multinational taxpayers in navigating various laws and regulations in order to assure compliance and maximize rewards. Please contact us for assistance!