When Do I Need A Tax Attorney?
Most business owners often perceive a tax attorney as an unnecessary or added expense. Majority of them will never think of hiring a tax attorney until bad comes to worse. This is unfortunate because hiring one in advance could save you a lot of trouble in the future. If you are among business owners who are yet to be convinced about the essence of a tax lawyer, here are several instances where one could save the day in Saginaw
When Starting A Business
Having a skilled tax lawyer by your side when you are establishing your business is hugely beneficial. This is because first, such attorney is trained and experienced enough to explain how tax laws affect the type of entity you plan on establishing. For instance, if you are planning on setting up a business under a sole proprietorship, an experienced tax lawyer will break down the probable tax outcomes associated with it as well as what the IRS has to say about them. This goes a long way in keeping you out of legal trouble in future as it enables you to avoid penalties and fines that you would have faced for violating tax laws you had no idea existed. Additionally, it is vital to keep in mind that there’s usually a lot of tax-related paperwork when starting a business. Having a tax lawyer by your side during this time is an added advantage as they will not only ensure you have all the right documents but will also help you through it, thus eliminating any loopholes that might cause you to pay excess taxes in future.
When The IRS Is On Your Neck
Whenever your business is facing suspicion from the IRS, criminal charges or an IRS audit, it is essential to have a highly proficient and experienced tax lawyer Saginaw MI by your side. Even though facing suspicion or being notified of an audit doesn’t necessarily mean you are in trouble, having your tax attorney represent you makes things easier as he/she will not only act as a formal representative but also boasts the experience to handle whatever the IRS throws his/her way as he/she has dealt with similar cases. If it’s a case of criminal charges, a tax attorney will help protect you from false accusations, thus safeguarding your business’s reputation as well as preventing an untrue prosecution. Once the storm calms down, the attorney will also go the extra mile by guiding you on the right path hence preventing such incidences from recurring.
When You Have Questions About Your Returns
As noted earlier, tax attorneys are often skilled in tax-related matters. While your accountant is better off doing your returns, it is beneficial to have someone else who is knowledgeable about tax-related topics on your team double check them to ensure everything is on point. A tax attorney is just the right person for this purpose.