When it comes to running a business, matters to do with taxes automatically become part of your daily concerns.
Whether it is generating and successfully filing income tax returns on time, or determining the amount of taxes to pay, you need to be duly guided on the processes. This helps you to avoid making any errors that may be expensive for your business.
Besides, you need to be aware of the laws that govern how you remit your taxes to the authorities licensing you to operate your business.
That is why you need to keep a tax attorney close to help in handling and planning on your tax matters, which is in addition to representing you in case any legal issues arise.
Let’s have a look at the instances when you need the tax attorney to act on your behalf.
When To Hire A Tax Attorney For Help
1.When Starting A Business
When setting up your business, many factors come into place.
For starters, there is the need to understand the structure of the start-up you want to establish. This may involve determining whether it is a sole proprietorship or there are shareholders to be looped into the business.
Besides, you may want to decide if your business will operate at local levels or will have an international presence.
For example, if you have plans on expanding your business operations to foreign markets, the attorney will come in handy to provide support on the export and import laws of different countries, including the laws governing the hiring of personnel in those countries.
Either way, you will need legal counsel to advise you about the structure of your business and the taxes you will be required to remit.
Engaging a tax attorney at the nascent stage of your business is essential as you get to learn about tax procedures and the tax laws to abide by.
Additionally, you might get non-tax assistance on such issues, such as shareholding and drafting contracts.
2. When You Need To Resolve Legal Matters
More often than not, you will be dealing with government tax agencies while grappling with newly implemented tax laws that have the potential to affect your business.
Other times you will be negotiating a penalty for filing the tax returns late. Whichever the legal context that maybe, you will need a knowledgeable and experienced lawyer to guide you through the legal process.
The attorney will help prepare all the relevant tax documents for your case to be strong and valid, besides giving you the best representation.
Therefore, to ensure that the burden of the tax does not weigh you down, engage with a qualified tax attorney today, and get the tax legal issues fixed.
It’s a good way to cushion your business from legal issues that can destroy your venture.
3. When Filing Estate Tax Returns
The estate tax is the tax on your right to transfer property to your heirs or inheritors. It involves accounting for every property that you own and the business interests that you have.
The sum of all the items you have is referred to as gross estate and may include cash, and securities, real estate, trusts, and insurance, etc.
There certain deductions and reductions on the gross estate are allowed in the process. In other words, there can be variations in calculating the value of the taxable estate.
The technicality in coming up with the taxable estate requires an experienced tax attorney to advise accordingly to what items should be taxed depending on the applicable laws, and which ones should not.
In this regard, a tax attorney can help you get exemptions and save you a lot!
4.When Under Tax Fraud Criminal Investigations
If you are in tax debt distress and you happen to be put under criminal investigations by the tax agency, it is wise to consider consulting an experienced tax attorney.
It is advantageous because, unlike your certified public accountant who may be forced to testify against you on account of tax evasion and fraud, a tax attorney under the attorney-client privilege is exempt from testifying against you.
Additionally, in such circumstances, a tax attorney can help release the lien and find payment options in case a tax lien is filed against you.
The tax attorney will, therefore, help guard your business reputation, represent you before the tax court, and also guide you in the best way to close the criminal investigations against you.
A tax attorney plays an essential role in the growth and management of a business.
Besides helping in tax matters, the tax attorney can also represent you in legal non-tax issues in case your business is wrecked by tax problems.
It’s always smart to hire a tax attorney before tax issues crop up or immediately they do to avoid letting the situation slip from your control.