Even though they’re usually uneventful, there are certain cases where taxes can quickly get complicated and tedious to deal with. Tax attorneys might seem like a last resort, but they can help give you peace of mind and get you through the process effortlessly – especially if you find yourself in the following few situations.
Buying, Selling or Starting a Business
From your employees’ salary to the asset investment, everything is subjectable to tax ramifications regardless of the size of the business. You’ll need to figure out an optimal strategy from the beginning since that’s when most of the issues occur. If you manage to get on the IRS’s good side immediately, it’ll be a lot easier to keep the business sustainable in the future. The approaches can greatly vary depending on the type of entity that you’re dealing with – LLC, S-corp, C-corp etc. A tax attorney will be able to introduce you to the perks of each specific variety while guiding you in the right direction.
Owing Money to the IRS
Usually, it’s not that big of a deal if you owe a relatively small sum since there are quite a few tried and tested solutions. However, if the debt exceeds $10,000, it might be time to contact a professional. Many people get a false idea that they have enough understanding of how taxes work, which ends up leading them into even bigger trouble. Negotiations with experienced agents should only be conducted by an equally capable tax attorney. The seasoned professionals at Hillhurst Tax Group can help get the IRS off your back and settle your debt as efficiently as possible. It’s up to you to decide how either exhausting or carefree you want the process to be.
Dealing With Audits
Audits are not uncommon and they don’t necessarily mean that you’re in trouble. In cases where you’re not comfortable with submitting an answer or want to make an appeal after the fact, you’ll have to hire a tax attorney. Going through the procedure on your own is almost a guaranteed loss, especially if you try negotiating compromises. You need to have someone who knows all the tips and tricks, ins and outs of the law. Also, the appeal itself is very stressful and can take a huge toll on your mental health if you remain constantly stressed out.… Read the rest