The Duties of the Business Tax Attorney
When you have a business, you need to pay the taxes. They would include federal taxes, state taxes and local taxes due to the privilege that you enjoy for operating your business in a particular location. The different jurisdictions like the different states and cities have different guidelines about the computation of the corporate taxes. Running the business and also updating yourself with the individual and business taxes can be a challenge. When you would make a single mistake or you miss a deadline, it could cause bigger issues for you and you may pay more fines, taxes and penalties.
A business tax attorney has various duties. Apart from helping you in the audit, there are several advantages when it comes to hiring a business tax attorney. The taxation laws are quite complex and the attorney can help you deal with the expansions and mergers. Also, they can help keep track of the present changes and laws on the federal and state tax regulations. Such would include the filing of the company’s corporate taxes and also the income taxes of your employees.
A corporate tax attorney may also prevent you from making mistakes in your tax declarations and keep the IRS at bay. On the tax season, they can interpret the tax liabilities that you have and compute those taxes which you owe and they can also file the amendment for the tax returns that you have. On the audit, they are going to protect you from the abuse and intimidation of the IRS agents which are out to go to you. They are also capable of dealing with the IRS levy or the lien or help you in coming up with the negotiation in order to reduce the taxes which you owe or get rid of such altogether.
The business tax attorneys are surely quite good when it comes to communicating with the tax authorities as well as the IRS. Moreover, they can stay on top of those paperworks because they are quite familiar with the regulations and they may protect your assets by helping you know the tax risks. Also, they can provide you with such feedback on the laws that are related to your situation if you need to handle simple tax issues. Apart from the consultation, they can also give you a great advice on your legal position and know your weakness and vulnerability to the law.
Also, the tax attorneys are very capable of finding inconsistencies and loopholes and also conflicting ideas in the IRS’ laws and regulations which can help you save hundreds and thousands of dollars when you get into litigation for those tax issues. Know that having a good business tax attorney may save your business as well as your self-esteem. You need to first weigh the options prior to hiring a business tax attorney.