The tax season is among the most frustrating times of the year. From doing complex calculations to filing returns, the tax season can be challenging. Unfortunately, tax issues don’t always go as planned. Sometimes, you’ll make mistakes that have dire consequences. However, you can always engage a tax attorney, especially when you are in any of the following situations.
1. You Haven’t Been Filing Taxes
Sometimes, people get behind on their taxes due to various life changes. Maybe you were living overseas, or you were sick. While you may have a valid reason for failing to file taxes, you shouldn’t be ignorant. Besides, failure to file taxes exposes you to penalties, interests, and a potential prison term.
Instead of making your situation worse, talk to a tax attorney before you file your due returns. Your tax lawyer can negotiate with the IRS to reduce the accrued fees and penalties. An attorney can also work with the IRS in setting up a reasonable payment schedule.
2. You Are Facing an Audit
Tax audits don’t happen often, but you can get selected for an audit. Many people fear IRS audits, but having a tax attorney by your side can be comforting. While an attorney is not a requirement during IRS audits, you shouldn’t take your chances.
A tax attorney understands audits much better than you. Besides, the attorney’s experience and perspective can be helpful during tax audits. An attorney will represent you and handle installment payment agreements if the audit shows you owe any tax debts.
3. You Are Accused of Tax Fraud
Tax fraud is a punishable offense that attracts fines, penalties, or a jail term. So, if you are under investigation for tax fraud or tax evasion, don’t wait to hire a tax attorney. Don’t assume that you can defend yourself against federal prosecutors.
Hiring a tax attorney increases your chances of beating the case. At least you’ll have a resourceful legal team to protect your rights. The immense knowledge and experience of tax attorneys are enough to have any evidence presented by federal prosecutors dismissed.
4. You Want To Start a Business
Starting and running a business comes with plenty of challenges. So, if you wish to start a business, hire a tax lawyer for guidance. These attorneys understand business tax and the various hurdles that entrepreneurs face along the way.
A tax attorney can help determine your taxes based on your business’s entity and should guide you on filing and paying taxes for your specific business. Apart from helping you understand your tax obligations, an attorney will help you exploit deduction opportunities.
Engaging a tax attorney when starting a business works in your favor because they ensure your business is structured correctly for tax purposes.
5. You Owe the IRS
Back taxes always attract heavy interest and fines. While you may want to pay the back taxes, clearing the full amount might still be impossible. Thankfully, a tax attorney can help with your situation. A tax lawyer can negotiate with the IRS to reduce the amount owed. At least you’ll pay a lower amount than what you currently owe.
6. You Have Tax-Related Questions
You don’t always have to be in trouble to engage a tax attorney. Sometimes, you may have questions about your tax requirements, possible penalties, and tax breaks. Tax attorneys are knowledgeable on such matters and can help clear any doubts. An attorney will even offer advice and help you understand the implications of your decisions.
Whether you need help with IRS audits, criminal tax accusations, or any tax issues, our tax attorneys at Wiesner & Frackowiak, LC, can assist you with all your tax problems. Contact us today to schedule a consultation.