In recent times, tax audits have become an uncomfortable and even frightening experience for many Americans. From individuals to small business owners a tax audit represents an action that most would rather not experience. It is important to acknowledge that many tax issues are easily resolved with the help of a tax attorney. In general, a tax attorney is a lawyer who specializes in the vast and oftentimes technical field of tax law. In essence, a tax attorney exclusively specializes in working with taxpayers to solve their IRS or state revenue issues. The best and well-trained tax lawyers can facilitate an easy and relaxing tax audit process. They are also able to guide the taxpayer through the minefield of self-employment and small business tax problems.
Large majorities of small business owners deem their tax attorney to be a vital and integral part of their daily operation, and may have the tax attorney serve in the role of an accountant. In a broader sense, the tax lawyer can be considered a different type of financial advisor who will help the taxpayer deal with potential tax issues, even before they cause financial distress.
In general, the US tax law can be likened to a structured labyrinth, which changes its laws and policies almost every year. This is the very reason why the IRS tax attorney has become a vital and crucial component of any successful organization. A talented and reputable tax lawyer will keep up with the latest law changes and will be able to provide accurate advice to his clients. This type of advisement can facilitate a smooth and proper process for setting up trust funds, stock portfolios, and minimizing the risk level for any type of unforeseen tax issues.
The role of a tax attorney can be extremely important in a range of different situations. Take for example a taxable estate. When the organization’s owner needs to file an estate tax return or to develop an estate planning strategy, a tax attorney can help. Another example would be when someone is starting a new business and has the need for accurate counseling regarding its tax and structure, a tax attorney can be invaluable. Additional reasons for consulting or hiring a tax attorney would be engaging in an international level business, reviewing contracts, bringing suit against the IRS, or if a taxpayer is under criminal investigation for committing tax fraud, a IRS tax attorney could provide the protection of privilege.
Apart from the reasons to hire a tax attorney, it should be noted that a great deal of education and training is required in order to practice in the field of tax law. One must first acquire their Juris Doctor J.D.) degree and be admitted to a state bar. In addition to these minimal requirements, a tax attorney should also have advanced tax law training. To compliment this type of educational background, a large majority of tax attorneys will also have a masters of law credential (L.L.M). Together with experience and education, a tax attorney is a great ally to have when experiencing an IRS tax audit.
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