If you are engaged in a business, you would have to pay local, state, and federal taxes as an exchange for the privilege of conducting your business in a particular area. Different jurisdictions such as different cities and states have different guidelines on how to compute your corporate taxes. Running your business and keeping up to date with your corporate and individual taxes is very challenging. If you happen to make a single mistake or miss one deadline, it could cause a bigger problem for you and more tax, fines and penalties. Regardless of the size of your business, you should consider hiring a corporate tax attorney to handle your business' tax and financial matters.
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Duties of a corporate tax attorney
Other than helping you go through an audit, there are many benefits to hiring a corporate tax attorney. As taxation laws are very complex, an attorney will help you in dealing with mergers and expansions. They will also help keep track of the latest changes and laws on state and federal tax regulations. This also includes the filing of your company's corporate taxes and your employees' income taxes.
A tax attorney will be able to prevent you from making any errors in your tax declarations and keep the IRS at bay. During tax season, they will be able to interpret your tax liabilities, compute the taxes that you owe, and file an amendment for your tax returns. During an audit, they will be able to protect you from the intimidation and abuse of the IRS agents that are out to get you. They are also very capable of dealing with an IRS levy or lien or help you come up with a negotiation to cut back on the taxes that you owe or eliminate it altogether.
These lawyers are adept at communicating with the IRS and tax authorities. They can stay on top of the paper works as they are already very familiar with the regulations and they will be able to protect your assets by helping you identify your tax risks. They will be able to give you feedback on laws related to your situation if ever you need to handle simple tax issues. Other than consultation, they are capable of giving you sound advice on your legal position and identify your weakness and vulnerability to the law.
Most of all, tax attorneys are capable of finding loopholes, inconsistencies, conflicting ideas in the IRS' laws and regulations that will help you save hundreds and even thousands of dollars if ever you get into litigation for tax issues. Having a knowledgeable and experienced tax attorney could save your business and your self esteem. Before you forego hiring a corporate attorney to handle these matters, weigh your options and determine the potential of reducing your tax liabilities and penalties.
When the IRS finds that you owe them taxes, you could easily lose your business or make you file for bankruptcy. A tax attorney will be able to help you manage your financial issues and they can help you with filing of the bankruptcy.
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