Simply put, tax issues can be scary. If a business owner fails to deal with them properly, they could end up losing their company. For those who are currently struggling with IRS tax debt or are being audited, this is where hiring a tax attorney can be of assistance. Read on to discover three major ways in which a tax attorney can help business owners rectify their problems with the IRS.
- CPA’s and accountants do have the necessary knowledge to help business owners complete their taxes, and both can provide some advice about what to do during an IRS audit. However, a Tax Lawyer likely has a broader range of knowledge when it comes to tax laws, and they can usually offer more creative solutions to business tax problems. For example, they may be able to show a business owner how they can file for bankruptcy in order to get relief from tax debt. When a tax situation becomes highly complex, a tax attorney is most qualified to solve the problem.
- A tax attorney can represent a business owner before the IRS. Once a business owner grants them power of attorney, they’ll be able to make decisions and take actions on their behalf, attending IRS meetings, dealing with court proceedings, and responding to all IRS communications. Not only does this reduce the amount of time the business owner spends on tax issues, but it also reduces the chances that they’ll put their business in jeopardy by saying or doing something wrong.
- Tax debts and penalties handed down by the IRS are often overwhelming for business owners. The good news is that there’s a lot of room for negotiation. The bad news is that, without a Tax Lawyer, negotiations usually don’t go well. It’s always in a business owner’s best interest to allow a tax attorney to negotiate with the IRS on their behalf, as doing so gives them a better chance of avoiding harsh penalties and getting a favorable outcome in the end.
Dealing with the IRS requires the help of someone with great legal knowledge and experience. Since business owners rarely have that, it’s vital that they get assistance from a qualified tax attorney.