A tax attorney may focus solely on legal rules and implications associated with a tax issue, whether it be that someone owes back taxes or is going to be opening a business and will be moving into a new tax bracket that they are unfamiliar with. Because taxes are tied to just about every facet that involves the exchange of money or the acquisition of property, review your personal finances and obligations to determine if a tax attorney can help you.
A Potential Or Existing Tax Debt
Individuals who are employed and those who own a business or property will be required to pay taxes on an annual basis. The Internal Revenue Service (IRS) issues written correspondence that relates to a past-due tax bill and in many instances, they will allow a taxpayer to file an extension or seek a payment arrangement for personal, business, or property taxes that are owed.
If you are going to be facing a debt but haven't received notification from the IRS so far, it can benefit you to contact a tax attorney who also has accounting skills. Not all tax attorneys are qualified to handle accounting issues, so you will need to inquire about the scope of a lawyer's level of service when you first make contact.
By warding off an issue at its onset, you may be able to have your tax bill lowered or make an arrangement that won't require you to pay recurring penalties. Existing tax debt is one that has already been identified through the IRS. This may involve owing money but not being able to make payments on time or avoiding fees owed altogether.
With this type of scenario, you may be faced with stiffer penalties and could eventually be dealing with a lien against your personal property. Furnish an attorney with all of the written correspondence that you have received from the IRS. The attorney may be able to aid with stopping a wage garnishment or placing a hold on your debt until a new agreement is made.
A Property Deal Or A New Business
If you will be investing in a new property or selling an existing one, taxes will be addressed during the exchange of the property. You will need to be current on your property taxes if you will be selling property and if you are going to be purchasing a plot or an existing structure, you will be liable for a tax bill. Starting a new business may alter the manner in which you handle taxes owed. Speak to an attorney about any of these life-changing situations to receive guidance with responsibly handling a situation.
If you have additional questions, reach out to a local tax attorney.