A lawyer with expertise in the interpretation and application of tax rules & regulations is known as tax attorney. For their customers, tax attorneys are able to provide a wide range of services, including tax preparation and filling. Tax relief attorney plays a vital role in benefiting us from taxation and related matters
When the IRS or state tax authorities initiate civil or criminal proceedings, a tax professional can assist. A good tax attorney can also help with estate planning and set up a new business correctly based on the nature of the organization.
Roles of Tax Attorney:
Since we are discussing about role of tax relief attorney. Although a tax payer may be able to resolve tax issues on their own without the assistance of tax professional in some instance, doing so may not be the most prudent course of action unless the tax payer has no other choice. The taxpayer may, in fact, be best served by working directly with tax professional who has experience dealing especially with IRS, given the complexity of the IRS and its maze of codes & procedures.
A tax attorney can be just as helpful as a tax accountant, even though the majority of small businesses typically use a tax accountant for tax filing services. A good tax attorney, like an accountant can help you avoid tax issues before they arise and may be able to anticipate potential legal issues before they arise. Additionally, whereas tax accountant cannot, a tax attorney can provide legal protection.
Not only does tax laws have a high level of complexity, but it is also constantly evolving with new provisions typically coming into effect each year. Therefore, in order to provide a client with advice that is as accurate as possible, a tax professional needs to be well versed in these annual modifications, changes & updates.
Education & Background to becomes Tax Attorney:
Typically, one must complete both college and law school, earning a Juris Doctor degree in order to become a tax attorney (also known as J.D). A master of laws (L.L.M) degree in taxation is sometimes attained by tax attorneys who continue their tax law study. A law school graduate must pass a state bar state in order to be licensed to practice the law. The bar exam last two to three days. Candidate have on one two days to complete essays on legal theories and state laws. The multistate bar examination (MBE), a standardized test with 200 questions, is often completed on the final day.
Tax law knowledge:
Federal, state and local tax laws, rules and policies are all topics that a tax attorney are aware about. Tax relief attorneys can do more than just prepare the tax returns. They can also: represent clients in disputes with tax authorities, inform clients about the tax ramifications of estate transfers, property purchase, commercial dealings and various business structure.
Protecting a Client’s Rights:
A tax or wage garnishment lawyer can assist in defending your rights and representing you in negotiations with the IRS. Tax attorneys are well equipped to function as a go between their clients and IRS due to in depth understanding of tax laws and are proficient at: contesting IRS decisions in court, removing account levies, paying back taxes, stopping wage garnishments, removing property lien and reaching agreement with the IRS. The IRS is typically about to take action against you if It has assigned an agent to your case. This is a blatant indication that you might want to speak with a tax attorney if you don’t have already one.
Personal wealth management Assistance:
A lot of tax payers hires tax attorney before filling their taxes to help them lower tax bills. A tax attorney can help you manage your personal wealth to minimize tax and provide related legal documents. Tax attorney can also provide the following wealth management services, planning an estate, making a will and trust, incorporating a business, writing a contract for a business, and providing advices on international tax issues.