When Should I Hire A Tax Lawyer?

Seeking an accountant or tax preparer’s help is one of the best ways to identify deductions, reduce tax liability, and ensure that your return is in top form before you file with the IRS. But something happens every now and then that causes a major shift in your fiscal situation. And when multi-layered business transaction or a new life event rears its head and shakes things up, the tax consequences can be significant, presenting a problem that is always better handled by a qualified tax attorney's experience, advice and support. Here, we provide you with a closer look at what a tax lawyer can do for you and how to know when it's the right time to hire a tax lawyer in Perth to manage your unique situation.

What does a tax lawyer do?

As tax law experts, tax lawyers are focused on coping with the various complicated legal and technical issues related to your particular fiscal situation. A tax lawyer usually has comprehensive, specialized training in the many facets of the IRS tax code and makes use of this expertise to help mitigate the tax implications that you face when it's time to file.

When you need to hire a tax lawyer?

There may arise several situations where it is not only recommended that a tax attorney be employed, but more or less necessary to obtaining a satisfactory outcome. You will need a tax lawyer's support if:

You are about to start or sell a company

Establishing or selling a business almost always entails significant tax consequences, regardless of the type or size of the undertaking. A tax attorney can advise you on how best to structure your new company or minimize your tax exposure during the sale, helping you identify any available options and weigh the tax benefits vs. the disadvantages before moving on.

You have an audit

An IRS audit can be a tedious and time-consuming procedure that places undue pressure on your family and offers plenty of space for making errors that lead to higher IRS penalties. Getting a tax advisor in the audit process will help you prevent more mistakes and ensure that the IRS gets what it needs to complete its review — as well as finding a fair and realistic payment schedule.

You have legal issues related to tax

A professional tax attorney will provide a much-needed advice and support through tax-related litigation, helping to settle any problems you may have with the IRS and when they bring you in the courtroom. Without a professional tax attorney by your side, you might face the IRS' endless resources and investigative capacity alone. This, in turn, can significantly reduce your chances of avoiding large IRS penalties and achieving an acceptable result.

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The author of this article is an experienced tax lawyer in Perth. In this article, he has mentioned when you need to hire a tax lawyer for you. Visit https://www.munrodoig.com.au

Founded in 2002, by its directors Colin Munro and Ron Doig, Munro Doig Lawyers is a leading law firm based in Perth, Western Australia.