Navigating complex tax laws and filing federal and state laws can be an exceptionally intimidating process, one many people prefer to avoid handling on their own.
In order to avoid potentially costly errors or worsening existing problems, consulting with a professional tax attorney can be advantageous. Go here for guidance on the tax rules and regulations.
In Atlanta, taxpayers have the benefit of Attorney Alex Mitchell, willing to communicate with the IRS on behalf of clients to save from overwhelm, confusion, and frustration.
Each lawyer in this specialty works in a distinct tax-related area, but they all have a full understanding of the tax laws and associated procedures. Some areas that the attorneys work within include the following:
1. Tax-exempt organizations
2. State and local taxes
3. Estate planning
4. Personal taxes
5. Tax litigation
6. Corporate taxes
7. International taxes
And on. As prerequisites to becoming a tax attorney in Atlanta, of course, the individual will need to successfully pass the bar for the state, take the “Multistate Professional Responsibility Exam – MPRE, and requisite courses. A Juris Doctorate, JD, law degree must be earned to be a practicing attorney.
Let’s look more in-depth at the role of a tax attorney and how these experts can help you.
What Does a Tax Attorney Do
Tax attorneys in the same role as Alex Mitchell, Atlanta tax lawyer, are licensed attorneys and have passed the bar exam. These lawyers decide to narrow their studies to the distinct specialty of tax laws and the associated procedures.
While the professional handles similar tasks to a certified public accountant – CPA, the lawyer has a more in-depth understanding of the “regulations, laws, and the liabilities.” Several circumstances would warrant the expertise of this professional, including the following:
1. Optimizing the tax burden of an estate or business
2. Criminal charges or other litigation on taxes
3. Back taxes are due
4. A complex tax
Consider these possible advantages when deciding to enlist the services of an attorney to guide you through your specific situation.
• The IRS has back taxes due for you
The outstanding debt due to the IRS can result from unfiled taxes or mistakes with past returns. Receiving a notice of debt from the IRS can be frightening, to say the least, and overwhelming. The government body has the power to garnish wages until the debt is satisfied.
They also have the authority to freeze designated assets and place a lien on your house if you fail to comply with the deadline set for the repayment. If you are unable to meet the debt within that time limit, you can also face criminal charges.
These circumstances are ideal for getting help from an expert in tax laws. The most suitable attorney for your situation will communicate on your behalf with the IRS and negotiate as your representative for a debt settlement, less than the balance.
The attorneys can often help set up an installment plan between the IRS and you for debt satisfaction. These steps will avoid litigation and any garnishments.
• When you have a dispute
When you maintain explicit records, work with a CPA, and file annual taxes promptly, it’s still possible to receive notice for an audit or a tax bill. An IRS tax lawyer will review the records to determine where the error occurred and explain how to prevent the same mistake moving forward.
If you want to dispute the notice, the professional will represent you with the IRS or will communicate with the government body to develop a strategy for settling the oversight.
• A major investment decision
Some seasoned or new investors will occasionally make a significant investment decision based on a windfall, whether through a substantial winning, an inheritance, or through the sale of appreciated assets from their portfolio.
Before making a move, it’s vital to ensure it’s the right choice within the most suitable account to prevent tax implications. A Tax attorney is the ideal resource for advising on investment decisions. That’s especially true if you’re a new investor with this large amount of cash and no experience.
The lawyer can assess your finances and work with you to decide your future objectives. With these details, you can establish an investment strategy for those funds and then develop a plan moving forward to build on that.
The initial goals will be sort of a “try-on” that will change quite a bit during the first year, making it necessary to consult the attorney again after that year to reassess. It’s really something to do every few years to ensure your goals remain consistent.
• A sizeable estate
When you have a sizeable estate to pass on to your heirs, a lawyer will help you secure the value by making concessions now to avoid taxes consuming it. You can do a few things, such as:
1. Maximizing yearly gift exclusions for heirs
2. Creating a family trust
The attorney will guide you in ways that could help decrease inheritance and estate taxes.
Is a Tax Attorney Right for You
Typically, tax attorneys like Mr. Alex Mitchell in Atlanta will offer a free consultation for prospective clients. In this session, the objective is to discuss the circumstances to see if the firm is a good fit for your needs and for the attorney to decide if they will be beneficial for your situation.
The consultation is allotted roughly a 15-minute time limit, making it essential to have your questions ready.
When having the consultation, a priority is to review the cost breakdown with the professional. Enlisting the services of a tax expert is an investment, but the return on that investment will be an incredible peace of mind when you have the complexity of your tax woes behind you.
Click here to learn if you might need a tax lawyer. Whether it’s outstanding debt, structuring your estate or business to save from tax consumption, or needing investment advice, the most suitable tax lawyer has an in-depth understanding of the tax laws and the procedures associated with these.
What would you add?
0 Comments