Many business owners understand how important it is to have a secretary, as well as an accountant, at their beck and call; however, not too many understand how equally important it is to have access to a good tax attorney.
IRS Tax Relief Attorneys possess skills and expertise in laws regarding taxation. Tax lawyers can represent clients for other matters; but, he or she is especially helpful in regards to issues involving tax problems. Tax attorneys have specialized training in tax laws to help distinguish them from other style lawyers. There are two different ways that a tax attorney can be of service to you and to your business.
When it comes to tax planning, a tax attorney is much like a financial manager. In other words, they help you to plan your financial future to help avoid future potential tax issues. They will guide you every step of the way, steering you down the correct path should something ever occur that could be considered an IRS red flag.
If you are embroiled in a tax controversy, a tax attorney can aid you in finding your way out. A good tax lawyer can help you straighten out your affairs and help you to clear your name. tax attorneys can reduce the severe penalties that are often imposed by the IRS, possibly remove liens, and make negotiations on your behalf.
If you are still at a loss as to whether you should hire a tax lawyer, the answer is really up to you. It may cost money upfront; however, paying a monthly stipend to a tax attorney now is much better than paying the IRS possibly thousands down the road. You will benefit from a tax attorney’s advisory capabilities when you may be poised to do something wrongly. If you so choose, he or she can work hand in hand with your accountant to ensure that nothing goes wrong in the future.
You can, however, choose to hire a lawyer only if you are experiencing difficulties. In these situations you may feel desperate and alone, and having a lawyer on your side will help the matters. While having a lawyer on retainer is the best option, having no lawyer at all is definitely not the road to take. Very few people have the necessary skills to deal with the IRS head on.
If you do decide to hire a lawyer by monthly stipend, keep in mind that it will cost roughly several hundred to more than a thousand dollars each month. This will depend on how many duties you assign to the attorney. If you consult only when it is needed, you will most likely be charged an hourly rate. This hourly rate will depend on your personal tax issue and the law firm with which you are working.
Sometimes these lawyers work on a contingency fee basis, meaning that if you do not win your case, then you do not owe the lawyer anything. The lawyer can also opt to take his fee from your tax savings. Either way, it is in your best interests to have a competent tax attorney on your side.