The words ‘tax’ and ‘lawyer’ may not be two of your most favored conversation starters. When combined as ‘tax lawyer,’ it sounds even more daunting!
It’s not all doom and gloom. The services of a tax lawyer are not only limited to providing services associated with negativity and legal tax battles, and it’s an essential planning tool in various other life stages.
Here’s how a tax lawyer can help you navigate complex and technical tax matters.
Starting a Business
Start-ups and innovative or disruptive new businesses are on the rise. The first step in establishing a new business is often creating a business plan. An essential part of this plan should include financial planning and taxation.
Consideration should be given to your tax status, as an individual and as a business owner. A tax lawyer can help launch with the ideal tax structure to avoid later complications.
Evolving Your Business
Once a business is evolving, you may need a tax lawyer to guide you in the restructuring of your tax status. Mississauga tax lawyer experts say that these services help to re-organize tax from instances like growing from sole proprietorship to a partnership.
When drawing up business agreements and contracts with service providers and clients, best practice would be to include tax implications into these business agreements.
When facing legal implications and tax situations that require legal representation, a tax lawyer would be an asset to any individual or business. Guidance in dealing with unfiled taxes and responding to tax notifications, like IRS audits and IRS appeals, are some of the services available.
In more severe cases, counsel on voluntary disclosure practice should be offered. As a last resort, a tax lawyer will be able to represent you in the US Tax Court.
A tax lawyer will be able to offer legal advice on the complicated matter of international taxation. This includes advising US citizens involved in international business deals.
Assisting international businesses to remain tax compliant and assisting Green Card holders living abroad with income tax preparation is another service provided. Seasoned international tax lawyers can help navigate international Tax Treaties.
Choosing a Tax Lawyer
Some tax lawyers have a background in accounting. While this may add to their credibility, it’s not a prerequisite to making a great tax lawyer.
Look for a tax lawyer that’s admitted to the state bar. Research the areas of tax they specialize in. Consider the fees a tax lawyer will charge and ask for a cost estimate before you commit to their service.
Ask for recommendations from someone you trust. Look for a tax lawyer who is experienced in the specific field you require assistance, and you should get all the help you need.