When to Hire a Tax Attorney
If you’re facing a tax dispute, it’s important to know when to hire a tax attorney who can help protect your rights and interests. This will ensure that you get the best possible outcome for your case.
It’s also important to consider the cost of hiring a tax lawyer. The cost will vary depending on the complexity of your situation and the experience of the attorney.
Tax Audit
A tax audit is a thorough investigation by the IRS to make sure that your income, accounts and deductions are reported correctly. The IRS will request documentation from you to verify this information, and they may also ask to visit you in person.
When the audit concludes, you’ll get a report and instructions on how to pay any additional taxes. If you disagree with the auditor’s findings, you can ask for mediation or file an appeal.
You can also request a legal opinion about how tax law should apply to a particular set of facts. The Department’s Tax Law Library can help you with this.
Whether it’s a simple correspondence audit or a complex office interview, if you receive a notification from the IRS that an audit is imminent, hire a tax attorney immediately. The right tax attorney can ensure that your rights are protected during this process and that you can work out any differences with the IRS.
Tax Debt
Tax debt is an extremely common issue among Americans, and it is a serious problem. It can be devastating to owe taxes, especially when they are unpaid and attract penalties and interest.
If you have a substantial amount of tax debt, it is best to hire a tax attorney. They have the expertise to help you resolve your case and ensure that you are not charged any additional penalties or interest on top of what you owe.
A tax attorney can also help you negotiate with the IRS. This can be done through an offer in compromise, which allows you to pay a smaller amount than what you owe in exchange for permanent relief from your debt.
If you have an outstanding amount of tax debt, it is essential to get in touch with the IRS immediately to discuss your options for resolving the matter. They can explain the different payment plans available to you and help you decide which one is right for you.
Tax Levy
If you owe the IRS or other government tax authority money, they can try to collect it using a process known as a tax levy. This can involve taking money directly out of your bank account, garnishing wages or seizing and selling your property.
A levy can be stopped if you pay your taxes in full or set up a payment plan with the IRS. However, you may not be able to do so without the help of a tax attorney.
The first thing you should do if the IRS has levied your wages is to contact your employer right away. This is especially important if your employer has received a 668-W form, which permits the IRS to take a percentage of your paycheck for owed taxes.
A levy can also be stopped by appealing to the IRS within 30 days of receiving a notice that the levy is being enforced. This appeal will give the IRS time to reconsider its decision to levy an asset and prevent it from moving forward until a final determination is made on your tax situation.
Tax Planning
Tax planning is a process that involves the analysis and organization of a person’s financial situation with the goal of ensuring that they are legally paying as little in taxes as possible. Whether you’re filing your taxes for the first time or have been doing it for years, it’s always a good idea to get a professional to take a look at your finances and make sure that everything is in order.
There are many different tax planning strategies that can help you reduce your tax liability and maximize your refund. These include using tax credits, concessions and exemptions, depending on your circumstances.
Tax attorneys have an extensive understanding of the law and can assist you with your tax issues. They may also be able to negotiate with the IRS on your behalf to decrease your taxes, slow down collection processes and create an affordable payment plan.