A Tax Attorney specializes in tax law and other related fields. In this field, tax law begins at the formation of an entity, capital markets transactions to fund it, and any subsequent economic consequences. A Tax Attorney may focus on one or more of these areas, such as partnership and corporate tax, state and local tax, and litigation. Some attorneys specialize in estate planning and taxation of executive compensation and benefits, such as ERISA pension funding. They also have experience in state and local laws, including federal tax laws.
When searching for a Tax Attorney, word-of-mouth is often the best source. Ask people you know who’ve used a Tax Attorney to resolve a similar issue. If possible, you may also check reviews on the Internet. Beware of hard-sell tactics, especially those who ask for all upfront payment. Although retainers are acceptable, you shouldn’t pay the tax attorney up-front. Make sure to ask about their experience and how they assess your case.
Tax attorneys can help individuals and businesses negotiate with the IRS and other government agencies. Tax attorneys understand the resolution options for many tax problems and work diligently to get the best arrangement for the client. Dealing with the IRS is intimidating and complex. A Tax Attorney can provide assistance to guide you through the process and keep you out of trouble. They can also make a case for you in criminal court, if necessary. The following are just some of the benefits of hiring a Tax Attorney. For more information, check out www.kentuckytaxattorneys.net/mayfield-ky/.
When choosing a Tax Attorney, make sure to know what to expect from their fees. Fees vary, depending on the complexity of the case. Some Tax Attorneys charge hourly, while others charge a flat rate for the entire case. Others charge a retainer fee for their services. When choosing a Tax Attorney, remember to consider your individual financial situation and how you can afford the services. They should be able to explain their fee structure.
While it may be tempting to hire a local Tax Attorney, keep in mind that your local lawyer may not have established relationships with the IRS. You also may be spending hours driving to their office, when you could be spending time with your family. Make sure that you choose someone who can provide you with a comprehensive consultation. They can also help you with IRS notices. You won’t have to leave your home or office to meet with a Tax Attorney if you’re in another state.
An Offer in Compromise is another option for tax relief. With this option, the Tax Attorney offers to pay a portion of your debt in return for reducing the amount you owe. You must have evidence of your inability to pay your tax debt. Without an attorney, the IRS may garnish your wages. State and federal tax authorities may place liens on your property, making it impossible for you to sell it. The IRS is notorious for its aggressive collection tactics and a Tax Attorney can help you avoid this situation.