When you run into problems with your taxes, one of the last things that you might think of is hiring a tax attorney. Matters of the IRS and your taxes can be a very sensitive issue that can be detrimental to your finances for years to come. The subject of tax law and processing your tax settlement can be complex and working with an expert will ensure that the process is handled with peace of mind. Here are some of the top reasons to hire a tax attorney.
Tax Disputes With the IRS
When you receive an audit form in the mail from the IRS it’s likely that you will be contacted for an audit. A tax dispute that turns into an audit may require looking at several years of your past tax returns. As soon as you receive an IRS tax dispute or a notice of auditing, speaking to a tax attorney can be a huge relief.
A tax relief attorney can work as your advocate with the IRS and can communicate with the organization on your behalf. Tax relief attorneys will also be present throughout your audit and can help you with negotiating a settlement if it is required. Legal counsel will ensure that you don’t have to overpay and that you can navigate your audit in a much more stress free process.
Just the act of hiring a tax lawyer suggests to the IRS that you are taking the investigation seriously and this will avoid the chance for criminal charges because you are less likely to commit any type of tax crime in resolving the audit.
When You Receive An Offer In Compromise
An offer in compromise is an agreement between the IRS and the taxpayer that settles all taxpayers liabilities. If you owe a significant amount in taxes, the IRS may submit an OIC if you are able to convince them that you won’t be able to pay the full amount of your owed taxes within a reasonable amount of time. They can also submit an OIC if there’s a doubt in the amount of tax liability or you are facing exceptional circumstances like health problems or economic hardship that are preventing you from paying your tax bill. In order to get started with an offer in compromise and to streamline the process, it’s crucial to speak with a tax lawyer. They will create an open line of communication to start an offer in the compromise program. This process can take up to two years and it’s much more likely that the IRS will complete the acceptance if you know how to submit a fair offer and are working with a tax expert.
Here are some of the reasons to hire a tax attorney.
You’re Exempt From Testifying
If you’re in trouble with the IRS, testifying on your tax situation can be extremely stressful. An IRS tax attorney can work as your advocate in this situation. You’ll be able to share all of the details of your case and then have a chosen statement for the tax preparer that can help you satisfy the conditions of your tax situation.
You Will Improve Your Decision Making Process
A tax lawyer will have applicable experience in settling matters of taxation. You may be familiar in some tax settlement programs but you might not have an understanding of the programs and their limits. Codes and tax laws can be complex and may often change yearly. Having a lawyer that knows updated codes and tax laws will give you an advantage in the negotiation process and for your financial future.
Contact us to learn more about working with a tax lawyer today.