A Tax Attorney is one of the most in-demand professionals that businesses want to hire. Given the complex and complicated nature of our tax structures, codes, fines, and compliances, every business owner requires someone who can take care of all these important processes.
Tax lawyers are appointed by both businesses and individuals. Being one of the most important governmental compliances, it is necessary to work with a tax attorney that understands both state and federal tax compliances.
In this article, we are going to discuss five ways how a tax attorney can help a business owner and his or her business. If you are someone who is looking to hire the best tax lawyers, you should read this article till the end.
Tax Laws: What Do You Need To Know?
There are three different types of tax compliances that a business has to deal with-
- Federal Taxes
- State Taxes
- Local Taxes
Taxes that a business would be required to pay every financial year would include the following- Income, Property, Employment, Capital Gains, Payroll, Corporate Gifts, Business Taxes, and Payroll Taxes.
As you can see from the never-ending list of taxes, this is something that a business owner would be incapable of handling on their own. There is so much paperwork involved that if a business owner wants to do everything on their own, they will not have any time to focus or concentrate on their actual business.
Most businesses take help from accountants or business lawyers to help them with processing, filing, and paying taxes. However, these professionals are not suited to do the same. The best professional that can help you in this regard is an expert and experienced Tax Attorney.
List Of 5 Ways A Tax Attorney Can Help Your Business
1. Address Tax Disputes With The Government-
While filing your taxes is something that your accountant might also do, you need a tax attorney to fight a taxation lawsuit. In this case, there might be areas where the government is of the opinion that your business is not being fair as far as taxes are concerned. In such situations, handling such disputes is a core function of what a tax lawyer does.
2. Assistance On Audit Work For Businesses-
While auditing is primarily a task of the accountant, a tax attorney knowing all the financial processes can aid and assist in doing the same. This audit is important as it is taken into consideration by the government and plays a substantial role in finding out how tax-liable the business is. Auditing in the right way can help save businesses thousands of dollars in taxes.
3. Helping Business Owners In Investments, Estate Planning And More-
Apart from lending direct and credible help to businesses, tax lawyers can also assist business owners in multiple ways. A business owner might need help with regard to tax-saving mechanisms, planning their estate, or deciding on which investments would be best suited to them. In all these areas, a skilled and experienced tax attorney can play a major role.
4. Defending The Business Owner In Criminal Cases Of Tax Evasion And Fraud-
There might be times where the business owner might get caught up in serious criminal cases like tax evasion and fraud. These usually happen when businesses and their owners try to get help from nefarious accountants that are unable to offer concrete assistance. In such instances, it is up to the tax lawyer to help the business owner fight charges and secure an acquittal.
5. Securing Documentation And Paperwork For A Business-
A business that is looking to raise finance or go for an acquisition requires that all paperwork is maintained in the best possible fashion. A tax attorney can work with everyone from the accountant to the payroll manager in getting together all the receipts, invoices, bank statements, and more that would form a part of the documentation process.
The Bottom Line
With tax laws, structures, and processes becoming more complex with every passing day, businesses need to work with a full-time tax attorney. The charges and problems that usually accompany tax issues are something no business wants to get caught up with. If you have any other questions, that you require clarifications to, let us know in the comments section below.