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What is Tax Law?
Tax law is a complex area of law that is constantly changing. Individuals and businesses that have questions about tax law, or are facing tax debts and penalties, could greatly benefit from the advice of an experienced tax lawyer. An attorney who thoroughly understands tax law can help taxpayers through difficult problems with the IRS or state department of revenue and/or help clients avoid future problems with the government.
People that need a tax attorney are generally facing serious actions, like audits, fines and liens.
Audits An audit is a review of your tax return conducted by the IRS or state department of revenue. The IRS and state department of revenue have limited rights when conducting a tax audit. Know what your rights are by contacting a tax attorney in your state.
Fines The IRS may fine you for fraudulent tax returns, inaccuracy, failure to file a timely return, and others that an experienced tax attorney can discuss with you. Fines can add up quickly for innocent mistakes; make sure you are protected.
Liens Failure to pay taxes can result in a lien on your property. A lien is way for the IRS to use your property as collateral for money that you owe the government. Failure to pay back fines and taxes may result in the loss of your property.
Tax law can be scary. Especially when you are not aware that you did anything wrong or don't know your rights. Consulting a tax attorney early can help you avoid saying things that can get you in trouble and provide you with the information you need to be successful in your tax matters.
Since tax law changes just about every year, it is important to hire a tax lawyer who stays up-to-date on the latest laws that can affect you. It particularly behooves small business owners to invest in a competent tax attorney. With so many taxes to keep track of, including payroll tax, employment tax, income tax and state sales tax, it is easy to make a mistake. Tax attorneys can help small business owners avoid detrimental mistakes.
It is important to realize that as a business owner, you may be personally responsible for any delinquent taxes of your business. For this reason, it is a good idea to consult a tax attorney before submitting your taxes every year. A tax attorney may be able to spot something that you or your accountant overlooked and help you prepare for the future.
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- ABA Section of Taxation
- American Institute of Certified Public Accountants News and products
- Citizens for Tax Justice A nonpartisan, nonprofit research and advocacy organization.
- Cross Border Tax and Transactions Information on international business.
- Department of the Treasury