Last Updated on August 11, 2021 by MoneyVisual
Your CPA can offer a brief overview of your tax returns and deductions, but a tax lawyer is required for extra protection and attention to detail.
We all know that taxes are no walk in the park. The countless amounts of paperwork that need to be filled out and the big words we don’t understand can make the entire process both tedious and complicated.
But even worse, improperly filed taxes can ultimately cost you and your business a lot of money. Simply telling the IRS that you’re not familiar with the tax collection process won’t cut it, and you run the risk of landing in some serious trouble with the agency.
In order to avoid costly penalties or keep up with changing tax policies, you’ll need to hire a tax lawyer to guide you through the process.
Issues with the IRS should never be taken lightly and can lead to serious legal trouble. That is why you can’t afford to make mistakes or not understand how the process works. Whether you’re starting a business, conducting business abroad, or facing a trial charge with the IRS, you’ll need some professional help to not miss any important details along the way.
Here are some key reasons why you should hire a tax lawyer:
The Difference Between a CPA & a Tax Lawyer
The role of a certified accountant differs from that of a tax lawyer. A CPA offers a general overview of your taxes and ensures that everything is filed in a timely manner. They often handle basic tax questions and can provide standard business advice.
However, dealings with the IRS and tax laws are not straightforward and instead very complex. This is why it is in your best interest to seek a tax lawyer’s help when handling sensitive issues or weighing the impact of tax filings on your personal finances or business. Tax lawyers also work with you to ensure that you receive all of your tax benefits.
Tax Lawyers are Up-to-Date with Tax Policy
Although a CPA will also be aware of changing tax policy, it is a tax lawyer’s job to adjust their practice according to the new laws. Changes to tax laws are very common, and an experienced tax lawyer should be knowledgeable of all tax-related news to provide the best results for you once you file your tax returns.
Tax Lawyers don’t come Cheap, but they could Save You Money Down the Road
Hiring a lawyer never comes cheap, but when it comes to taxes you could end up paying a lot more later on. A tax attorney’s job is to study tax law and identify what benefits you are not taking advantage of. With the complicated nature of tax collection, there is a high chance your account will not be as thorough as your experienced lawyer.
As previously mentioned, a CPA can provide a basic overview of your business in this current tax year; however, tax lawyers often think long-term for their clients’ respective businesses. While certain IRS inquiries are not apparent now, they may appear later on and should be addressed as soon as possible.
As a taxpayer and/or business owner, it’s in your best interest to seek tax benefits now and in the future. Finding a trusted tax lawyer near is your safest best for successfully doing so.
Heightened Privacy Surrounding your Tax Filings
If you are under investigation by the IRS, their agents will often interview CPAs and other tax preparers you contracted to help file your tax returns or manage your finances. However, due to the attorney-client privilege, any conversations you have with your designated tax attorney are protected from IRS inquiries.
The accountant-client privilege is different, and does not apply to tax preparations. Some clients even run the risk of accountants testifying against them if the CPA suspects wrongdoing. You can guarantee that your tax attorney will not disclose any information surrounding your tax preparations and will thoroughly defend your case.
Meticulous Attention to Detail
Because tax lawyers are strictly working to protect your interests, they bring a sharper attention to detail to the table in comparison to a CPA. Lawyers are interpreting tax laws to provide you with the most benefits possible, and this requires proper filing of paperwork. This process requires a very high level of expertise and accuracy, which a tax attorney can offer you.
Don’t Waste Time Filing your Tax Returns or Avoiding the IRS
If you have failed to file tax returns for some time, the situation will only get worse the longer you wait. Don’t fear the IRS and instead have a trusted tax attorney handle your case. Call a tax lawyer near you immediately to properly file your tax returns before you face serious legal repercussions. Due to the complicated and tedious nature of tax preparation, you will spend a
significant amount of time sifting through tax codes and all the fine print. Tax attorneys understand how tax filing works and can save you valuable time. This ultimately takes tax obligations off your hands as your attorney helps secure your rightful benefits.
It’s All About the Tax Deductions
Tax deductions can be a variety of things including necessary work equipment, travel expenses, and other work essentials. Your CPA can help you identify major tax deductions, but a tax attorney will go into further detail by explaining the limitations surrounding several deductions.
You can save a good deal of money by understanding how tax laws work in your favor through deductions. Whether you’re filing tax returns for your personal or business finances, you should invest in the best services possible to avoid any problems with the IRS later on.
Revisit your tax-related needs today, and contact a trusted tax lawyers if you believe your CPA is not meeting your expectations. There is a large variety of tax benefits and deductions that can work in your favor, but every taxpayer needs an expert’s eye to guide them in the right direction.