First of all, the question is do you really need a finance tax attorney? For most individuals that live off their pay check without any investments or other taxable income, there should not be any need for one. For individuals that have complicated investment portfolios, rental properties, home based businesses, or other types of income, then you probably should consider hiring one. If you?re the legal representative of a company then you?ll obviously need a good finance tax attorney.
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A finance tax attorney must have a comprehensive knowledge about tax laws. They?ve to be able to give the correct tax advice to people, as well as representing their clients in court for civil or criminal lawsuits. They?re also experts in tax planning that can help you plan your finances so that you pay the legal minimum amount of taxes.
Remember to read through the next few paragraphs with great care, the situation and the answers have so many versions. IRS Tax Penalties
One good reason to hire a tax attorney is to help you avoid the many IRS tax penalties. There are so many possible tax penalties; many people do not know about most of them but they can land you with civil or criminal penalties. In fact, without the help from a tax attorney your tax debt could double in as little as four years due to penalties and interests.
Some of the civil penalties are filing late, failure to pay, underpaying your taxes due to negligence, understatement of income tax, filing a frivolous return, and failure to supply social security number. Some of these penalties are 5% of the tax dues but there are also penalties of up to 500. Of course criminal penalties could cost you a lot more than money, so it?s worth having a finance tax attorney advise you and steer you clear of having to pay these civil penalties or having to go to court.
They can also help you with a penalty abatement which will enable you to recover or remove tax penalties or interests. Also, if you owe back taxes and you cannot pay your tax debt then they can help you with an offer-in-compromise, if you?re entitled to one. You may be able to settle your tax debt for a fraction of the amount due.
Criminal Tax Penalties
One other insightful detail close to this theme. If you find yourself facing criminal penalties and a court case, then it?s definitely time to find a good finance tax attorney. They?ll be responsible for putting up negotiations with the IRS and defending their clients for the duration of the criminal case proceedings. If you?re found guilty, then it?s their task to try and get a reduction of the tax penalty or a possible court settlement.
As you can appreciate, tax evasion or fraud is a serious matter, so do not think that a tax accountant or a tax advisor will help you. You?ll need to find a reputable and competent finance tax attorney instead.
William Wilkie writes about personal finances and legal issues. Visit his website for information on Federal Tax Help where you?ll find out about Tax Debt Help for individuals.
Source: http://e-taxrelief.com/what-is-a-finance-tax-attorney/
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