If you find that filing taxes is relatively simple and straightforward, you likely do not need an accountant or tax attorney’s help. However, there are certain circumstances when hiring a tax attorney is beneficial or necessary, depending on where you stand financially.

The following are some scenarios when hiring an attorney may be in your best interests.

When Selling or Buying a Business

When selling a business, you want to maximize capital gain through a lucrative allocation. On the other hand, when buying a business, you want another distribution to recover the purchase price via depreciation effectively. Either process can be complicated, making it ideal to hire an attorney in these cases.

When Starting a New Business

If you are starting a business, you may want to work with a tax attorney. They anticipate tax outcomes about various types of entities such as C-Corp, S-Corp, or LLC. Business attorneys do not always discuss these matters. A tax attorney knows how to help.

It may also be hugely beneficial to work with a tax attorney if you’re starting a business in another country, as a reliable attorney can help make sure you adhere to that country’s specific tax rules and regulations.

When Leaving Property or Money to Heirs

If you intend to leave any assets to heirs in your will, an attorney can help. A tax attorney with experience in estate planning can guide you in the proper direction.

Accused of Wrongdoing Regarding Taxes

Even if you find that the IRS is auditing you, this doesn’t necessarily mean you’ve done anything wrong. The IRS often conducts audits to scrutinize tax records. However, if you want to appeal your audit or are accused of any wrongdoing in the process, a tax attorney can represent you.

These are some of the circumstances when you may want to hire a tax attorney. If you are considering working with a tax attorney, the experienced attorneys at Slaughter Law Firm can help. For additional information and a free consultation, contact us online today here or call us at (423) 844-0560!