When to Talk to a Tax Attorney

 In Law, Tax Law

Navigating our complex tax system can be stressful. That’s where an attorney can help. While you can handle some issues by yourself, there are many situations where hiring a lawyer is beneficial. Here are four situations when you may need assistance from an attorney.

Starting a Business

When you’re starting a new business, there are different tax implications for each type of business entity. Will your new company be a sole proprietorship, LLC, S-corporation, or C-corporation? A tax lawyer will help you understand the pros and cons of each option, so you can make the best decision. Hiring an attorney from the start will save you time and money later.

Taxable Estate

When planning your estate, you want to be sure your heirs receive as much of your assets as possible. If you anticipate leaving behind a taxable estate, an attorney can assist you. For 2019, an estate tax filing is required if your estate will exceed $11.4 million. An attorney can help you plan your estate so you stay below the exclusion limits and your heirs can avoid a large estate tax bill.

You’ve Received a CP Notice

A CP Notice is a letter from the IRS. You may receive a notice for one of the following reasons:

  • You owe a balance.
  • You are due a smaller or larger tax refund.
  • The IRS has a question about your tax return.
  • The IRS needs to verify your identity, or they need additional information from you.

If you receive a notice from the IRS that you don’t understand, or that you have concerns about, it’s a good idea to speak with a tax attorney.

IRS Audit

If you’re facing an audit by the IRS, you may require legal representation. Your lawyer can communicate with the IRS on your behalf and may be able to negotiate a settlement.

If you need help from an attorney, contact us now for a free consultation.