4 IRS Issues a Tax Attorney Can Help You Resolve
The Internal Revenue Service (IRS) is a large and complex organization. As such, it's not surprising that many issues can arise during an audit. However, on average, the chances a taxpayer will get audited are just 1 in 333. In other words, the IRS only audits 0.3% of tax returns.
If you're dealing with an IRS tax audit, it's important to have an experienced tax lawyer. They can help resolve various issues with the IRS, including audits, collections, and more.
This article will show four common IRS issues that an advocate can help you resolve. Remember that every situation is unique, so contact one for specific advice.
1. Audit RepresentationIt can be very stressful when you're selected for an audit. However, a lawyer can represent you during the audit and help resolve any issues.
They can negotiate with the IRS on your behalf to reduce the amount of taxes you owe or even get the case dismissed altogether.
For example, if a person is being audited for a past return, a lawyer can help resolve the particular issue and ensure it doesn’t happen again.
Audits can be complex, and having an advocate by your side will give you peace of mind knowing someone is checking out for your best interests.
2. Collections AssistanceWhen one chooses to work with an attorney, they can help their clients if the IRS has already started collections against them. This process can be very complex and difficult to understand, but an experienced attorney will be able to help guide one through it.
The first step in collections is usually issuing a Notice and Demand for Payment. The final notice will give you 30 days to pay the taxes owed. If you do not pay the taxes owed within that time frame, the IRS can start taking action to collect the money.
Some of the methods they can use to collect the money include:
-Levying your wages
-Seizing your assets
-Filing a Notice of Federal Tax Lien
-Issuing a bank levy
These methods can be very difficult, but an experienced attorney can help you navigate the collections process.
3. Tax Planning and PreparationPlanning and preparing your taxes can be a daunting task, especially if you're self-employed or have a complex financial situation. A legal practitioner can help you ensure you're taking advantage of all the deductions and credits you're entitled to and help you plan for future years.
The planning involves:
- Reviewing the financial situation
- Identifying tax-saving opportunities
- Estimating the tax liability
- Developing a plan to minimize your taxes
A good plan can help a person save money and avoid surprises during submission.
4. Estate and Gift Tax AdviceEstate and gift tax involves the transfer of property from one person to another. The first one is imposed on the property's fair market value, while the second one is imposed on the donor. An attorney can help you determine the best way to transfer your property to minimize your taxes.
Final ThoughtsWhether you're being audited or have a question about your taxes, it's vital to seek professional help. An attorney can provide the guidance and support you need to resolve an IRS tax audit issue. Hence, do not forget to read the issues mentioned above before hitting or consulting with a legal practitioner.
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