7/10/2021 0 Comments What Do Tax Attorneys Do?A tax attorney is a lawyer who deals with tax laws and more so in assistance with tax related issues. Tax law or income tax law is a field of legal study where public or unofficial authorities, including state, federal and municipal governments employ a body of complex rules and processes to compute and assess taxes in a functional legal context. It involves calculations of taxable income, the computation of tax liability, collection of excess tax payments, collection of additional tax payments and tax refund claims. A tax attorney's job is to advise taxpayers about the existing laws regarding taxes and to provide guidance on issues not addressed by current legislation. Taxation plays an important role in estate planning. Estate planning is the act of creating policies for managing and transferring assets. In simple terms, it is the process by which an individual or a family planning for the future generation passes property from one generation to the next without incurring debts or giving up ownership of properties. A tax attorney's role in estate planning considers and addresses many complex issues like what type of property will be transferred, how the property will be financed, who will obtain the property and at what cost. A tax attorney can also help ensure that these issues are resolved. Many businesses engage the services of tax attorneys to maximize their tax liability minimization. This is because a tax attorney is familiar with all the applicable laws, regulations and administrative procedures that govern business taxation. For instance, some businesses have realized tremendous savings by utilizing the services of a CPA (certified public accountant), as a tax attorney can effectively negotiate with tax authorities on behalf of a business. By minimizing the liability for business taxes, tax attorneys also contribute to the economic stability of states and cities. Tax attorneys in Los Angeles offer free consultations to discuss various tax issues and give advice about tax debt solutions. They guide taxpayers on how to successfully solve tax problems through realistic tax resolution strategies. They can help you settle your outstanding debts, reduce tax liens and avoid any possible tax penalty action. In some cases, tax attorneys even represent clients in court cases, if necessary. They also help businesses resolve tax issues that arise from acquisitions, mergers, divestiture, reorganization and other similar transactions. Attorneys in general practice law, but they may have backgrounds in various fields of tax law. Some specialize in revenue law, while others have experience in criminal tax law. A tax attorney can go to law school and get a bachelor's degree in this field, or he can attend an online law school and get a master's degree. Attorneys with law school degrees have more opportunities and potential for high-level jobs in corporate tax departments. There are also federal tax attorneys who work with IRS agents in certain tax-related matters. You can also ask a tax attorney to evaluate your tax debt situation and determine whether you should file for bankruptcy or negotiate with the IRS. A tax lawyer can even help you decide whether you should pay back part or all of your back taxes, depending on your financial situation. Many tax lawyers provide their clients with free financial consultation services. They assess your financial situation and your tax liabilities and then help you make the right choices based on your specific circumstances. Tax attorneys can assist with settling your tax debt, negotiating with the IRS or working with you on a payment plan that will be suited to your specific circumstances. Follow this link for more details: https://en.wikipedia.org/wiki/Tax_law.
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