Tax Lawyers in Philadelphia can assist you with tax-related matters
Tax season can be an exhausting time for both businesses and individuals. Whether it is your first tax filing experience, or you have done it many times before, you should always seek a professional’s help to make the process easier.
People who have built up years of tax debt and plan to clear it this year must take a professional’s help while filing for taxes this year. A professional can help you avoid all the hassles of calculation and gathering paperwork for filing your taxes accurately.
There are two popular options for engaging a professional regarding your tax-filing needs. One involves finding a CPA (Certified Public Accountant), and the other is to find out what a Tax Lawyer Philadelphia has to offer. Knowing which one is best for you is also very important. It depends on your needs, goals and the status of your case with the IRS.
Both options are meant to help you with tax-related concerns. The difference between CPAs and Tax Lawyers is that CPAs are only able to handle the financial side of managing your taxes. A tax lawyer will be able to handle any legal issues you have with your taxes as well. Since tax lawyers have a wider berth of knowledge than CPAs do, a tax lawyer is the preferred method of finding help with taxes by many businesses and individuals.
Wrangling with complex numbers is not the only struggle when we talk about tax filing– there are many more factors that are in play. These factors may be unknown to someone without a law degree. This is precisely why consulting a tax lawyer is a good choice.
When do we need a tax lawyer?
Tax laws and regulations are not intuitive. Calculating your tax liability accurately, filing tax returns, and claiming any applicable tax benefits is a daunting task for many of us. If you feel uncomfortable in the process mentioned above, you should consult a professional tax attorney.
The IRS may impose penalties or criminal consequences for violated tax laws, which are imposed equally strict on both businesses and individuals. Whether you are filing as an individual or a business, it is helpful to have a tax attorney on your side. Tax attorneys specialize in tax laws and will ensure you are following them in all areas. They are prompt and effective in helping different sets of people from a variety of backgrounds and industries with tax-related concerns.
A qualified tax lawyer can always step into the picture once you are faced with a legal issue. However, it is preferred to consult an attorney beforehand to prevent having legal issues altogether, or to ensure that they do not get worse. It is best to contact a tax lawyer before initiating your filing process, so you can be sure that you are proceeding correctly.
A Tax Attorney in Philadelphia is highly equipped to handle legal tax matters including-
- Settling back taxes
- Helping with unfiled returns
- Halting wage garnishment
- Undoing property liens and account levies
- Facilitating compromises with the IRS.
- Resolving a tax controversy and dispute resolution.
Here are some situations in which you should contact a tax attorney:
- If you have a taxable estate/ for estate tax planning
The IRS has made it clear that decedent’s estates must file a return, even if you do not file your personal tax returns. According to a recent report, your estate can be taxable if your estate’s total value exceeds $11.58 million at the time of your death. If you are married, this figure can go up to $23.16 million.
There are many terms and conditions that must be followed in estate-tax cases. As a result, estate tax planning becomes exceptionally crucial and getting it done by professionals is the best way to avoid potentially violating the law. A Tax Lawyer in Philadelphia can help you devise estate planning strategies easily, based on your needs. They can help you stay below the exemption level and avoid a large portion of your estate assets going to the IRS.
- If you have a start-up or are starting a business
In this case, the tax structure will depend on the type of business you have or are going to have. Additionally, the type of entity step up, whether you will function as a sole proprietor, and many other factors will be considered. An experienced tax lawyer knows the specific areas of the law and you can rely on them to safeguard you and your business from legal complications.
A legal counsel at the reputed Tax Law Firm in Philadelphia can help you with your company’s tax treatment, establishing or maintaining a proper tax structure, and many other related concerns. If you are involved in international business, they can help you build a robust legal contract and take care of various other matters.
- If you have ongoing legal issues related to tax law
If you are concerned about a lawsuit for a tax-related issue, it is better to discuss it with a Tax Attorney in Philadelphia before taking any other steps. You should talk to a lawyer, even if your case is already going on in the tax court. Even a small mistake in legal proceedings can cost you, potentially in a big way.
US Tax Court follows strict guidelines that tax lawyers understand well. Tax attorneys are the most qualified to suggest the best legal steps to take in your situation. They are also very familiar with the courtroom environment, investigation process, and other essentials. This makes them a perfect point of contact to safely get you out of your legal troubles.
In your search for a lawyer, make sure to find a someone who can provide end-to-end help throughout the entire legal process. Your tax attorney should also have ample experience and in-depth knowledge about things like filing a claim and collecting documentation.
The attorney must respond to you in a timely matter, keep you updated about case proceedings and be ready to listen to your concerns at any point in time.
Common Questions asked by taxpayers from tax attorneys
Should I file a return if I cannot pay taxes?
Yes, it is always useful to file a return, even if you cannot pay taxes. If you miss filing your taxes within the deadline, you may face civil penalties or even criminal charges. If your taxes are overdue, you may face collection efforts from the IRS. It is always best to keep filing returns every year, without missing deadlines. If you do, by chance, miss the deadline, then it is always better to file late than to skip filing altogether.
Should I file a return for a year in which I failed to file?
Yes, you should still file the return. The IRS tends to refrain from imposing criminal charges against a taxpayer who files their overdue tax return on their own. If you are filing a return that is overdue for more than six years, and the IRS has not yet addressed the missing taxes, then you do not have to file and can turn your attention to more recent missed filings.
How long should I save my tax records?
You should have your tax records with you for a maximum of six years, or a minimum of three years. Commonly, an audit is done every three years. But in some cases, the IRS can conduct an audit for up to six years.
You can find many Philadelphia Tax Law Firms, but not all of them can fulfil your tax-related legal concerns. You must do sufficient research, ask the questions mentioned above, and talk to or meet with them before finalizing the attorney you want to stay by your side throughout the legal process.
Our tax attorneys can be the right point of contact to people or organizations who seek assistance for their tax-related concerns. Our years of experience have made us capable of handling complex cases. Book a consultation, discuss your concerns with us and find out today what the best legal solutions for your case involve.
Contact a Tax Lawyer in Philadelphia
If you face any tax-related legal issues, do not delay in resolving them. Reach out to an experienced tax lawyer in Philadelphia so that they can help you solve this issue as quickly as possible. Delays in such issues can bring unwelcome and unprecedented consequences.
You can contact the law offices of Samuel Fishman, PC without worrying about your budget because we work on a contingency basis. This means that you do not need to pay a single dollar until your case is effectively resolved.