Tax Law for Business

Searching for tax advice can be simple; thanks to the comprehensive knowledge a business tax lawyer can offer corporate clientele. Although not exclusively for larger corporations, a business tax lawyer will also counsel clients of all business structure types, in addition to personal income statements as well. Additionally, a business tax lawyer may employ other financial professionals in assisting the proper business tax strategy. These experts include accountants and tax lawyers.

For businesses, using a certified public accountant and their knowledgeable about tax affairs is almost as vital as well. Certified public accountants may be self-employed, or may work in accounting firms. These talented, informed individuals give business advice and help file annual taxes for a fee. By implementing a consummate business tax strategy using a taxation attorney as well as a certified public accountant, businesses can insure themselves from the vast majority of taxation snafus that ensnare underprepared companies.

When facing taxation issues, the counsel of a business tax lawyer is essential when:

  • Those individuals owning a taxable estate need to make complex estate planning strategies or file an estate tax return
  • Those individuals looking to start a business need legal counsel, concerning the structure and tax treatment of the company
  • Those individuals engaging in international business require help with contracts, tax treatment and other legal matters
  • Individuals wish to file a lawsuit against the IRS
  • Individuals want to seek independent review of their case before the United States Tax Court
  • Individuals are under criminal investigation from the IRS
  • Individuals have previously committed tax fraud (such as claiming false deductions and credits) and require privilege protection

Business owners already have a lot to worry about. Advertisement, personnel management, resources, and efficient operation are just a few of the daily concerns. Taxation is a highly complex facet of business that each individual company will face having to implement a consummate tax strategy to cope with or face serious consequences including financial losses at best or at worst, Internal Revenue Service audits and investigation. From a taxation attorney’s standpoint, it is easy to see how many businesses can have oversights when failing to utilize a tax lawyer’s counsel. Unfortunately, even one small oversight can lead to a costly, lengthy audit by the Internal Revenue Service. Additionally, corporate fraud is a criminal offense, for which as the media portrayals have shown, have imprisoned a number business owners recently, not to mention the toppling of their corporate empires as well. According to the Internal Revenue Service, the federal government made eighty-three criminal convictions in May 2008 alone, which sends annual estimates for convictions of tax crimes at nearly one thousand individuals annually in 2008. Additionally, past records of the Internal Revenue Service notes that the number of criminal prosecutions made by the federal government rises each year.

Most business owners want the best for their business and employees, and an IRS investigation can easily ruin the successful operation of any business, regardless of size. Such problems can easily be avoided by hiring a tax attorney to provide professional tax counsel from the onset of a business.

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