Tax law is one of the most specialized areas of law. It impacts individuals, businesses, and even governments.
It’s a challenging career with lots of variety. It’s also a good way to develop in-demand skills and expertise that you can use in other fields.
They can help you deal with the IRS
Whether you owe back taxes, are facing garnishments or liens or need to negotiate with the IRS, a tax attorney Los Angeles can help. They understand the resolution options available and work hard to get you a reasonable arrangement.
Unlike CPAs and enrolled agents, attorneys have undergone more training in dispute resolution. They also can offer a wider variety of solutions for unpaid taxes than most other professionals.
They may also be able to represent you in court if you’ve been charged with fraud or evasion of tax laws. This can be a very serious charge and could mean jail time or hefty penalties.
The best way to find a tax attorney is to ask around. Ask for references and testimonials from clients/customers. You should also make sure to ask how they bill their clients.
They can help you negotiate a repayment plan
Tax attorneys often use their knowledge of tax laws to negotiate a repayment plan with the IRS that will help you to pay off your debt in monthly installments. This will allow you to stay on top of your payments and avoid unnecessary penalties.
A tax attorney can also help you to determine which documents you need to submit to the IRS to prove your financial situation. This will ensure that you get the best deal possible.
Another option that a tax attorney may be able to offer you is an Offer in Compromise. This program allows you to settle your taxes for less than you owe and it is one of the most efficient ways to resolve your IRS debt.
Keeping your money in tax-advantaged savings accounts such as IRAs, Roth IRAs, Coverdell Education Savings Accounts and tax-deferred annuities is a great way to reduce your taxable income while growing your savings for big life expenses. But be sure to read the fine print when choosing a tax-advantaged savings account so you don’t wind up paying more than you should on your interest earnings.
They can help you get an offer in compromise
An offer in compromise is a way to pay the IRS less than what you owe. This is an important option for taxpayers who can’t pay their full tax liabilities or face financial hardships.
A Miami tax attorney can help you prepare an offer in compromise that the IRS accepts. They will ensure that all of your documentation and forms are completed properly, and your argument is convincing.
Tax attorneys will also review your finances to make sure that you can afford to pay the amount of your offer in compromise. This means verifying your pay stubs, receipts, health insurance and bank account information, vehicle registrations, mortgage payments, and more.
The cost of an offer in compromise varies depending on the length of your case and how your tax lawyer charges. Some tax lawyers charge a fixed fee, while others charge hourly rates.
They can help you represent you in court
If you need to go to court for a tax dispute, you can hire a tax attorney to represent you. These professionals will know how to present your case and help you avoid significant fines and penalties.
They can also negotiate a repayment plan with the IRS so that you pay back what you owe over time. Then, you won’t have to worry about the financial burden of paying your taxes in full at once.
A tax attorney can also make an offer in compromise, which means that they will try to convince the IRS that you cannot pay your debt in full and that you need to pay less. This can be a good option for people who have a low income and high taxes.
You should fill out a trial memorandum at least 15 days before the trial, stating what issues you want decided by the judge and how many witnesses will testify. You should also tell the judge how long your trial will take.