Why You Should Hire a Tax Attorney Edmond, OK
Role of an Oklahoma Tax Law Attorney
A tax lawyer, often known as a tax attorney, is a lawyer who knows the complex and frequently-changing tax law. Edmond tax lawyers advise their clients (such as private persons, businesses, and the government) on minimizing their tax debt.
Tax attorneys conduct research, interview clients, and investigate tax laws locally, stately, and federally. They may also assist their clients in taking advantage of any possible tax deductions and credits. A tax attorney may also help you resolve a disagreement with the IRS.
In this article, Hutton Tax Solutions explains the importance of Edmond, OK, tax attorneys and how they can help you.
What Does an Oklahoma Tax Law Attorney Do?
The following are some specific duties that tax attorneys may handle:
Starting a Business
Tax lawyers assist their clients in selecting the business form, such as a Limited Liability Company (LLC), S-Corporation, or C-Corporation, and determining the possible tax consequences.
Owning a Business Overseas
Tax lawyers may advise clients on exemptions in owning businesses abroad. This will protect their clients from tax problems such as paying needless taxes.
Buying and Selling of Business
Tax lawyers may assist company owners with capital gains and depreciation to reduce their tax responsibilities when purchasing or selling a firm.
Inheritance and Estate Planning
Estate planning is a sophisticated subspecialty of tax law that involves the transfer of assets to heirs.
Tax Relief
If you owe the IRS more money than you can pay back immediately, you may be able to arrange a repayment plan to pay back your taxes over time. A tax attorney may assist you in negotiating with the IRS to get a reduced monthly payment and a suitable repayment schedule.
Tax Dispute
A tax dispute might refer to an audit, inquiry, appeal, motion for collection, or any tax-related conflict. Tax lawyers have a specific understanding of tax law’s complexities and are authorized to represent clients in court for Tax/IRS debt resolution.
Working with a tax attorney might help level the playing field between you and state or federal tax authorities if you are involved in a tax dispute.
IRS Audits
Tax lawyers can also assist clients in preparing for an IRS audit. An audit does not necessarily indicate that a customer has committed a violation; it just suggests that the IRS wants a deeper look.
Tax lawyers that offer IRS help services guide their clients through the process. This includes meeting with IRS authorities and, if necessary, defending clients in tax court.
What Is the Difference Between a Tax Lawyer and an Accountant?
Certified Public Accountants (CPAs) and tax lawyers are examples of professionals that can assist you with your tax problems. As a result, many people confuse the two professions.
The fundamental distinction between the two is that a tax attorney is a professional in dealing with the legal elements of taxes, while a certified public accountant (CPA) is knowledgeable in dealing with the financial ramifications of a tax issue.
Each profession has advantages and disadvantages, whether a tax attorney or certified public accountant. Whether you should hire a certified public accountant (CPA) or a tax attorney depends on the particulars of your situation.
The following are the main differences between the two professions:
Specialization
Accountants are typically trained in fields related to financial accounting, such as auditing, bookkeeping, financial planning, and taxes, making them ideal for tax planning and preparation. An Edmond, OK, tax law attorney is knowledgeable about tax law and related practice areas, and can assist in resolving legal issues and tax conflicts. In other words, while accountants work hard to help you avoid tax problems, tax law attorneys help you resolve them.
IRS Disputes
An accountant lacks the legal skills to represent the taxpayer before the IRS. An experienced tax lawyer, however, can effectively represent the taxpayer before the Internal Revenue Service.
U.S. Court of Justice
In most instances, the license CPAs have their license confined to the state of issuance, and hence they cannot represent the taxpayer before the Tax Court. A lawyer, however, can represent the taxpayer in a U.S. court in any matter, including tax fraud.
Benefits of Hiring an Accountant in Oklahoma
- CPAs offer consistent accounting and auditing services.
- An accountant maintains correct financial statements and ensures trustworthy audits.
- They provide forensic accounting services to determine fraudulent corporate transactions.
- CPAs provide growth-focused consulting sessions.
- An accountant observes an adequate tax preparation and filing procedure and provides insightful fiscal and tax guidance.
- CPAs extend better financial planning while ensuring the successful resolution of complex tax issues.
- CPAs are more cost-effective than tax lawyers since their hourly charges for tax services are lower.
Benefits of Hiring an Oklahoma Tax Law Attorney
- Edmond tax lawyers offer legal aid in resolving back taxes problems and litigation issues with the IRS.
- Experienced lawyers in Oklahoma City may help you resolve concerns about wage garnishment.
- A tax law attorney can help reduce your heirs’ inheritance tax burden via negotiations with the IRS.
- A tax law attorney can help you comprehend international regulations and support your business abroad by assuring tax compliance.
- Your tax law attorney is bound by a confidentiality agreement unlike the accountant. Therefore, they cannot expose your secrets under any circumstance.
If you need assistance with tax-related financial issues or with developing a long-term tax strategy, hire a certified public accountant.
A tax lawyer in Oklahoma City can help you if you are involved in a legal dispute with the Internal Revenue Service (IRS) or need representation in court. Get a free consultation with an accomplished lawyer at Hutton Tax Solutions!
How Much Does It Cost to Hire a Tax Lawyer?
A tax lawyer’s hourly rate depends on the lawyer’s legal expertise and their location within Oklahoma.
Our attorneys will evaluate your case and give you an estimate of the cost of your legal representation during your free consultation. Reach out to us today!
Get The Help You Need From from Hutton Tax Solutions
Finding the appropriate tax assistance might require a lot of work. Hiring a tax attorney in Edmond, OK, can be beneficial to handle your case.
Hutton Tax Solutions’ professionals are committed to assisting taxpayers with their tax difficulties in Edmond, OK.
We can provide the resources and support you need to offer IRS help services whenever you need them. The sooner you get assistance for your tax issue, the better.
Call us now or book a free consultation.