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The IRS has a lot of different issues and not all of them are about tax returns from individuals. Estates are also required to file returns. Businesses are legally supposed to file a return as well. There are four different situations that you might need to call a tax attorney for. If you are dealing with any of these four situations, call a tax attorney today.
1. You Plan on Having a Taxable Estate When You Die
The law states that if your estate is over 5.6 million if you are single and over 11.2 million of you are married, you have a taxable estate. If you believe that you will have an estate worth this much when you pass away, you should talk to a tax attorney. The heirs to your home would have to pay estate tax. This could be forty percent of these amounts listed above. Your attorney can help you stay below these numbers so that the majority of the estate doesn’t go to taxes. Your tax solutions start here.
2. You are Starting a Business
You should seek an attorney for legal advice when you are starting a business. They will help you determine what type of business you should set up and what should be incorporated. They can also help you determine if you should be a sole proprietor or if you would need some extra help. They will also help you determine your tax ramifications. An attorney will talk to you about the tax treatment of your company and what non-tax issues that you may have not had thought about.
3. International Business
If you engage in business internationally, you will need to seek the help of an attorney. They will help you with any contracts that you have. They will help you with all legal matters that pertain to your international business as well as your tax treatment. If you do not consult an attorney, contracts could be misunderstood and there could be conflict.
4. You Want to Bring a Suit Against the IRS
If you are under investigation by the IRS, you should consult an attorney. Generally, you would only need to consult an attorney if you are under criminal investigation. You may also consider contacting an attorney if you are wanting to have a review done of your case before you go to Tax Court. Taking the time to hire an attorney could allow you to avoid harsh penalties. Representing yourself, in this case, would not be recommended.
An attorney can help you out in many ways. Whether it is keeping your estate under a certain value to save you money or help you out with an investigation. They are going to be looking to provide you with the best interest in mind. They want what is best for you. That is why when you are starting a business or performing an international business, you should hire an attorney to make sure things are all good.