Corona Tax Lawyer

You should hire a tax lawyer to either avoid trouble with the law or navigate an existing tax law issue. Taxes can be daunting, especially for businesses with a large amount of assets. Your lawyer can guide you through the tax planning process to avoid being delinquent on taxes or violating tax laws. If a dispute arises, a business litigation lawyer can also help resolve any legal issues related to your business. At Lobb & Plewe, we have several tax planning services, such as:

• Choice of business entity – Our lawyers can help you choose your business entity type as it can determine your tax liability. For instance, LLCs have different tax liabilities than sole proprietorships.
• Tax reduction in estate planning – There are estate planning techniques that can mitigate tax liabilities for your businesses; these are tools our lawyers can help you navigate.
• Tax deductions – We can educate you on the various tax deductions that are at your disposal.

Aside from tax planning, a tax lawyer can also help you if you are charged with any tax-related offenses. Because tax laws can be so nuanced, it can be easy to make a mistake and be charged with an offense. Some common tax offenses for businesses include:

• Underpaying taxes – Sometimes, businesses fail to make estimated tax payments throughout the year and end up underpaying taxes when the time comes. If a business underpaid taxes, they may be charged a penalty, and if this is repeated, they may face legal charges.
• Failing to deposit employee taxes – Business owners should deposit employee tax withholdings. If these deposits are not made on time, the business can be charged a penalty.
• Filing late – Businesses have a timeframe for filing taxes just like individuals. So, if a business files late, they may incur a penalty.
• Combining business and personal expenses – Failing to separate business expenses from personal expenses can cause several tax-related errors. These errors can lead to tax fraud if a business is not careful. Tax fraud is a serious offense that can lead to serious prison time.

While a tax preparer or an accountant can help businesses file their taxes to avoid these mistakes, if something is not caught, or if the business owner does the taxes themselves and makes a mistake, a tax lawyer can be invaluable for solving the problem. Additionally, an estate planning lawyer can assist in ensuring that any tax implications related to estate planning are addressed properly to avoid future issues.

Tax lawyers can also communicate with the IRS on behalf of their clients to mitigate stress. Since tax attorneys understand complex laws, they are better equipped to negotiate settlements, help with audit disputes, resolve tax debts, or convince the IRS to remove tax liens on their clients. Taxes and your disposable income are closely linked, and a tax lawyer can help ensure that you are not paying more than necessary, allowing you to keep more of your income for personal or business needs.