Los Angeles is among the cities with the largest economies globally. It has over 244,000 businesses, making it a significant international trading canter. Each business owner deals with different tax-related issues, and getting a competent Los Angeles tax attorney is crucial to keep you in good books with the federal tax laws.
Even if you don’t own a business or have a lucrative job, IRS officials have eyes everywhere. You may have an outstanding tax debt and accruing interests and penalties. Tax attorneys are also necessary when you want to start a business or during property transfers. This article discusses various occurrences when you might need to hire a Los Angeles tax attorney:
Starting a Business
As a novice business person, you may not know everything at once. Starting a business is a huge step that entails understanding various tax regulations to keep it afloat. A tax lawyer plays a great role as an advisor and will teach you how the IRS operates. Taxation matters and legal implications on particular entities and how failing to submit tax returns will haunt your business until you pay every last coin to the IRS. A professional attorney will take you through the entire tax requirements and consequences of withholding tax payments.
When the IRS requests to audit your business, it is time to hire a tax attorney as soon as possible. You might be having outstanding tax debt or tax evasion suspicions. If you don’t act swiftly, the IRS officials will implement ban levies or seize your business and personal properties. But if you have a competent tax attorney by your side, you will not experience such harsh consequences.
The attorney will represent you and negotiate with the IRS to resolve the issues. You might get slapped with a lenient penalty and survive the asset seizures. Thus, ensure you hire a professional tax lawyer and save your business from future occurrences.
Having a business in the real estate industry is reason enough to hire a tax attorney. Buying or selling property involves sensitive paperwork, licenses, and tax requirements. Thus, having a competent attorney to handle your books is essential to avoid attracting harsh penalties.
Moreover, if you also want to transfer property to a third-party, you need the assistance of a skilled attorney to draft the consent and agreement. You will also get legal advice concerning federal tax regulations and implications. So, get a tax lawyer to tackle all the estate planning strategies.
Buying Rental Property
Not everyone understands how the rental property sector operates. That is why you must seek professional advice from a competent attorney before purchasing any rental property. You may not be familiar with property depreciation and the implications on your personal tax returns.
Thus, a tax lawyer will educate you on critical tax-related issues and ways to avoid getting frequent IRS audits. A Los Angeles tax attorney will offer the best guidance on buying a suitable rental property as well as liability issues.
Filing Tax Returns
Have you delayed filing your tax returns? Do you have an outstanding tax debt with accruing interests? You need to hire a tax attorney immediately. Don’t wait anymore because your situation will get out of control in due time. An experienced tax attorney will help you file your taxes on time or contact the IRS directly in case of any tax-related issue. If you have massive debt, the attorney can negotiate on your behalf with the IRS office for a smaller penalty or draft an agreement to pay in installments.
As a business owner, you don’t have to wait to be on the wrong side of federal law to hire a tax attorney. It is crucial to understand the taxation regulations and implications to avoid conducting your business without full information. Therefore, prioritize hiring a tax attorney on speed-dial to get instant guidance on particular issues you do not understand.
You can opt to hire a Los Angeles tax attorney temporarily to teach you all the basic and necessary information that can help you to run your business smoothly. It is better to be on the safe side of the lay to avoid unwarranted legal implications.
Tax matters are quite sensitive, and you need to be vigilant to avoid jeopardizing your business and personal finances. Take the initiative and hire a competent lawyer to offer you all the guidance you need regarding tax regulations. Don’t wait before it is too late. Set your taxes in order and enjoy peace of mind.