When dealing with your taxes, there are certain things an accountant or CPA can handle for you, and certain things that require the services of a tax attorney.
Tax law is complex, and highly technical, and a tax attorney specializes in the fine points – the details, fine print, and ever-fluctuating state codes and federal regulations – of our taxation system.
Sometimes it can be too much – you want to be sure you are doing things correctly.
When To Contact A Cincinnati Tax Attorney
If you are dealing with disputes over your state or federal tax returns, either for the most recent year or for previous year, then consulting a tax attorney is a smart idea. There are many other reasons you might want to speak with an attorney, though:
- You are founding your own business. Should you incorporate? Should you incorporate? Should you be an LLC or a sole proprietor? How should you structure the company? What do you need to put into place to cover your contractors legally? What arrangements to you need to make to bring on a full-time employee? How do you protect yourself with regards to Worker’s Compensation insurance? When do you need to provide medical coverage and other benefits? Should you handle quarterly payments for contractors? Or for yourself? So many legal questions.
- Your work involves international clients and you need help with international law or tax situations with foreign governments. Importing and exporting across state lines has tax consequences, but what about into and out of foreign countries? Who gets taxed and when? How do you avoid getting double-taxed by both governments?
- The IRS is investigating you for criminal wrongdoing, or you intend to bring suit against the IRS. A tax attorney has no obligation to divulge your conversation with the court if you go to trial – those conversations covered under attorney-client privilege. An accountant, however, has a duty to share those conversations with the court. For this reason, the advice of a tax attorney is often preferable if your business activities have gotten you into hot water regarding your tax obligations.
We Help With Simple and Complicated Tax Issues
Tax law is labyrinthine. But the good news is, you do not need to understand all of it yourself. Having a legal advisor and tax professional on your side, who can see conflicts or complications – or who can predict those conflicts as you are starting out, and therefore tell you what to avoid – can make or break a small business or an independent entrepreneur.
Having a tax attorney on retainer is a smart way to tackle these tax issues head-on. Your accountant keeps your books, and knows your general in-flow and out-flow of capital. By having your account collaborating with your tax attorney, you can allocate funds in the safest and most cost-effective manner. You can protect yourself and your employees, while keeping your corporate tax burden to a minimum.
Here in Cincinnati, the tax attorneys at Donnellon, Donnellon, & Miller are well versed in all aspects of local, state, and federal taxation. We are ready to meet with you about any financial matters you would care to discuss.