October 4, 2019 0 Comments Business

When Do You Need To Hire A San Clemente Tax Attorney?

Accountants and attorneys will always be needed. These specialists help you in specific situations. However, while everyone is aware of what the accountant does, few fully understand how complex the nature of attorneys is. A San Clemente tax attorney is capable of handling many things that accountants simply cannot. These specialists are specialized in tax law, which is so much more complex than what many believe.

When Is A Tax Attorney In San Clemente Needed?

The IRS is interested in so many things. This does not include just the individual tax returns, as so many think. An estate has to file tax returns, just like absolutely all the businesses. The help of the tax attorney is mandatory when you have to handle situations like the ones presented below:

  • Taxable Estates Upon Death

Ever since 2018, this practically means that the estate’s total value is going to exceed the value of $5.6 million. If you are married, the amount raises to $11.2 million. Such thresholds annually increase.

After your death, it is the responsibility of the heirs to pay estate taxes. This sums up to around 40% of estate value. The tax lawyer helps the owner of the estate to plan strategies so that you can remain under exemption threshold. This is important since it helps avoid the unwanted situation in which a large part of the estate ends up lost in taxes.

  • Opening A Business

Do you want to start a business that you have to incorporate? Do you also know what type of business is best for you? Is it possible to function as the sole proprietor of the business?

Every single business setup has tax ramifications. Because of this, when you open a company, you absolutely need legal counsel that can let you know about the firm’s tax treatment and the appropriate tax structure necessary. The tax attorney can also help with some of the non-tax issues you will be faced with.

  • You Do International Business

This is where the tax accountant helps with the contracts, the best tax treatment to use and many other important legal matters.

  • You Want To Sue The IRS

This is definitely a fight you do not want to start alone. If the IRS placed you under criminal investigation, the case has to be reviewed by an independent source in front of the Tax Court in US.

Whenever you end up having to go to trial, the tax accountant that you hire needs courtroom experience. There are non-attorneys that are capable of representing you in front of a judge but it is always a lot better when you are represented by a person that really knows tax law. When charged with tax fraud, this is even more important, like when claiming credits or deductions that you should not have claimed.

Fortunately, there are many San Clemente tax attorneys that are capable. Remember that whatever you say to your lawyer in confidence is protected and privileged. The lawyer is simply not obliged by duty or law to divulge anything to the authorities. Unfortunately, this is not the case with the accountants.