Hiring a Tax Lawyer? Here's What You Need to Know

streamlined processing of installment agreements

It may sound surprising, but it's true: Americans fail to pay $458 billion a year in taxes. That being said, a tax lawyer can help you get your finances together quickly and efficiently, explaining the process every step of the way. But before you hire any type of tax attorney to provide streamlined processing of installment agreements and other financial services, it helps to know some basic, fundamental information about tax laws and how to choose the right legal professional. With that in mind, here's what you need to know about working with a qualified and reputable tax lawyer.

Why Hire a Tax Lawyer?

There is a wide range of reasons to consider hiring a tax lawyer, and many of them surround the possibility of IRS auditing. Small C corporations (total assets less than $10 million) faced an overall audit rate of 1% in 2014. Companies with assets between $1 million and $5 million were audited at a 1.2% rate, and those with assets between $5 million and $10 million faced a 1.9% rate. C corporations with assets between $10 million and $50 million were audited at a 6.2% rate. The fact is, the IRS can audit any business tax return within three years of filing, and it can collect back taxes owed for up to 10 years. This means that it's always ideal to have a tax lawyer ready when you need them most.

How to Find a Reliable Tax Lawyer

Don't take any shortcuts when it comes to finding an experienced tax lawyer. Look over their website thoroughly, ask around for recommendations, and of course, always try to find reviews that aren't on the law firm's website itself. These tend to be the most unbiased. Don't hesitate to ask the right questions when explaining your needs; you always want to make sure that your tax lawyer specializes in the area of the law that matches your tax filing needs.

Ultimately, hiring a tax lawyer is the best way to obtain streamlined processing of installment agreements and other essential financial services. For more information about IRS installment agreements, events that will toll the IRS statute of limitations, and IRS collection statute of limitations advice, contact IRS Legal Defense.

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