Hiring the best Tax Debt Attorney in Tennessee is essential when you’re facing a complicated tax issue. Trying to handle a situation with the IRS or state department of revenue on your own can lead to more problems, especially if you make a mistake in your paperwork or miss something. An experienced tax attorney can help you avoid these issues by bridging communication gaps between you and government agents, as well as finding potential discrepancies in your paperwork before they become serious problems.
Aside from preparing and filing tax forms, a good tax attorney can also offer assistance with complex business issues. For example, many small businesses have to pay city and state business taxes. These taxes are typically based on the amount of gross sales the business earns in a year. Those who run a large company or have multiple locations may also need to pay franchise tax. This type of tax is levied on the company’s profits by the franchise tax agency.
Some common tax problems that can be handled by a professional include IRS audits, obtaining property tax exemptions, and tax debt relief. A qualified and experienced tax relief lawyer can also help you file an Offer in Compromise to reduce your tax debt, prepare all required documentation for an IRS tax relief program, and represent you in negotiations with the IRS.
Tax laws are constantly changing, so it’s easy to make mistakes or overlook tax breaks you qualify for. A good tax attorney can help you navigate the latest changes in federal and state tax regulations to make sure you’re getting all the deductions and credits you deserve. They can also help you with any disputed tax matters and represent you before the IRS in a trial or appeals hearing.
Even the most diligent taxpayer can end up with a tax problem at some point. If you’re dealing with a minor tax issue, it’s important to work with an experienced tax attorney as soon as possible. An attorney can help you determine the source of the issue, negotiate a settlement for repayment, and prevent future issues from arising.
Aside from handling tax issues, a competent Tennessee tax lawyer can also assist you with estate planning, corporate formations, and real estate transactions. They can also draft and implement tax strategies for both individuals and businesses, including structuring partnerships to minimize gift taxes, advising clients on mergers and acquisitions, and maximizing after-tax proceeds for business owners who are selling their companies. Moreover, they can advise on the federal income tax consequences of real estate transactions and help you file your personal and corporate returns. They can even help you obtain an innocent spouse waiver, which relieves one spouse of their joint debts. They can also help you choose the right form of power of attorney and set up a trust for your assets. They can even help you set up a charitable foundation. They can also provide advice on a variety of family law issues like divorce, adoption, and child custody.