Tax Law FAQ
Common Questions in Tax Law in Long Island
Q: How can a tax lawyer benefit me on a personal level?
A: Every taxpayer is faced with certain tax obligations, depending on his or her individual situation. There are numerous forms of taxes that benefit from the assistance of an attorney. For starters, there are personal income taxes, property and real estate taxes, estate or inheritance taxes, and taxes on securities and investments. The first step to tackling any type of individual taxes is to gain knowledge on what exactly you are dealing with. Of course, many people choose to do their research independently, but there are many complex twists within the realm of tax laws that a highly specialized lawyer can sort through and simplify. Another great advantage to having a qualified tax attorney by your side is when you require representation for a dispute resolution. There are many circumstances in which a tax lawyer will benefit you, all of which your attorney is already proficient in handling.
Q: How can a tax lawyer benefit me on a business level?
A: When taking on business responsibilities, tax issues are bound to be prevalent on a daily basis. Whether you require assistance in tax preparation or working out a viable tax plan, aid from a tax attorney is invaluable. A lawyer will already understand the specific intricacies of small business taxation so you can focus on your business. Along with this, a system can be implemented to avoid future tax snafus, and a dedicated attorney will be of great service when deciding on business details such as handling employees, income, expenses, inventory, deductions, and numerous other facets.
Q: Should I consider hiring a tax lawyer even if I'm not in trouble with the IRS?
A: Absolutely. Being in trouble with the IRS is a result of a tax issue and potentially a situation that could have been avoided. An individual should not wait until they actually have a problem to contact a tax attorney because there are many proactive measures that can be taken beforehand. A difficult truth about tax law is that, unless you are currently dedicating every waking hour to understanding every finite detail, the laws will simply alter and shift about on a regular basis. There are many little traps set along the way that often ensnare many unfortunate individuals. With a proficient tax lawyer, you can rest easy knowing that it his or her job to consistently keep afloat in the sea of tax changes and misconceptions. Only with an attorney (not just a CPA or a tax preparer) can you reap the full benefits of tax law.
Q: What will happen in a situation of delinquent taxes?
A: If your taxes have been considered delinquent for two years, you may lose your house and/or property to foreclosure for good. On top of that, you will be required to pay a fine of $25,000 for each unfiled tax year and a possible prison sentence for up to a year. As only a meager one percent of the amount of people who are convicted of delinquent taxes can actually fit in prison, the fine is heavily imposed. At any time following the failure to file taxes, the IRS might contact you via letter or phone call, or even in person.
If you or a loved one is facing delinquent taxes or any other type of tax issue, contact a Long Island tax lawyerto protect your assets and future.