It’s standard for businesses to seek an accountant for all their tax and money needs. What many people don’t know is that having a tax lawyer is also very beneficial. This is because they don’t think they need one, but hiring this kind of attorney can help you in so many ways.
What is a Tax Lawyer?
Before you decide to get a tax lawyer, you should understand what one does. Their primary function is to help their clients to plan and file taxes, but that’s not all. They also defend the business in tax-related court cases. In a way, most people will describe these lawyers as a CPA and attorney in one.
Business Expertise
When it comes to understanding complicated business regulations, having a tax attorney is your best option. They have the knowledge and authority to draft and file any documents that are needed during deals. They can also advise on the following:
- Buying or selling a business
- Shareholder, LLC and partnership agreements and formations
- Noncompete and nonsolicitation agreements
- Lender representation
- Breach of contract disputes
Good for Negotiations
In the business world, you may have to enter deals with another company. Even with your experience, you’ll still need someone to handle negotiations on your behalf. Tax attorneys will argue your side and make sure the best outcome is achieved.
If you need clarification on what’s being offered to you, there’s no better person than a tax lawyer. They’ll not only help you understand what’s going on, but they’ll also be able to tell you how any deal can financially impact your business in the future.
Handle Law Related Issues
Lawyers of taxpage.com say that not having a tax attorney will expose you to potential tax issues that could be easily avoided. Your business could also miss out on strategies that minimize the amount of tax the company has to pay.
Despite taking all the necessary precautions, you can become involved in an audit or a financial court case. If a business gets involved in a tax-related criminal investigation, only an experienced tax lawyer can adequately represent it. This is another way having a lawyer with both financial and law knowledge can count in your favor.
Attorney-Client Privilege
One thing that no one thinks about when it comes to the company finances is how protected the records are. Despite needing to be ethical, what’s said to a CPA isn’t considered confidential. Accountants can still be forced to testify against their clients during a trial.
Like any other lawyer, anything disclosed to a tax attorney is considered protected by the attorney-client privilege. This means that information about your company’s finances is more secure from other businesses and during investigations.
Conclusion
Every business owner wants to protect their company’s finances as much as possible. With the help of tax lawyers, you’ll require less professionals to do so because they offer an extensive range of services. Many great benefits come with a tax-related attorney, and no one can deny that it’s the best choice for any organization.