Tax Attorneys Chicago

Seeking the help of a tax preparer or an accountant can help reduce tax liability and ensure that your return is in good shape before you file it with the IRS.

However, things do happen, forcing a significant change in your tax situation. And when a new multi-layered business deal arises, the tax consequences can be substantial, posing an issue that is best addressed by the expertise, guidance, and support of a professional tax attorney.

We aim to explain what tax attorneys do and know when it may be necessary to hire a professional tax attorney in Chicago.

When Is One Required To Hire A Tax Attorney?

You Are Starting a Business

The majority of setting up or selling a business comes with relevant tax implications, regardless of the size or type of business. A tax attorney will advise you on structuring your new firm as they sell their company. Helping you find the financial rewards and the risks before making your decision.

You’re Leaving Money to Loved Ones

The wealthy face a significant tax burden upon their death, meaning a sizable amount of their wealth is likely to be taken by the federal government before it is passed to their heirs. Most people don't need to worry about the estate tax, but those who do can benefit from their tax attorney's help.

Many Chicago IL lawyers provide estate planning strategies that enable their clients to minimize the number of their assets they are required to give to the IRS. You trust DMT Law Group to provide you with reliable legal services in IL on any tax-related issues.

You Owe a Lot of Money to the IRS

Many owe tax obligations to the federal or state government. Unfortunately, when you owe an income tax refund, you must pay it back through one of several installment payment options available through the IRS.

Yet, when one has outstanding debts, the situation can become more complicated. And also, often, the best way to solve such a significant debt is to hire an experienced tax attorney. You need someone who knows how to work with the IRS. Someone who can help you hammer out an agreement that makes the payment process a little easier.

Tax attorneys can help those who owe too much taxes negotiate a payment plan or even help reduce the amount of taxes, interest, and penalties they may owe. A tax attorney's experience in IRS operations can help a taxpayer in times of need.

You’re Facing an Audit

An IRS audit can be an unpleasant, expensive process and provide plenty of room to make mistakes that increase IRS penalties.

Having a tax attorney during the audit process can help you avoid other mistakes and ensure the IRS has all the information it needs to complete its review and negotiate a reasonable payment plan if you face other tax debt.

Besides, to contest the results once the audit is complete, tax attorneys are in the perfect position to assist with challenging the results and protecting your interests and rights through the appeals process.