What is the tax law? Tax law or taxation law is a field of intellectual law where official or publicly sanctioned bodies, including state, federal and municipal governments employ a body of complex rules and procedures in order to calculate and collect taxes in a legally respectable context. A tax lawyer is a person who is qualified and authorized to practice law as a tax attorney. The area of tax law covers a wide range of issues related to internal revenue administration and tax collection such as taxation laws for corporations, trusts, and estates, income taxes, payroll taxes, property taxes, sales taxes, and many more. There are tax attorneys who specialize in particular fields of tax law. For instance, some specialize in taxation law for corporations, while others deal with tax law for individuals.
Taxes have become very important to everyone because tax levels rise and fall in different countries depending upon the economic conditions prevailing in each country. Thus, it is necessary for people to understand the intricacies of tax laws in order to utilize them legally. The need for tax attorneys is therefore most felt when one gets involved in international business. International business involves both personal and commercial transactions involving people from different countries. Therefore, tax issues become very important for people trying to comply with international tax laws.
For small businesses, the need for tax attorneys and accountants is even more acute. Many small businesses are set up by individuals without any professional help. As a result, these businesses are bound by their own policies regarding tax preparation. Often, these businesses do not know anything about tax preparation and are forced to hire the services of certified public accountants (CPA) and licensed tax preparers. Certified public accountants (CPA) are better equipped to handle the intricacies of tax laws because they have specialized training and are well-versed with tax laws regarding corporations, estates, trusts, and the like.
On the other hand, tax attorneys and accountants are better equipped to handle cases concerning individuals. Such an attorney or accountant can help clients in situations where his/her clients cannot seem to follow through with their financial planning. They can also help such clients understand the implications of not paying taxes. In such situations, they can interpret financial records and act as legal experts to settle legal issues arising out of taxes.
Many individuals find themselves in the situation of underpaying taxes. Under such circumstances, they need the assistance of tax attorneys and accountants in understanding their tax obligations. They can provide valuable guidance regarding tax planning, filing taxes, collection of unpaid taxes, and so on. Certified public accountants can also assist their clients in preparing their tax returns, reviewing tax assessments, and filing taxes.
An attorney or an accountant has many advantages. Such professionals can offer sound tax planning advice that can reduce the risk of getting involved in legal difficulties in the future. They also ensure a higher success rate in tax disputes. This means that tax attorneys and accountants can help their clients to settle their tax disputes without facing undue financial problems later. If you are unsure of how to proceed with your tax-related issues, you should seek the services of a tax attorney or an accountant today.
This article was written by Alla Tenina. Alla is one of the best tax attorneys in Los Angeles California, and the founder of Tenina law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.