Business Tax Attorney

In any business taxation is an area where there is simply no room for error.  Additional taxes, interest, and penalties arising from a tax related mistake can mount up quickly and an IRS audit of a business can be a very expensive investigative process.

Any initial inability to produce the necessary business records in an IRS audit because of poor business record keeping practices will be interpreted by the IRS as an intentional failure to produce evidence supporting the tax related claims can almost instantly lead to an audit.  The business might then be forced to engage in countless expensive hours of record-gathering and tax audit preparation. Talking to business tax attorney before reaching that problematic audit stage can be critical staying out of trouble and gaining a full understanding of what the IRS and/or state tax authorities will require of your business.

Reasons to Hire a Business Tax Attorney

• Constantly Changing Tax Law - It is extremely difficult for most businesses to remain current as to all applicable State and federal tax law and regulation changes.   Regulations can be changed on almost a daily basis and an attorney will be fully responsible to be aware of and implement those changes.
• Business Deductions - There are many business deductions that may be claimed to offset reportable business income.  In order to fully benefit from those deductions by taking advantage of them the business must know what they are and what is required to utilize them.   An attorney can provide that important information.
• State Taxes - Many businesses conduct operations out of state.  It is import to understand what is needed correctly fulfill tax reporting obligations as to state and out of state transactions and a business tax attorney can help to clarify those taxation issues.      
• Business Income - Business income can be referred to in several ways in taxation setting.  “Gross income” can include goods, property, services, bartering, and income derived from sales.   Business owners need to know exactly what the IRS will consider as “gross income” because failure to report something may lead to additional taxes, interest charges and penalties.  An attorney can help insure that owners understand their reporting responsibilities.
• Employee Taxation - Even if a business has no "employees," its sole proprietor or owner may be required to meet the tax requirements for a self-employed individual, including making quarterly estimated tax payments. Although a sole proprietor may not have to pay business taxes, he or she is usually considered both an employer and an employee, and the tax implications of this dual role can be complicated. A tax attorney can help a sole proprietor to understand self employment tax reporting responsibilities.