One of the areas of activity that Bianchi Fasani Law offers is tax law. Our partner, Beatrice Bianchi Fasani, obtained a Masters in Tax Law from the University of Miami School of Law and deals with all aspects of this difficult aspect of American law.
Most people with US tax problems feel that an accountant is sufficient to solve most of the problems with the IRS (US tax) or to save some taxes.
But if this were true, what is a tax lawyer then?
Reason # 1: the Confidentiality of the Client-attorney Relationship
All information that you share with your attorney is confidential, just like the information you exchange with your doctor. As a result, your attorney will not be able to reveal (except in some limited cases) any information you have confided to. Therefore, it is possible to reveal any important detail, ask in-depth questions, or present all the possible scenarios without the fear that this information can then turn against you.
Reason # 2: a Specialization in Tax Law
Considering that taxes are based on law, a lawyer specializing in tax law is your most reliable ally. While it may seem possible to simply study your tax law and defend your positions in front of the IRS yourself, I can assure you that it will not be as effective as having a professional by your side.
- To begin with, tax law is one of the most difficult areas of American law. It is seen by many as a black hole waiting to swallow anyone who dares to enter by driving so many taxpayers. Why? Because nothing in the IRS Code is black or white. The tax lawyers have experience on how to interpret and “circumvent” the regulations of the Code by exploiting the different interpretations of the law to your advantage.
- In addition, federal and state tax laws often change, and a professional can help you stay informed about current developments in the law. The tax lawyers follow the sentences and are in the best position to give you updates and to provide practical advice.
- Finally, since the regulations vary from state to state, a lawyer can keep you informed about these differences.
With an expert supervising your situation, you can be sure that any course of action you decide to take is always in accordance with the law.
Reason # 3: the Possibility to Choose Between Different Options
A tax lawyer can advise you which strategy is best depending on your situation, taking every circumstance into consideration. After reviewing your position, a tax lawyer can provide you with an overview of the possible sanctions, and the different strategies to be taken by showing you the relative result from a fiscal point of view. People mistakenly assume that all the penalties from the IRS are accurate and unassailable while in reality many taxes can be challenged.
Reason # 4: Time Is Money
The Treasury code and the Internal Revenue Rules are voluminous – together they contain more than 1700 pages written in very complex language and terms. A tax lawyer can help you understand the code and “translate” these concepts. Not only does a tax lawyer know what needs to be done, but he also knows when and how the problem can be solved in the quickest and most efficient way. Not having to solve tax problems will give you the peace of mind to allow you to spend time in what is most needed: in the operation of your business.
Reason # 5: Get Your Deserved Deductions!
Travel, new equipment, and yes, even coffee and clothes, can be deductible business expenses. However, each deduction requires very specific requirements. A tax lawyer can help you get this deduction as quickly as possible.
Reason # 6: Ignorance Is Not Good
Tax laws change frequently, as do the IRS interpretations of the tax code. Not knowing new laws and regulations is not an excuse for not respecting them. Hiring a tax lawyer can protect you from penalties imposed on your (absolutely justified) “ignorance” from the fiscal point of view.
Even though hiring a tax lawyer leads to an expense, your peace of mind, security and tax savings that can bring you is priceless. Finding a specialist is just what you might need to start a business without too much concern.