Many people, including family, friends, clients and potential clients will ask, what is a tax lawyer? A tax lawyer is not necessarily preparing tax returns all day. Tax law is applicable in almost every area of law. Ask yourself: what aspect of the law does not involve tax? The sale of a business involves tax issues. The formation of a trust involves tax issues. A personal injury settlement involves tax issues. Alimony and child support issues from a divorce involve tax issues. Wow, tax is really everywhere! The article below has been drafted by a tax lawyer in Denver, to give a few examples of how a tax lawyer or a tax attorney may be able to assist you and/or your business.
Generally speaking, a tax lawyer would assist their clients by applying the tax laws (Internal Revenue Code and Treasury Regulations) to their client’s issues, situations and circumstances. A tax lawyer may have an advanced degree in taxation known as an LL.M. John McGuire, of The McGuire Law Firm has an LL.M. in taxation and uses this degree to assist his clients.
You may hire a tax lawyer to assist you with the following issues:
– Resolution of a tax debt with the Internal Revenue Service
– Resolution of tax audit with the Internal Revenue Service
– The tax implications regarding the formation of a business such as a C Corporation, S Corporation, Limited Liability Company or other partnership
– The tax implications regarding the sale, transfer or disposition of a specific asset
– The tax implications regarding the transfer or sale of business interests (for example, you may wish to sell or transfer your stock ownership in a closely held business or sell your membership interests in a limited liability company)
– Non-profit formation and issues
– Tax planning for the current tax year and future years
– Estate Planning- a tax lawyer can assist you with the tax laws surrounding gifting money and assets to loved ones and charities
– Formation and drafting of trust agreements to transfer assets and money to family and charities
– Tax implications regarding the liquidation of a corporation, partnership or other business
– Preparation of tax returns such as the 1040 Individual Income Tax Return, 1120 Corporation Income Tax Return, 1065 Partnership Income Tax Return and other tax returns as required by the Internal Revenue Service
– Representation in United States Tax Court or other federal court regarding a tax issue
– Requirements regarding foreign bank accounts and foreign assets
– Tax implications from the contribution of money and property to a business entity
The above lists only a few examples of how a tax lawyer could assist you. Many tax lawyers apply their knowledge of tax as they practice law in other areas such as business law, estate planning and other legal areas.
To speak with a Denver tax lawyer call The McGuire Law Firm and schedule your free consultation! Offices located in Denver and Golden Colorado for your convenience.