If you're operating the business of a company, you'll be required to pay local, state and federal taxes in alternative to conducting your business within the area you are operating in. Different jurisdictions like various states and cities have their own rules on the method of calculating the corporate tax.
If you make a mistake or miss a deadline of tax, it could result in an even bigger issue for you and could result in additional penalties, fines and tax. No matter how small or big your company is, you should think about hiring a tax attorney to help you settle or lower your back taxes and other tax issues.
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The responsibilities of a corporate tax lawyer:- Apart from helping you get through an audit process, there's a lot of benefits of hiring a corporate tax lawyer. Since tax laws are extremely complicated, an attorney can assist you with expansions and mergers.
They can also help you keep on top of any changes as well as the laws that govern tax laws in the federal and state levels. This includes the submission of your company's corporate taxes as well as your employees' tax on income.
A tax lawyer can help prevent you from making any mistakes on your tax returns and also keep the IRS from catching you. In tax season they'll be able interpret your tax obligations, calculate your tax liability and then make an amendment to taxes.
In the event of an audit they can guard you against the intimidation and mistreatment of IRS agents trying to take you down. They're also capable of handling the threat of an IRS lien or levy or helping you to devise the best way to cut down on the amount of taxes you owe or to eliminate the tax altogether.