There are different professions in law, and a tax attorney is an important one. However, there are numerous people who are not sure what a Tax attorney does, and if you also want to brush up your information on a Tax attorney, then you can use this blog to learn who a tax attorney is and what they do.
Introduction to a tax attorney
Well, in simple terms, a tax attorney excels in taxation, which means that they advocate for their clients with the knowledge that they have of tax codes, accounting rules, and contract law. Tax attorneys represent their clients when they are in negotiation with the IRS (Internal Revenue Service) over tax issues. They are also responsible for drafting estate documents that will stay up in court and suggest strategies to minimize tax obligations.
Similar to a public accountant, tax attorneys have a specialization in taxation. However, you should know that they also graduate from law school to work in their field, but becoming a tax attorney requires a higher degree than other accounting careers and pays more too.
What are the duties and responsibilities of a Tax attorney?
Tax attorneys are the professional consultants through whom legal questions are answered, and tax issues are resolved by means of negotiations. They are also the ones who put together the necessary documents through which the whole legal process is carried out. In their capacity as lawyers, they are obliged to act in the best interest of their clients and abide by the professional standards of conduct.
Besides, tax attorneys have to be aware of the changes in tax laws and regulations in order to give their clients precise and reliable information. Outlined below are some of the primary responsibilities of tax lawyers:
Dispute Settlement
Tax lawyers must settle the issues that arise with the IRS or any other tax authority by defending their clients during an audit or any other legal procedure, and also by representing the IRS or the tax authority that the organization is appealing against.
Legal Document Preparation
Tax lawyers are often involved in the preparation of complex tax documents such as wills, prenuptial agreements, real estate transactions, and estate plans. These functions combine an understanding of both contract law and taxation.
Tax Consultancy
Tax lawyers are mainly consulted by their clients on tax matters, such as in the case of planning the estate and deciding on the corporation tax. Additionally, the counsel might cover personal income tax, retirement plans, or capital gains tax.
Settlement Negotiation
While representing clients, tax attorneys often negotiate settlements in relation to tax disputes or audits. They may also negotiate corporate matters, acting for firms during discussions with the IRS or other stakeholders.
Legal Research
Due to frequent changes in tax rules and regulations, tax attorneys are required to have a broad knowledge of the legal code, case law, and statutory law. Outstanding legal research skills are a must in this profession.
These are the duties of a Tax attorney, and being a tax attorney means performing all these functions for their clients.
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