Handling tax problems can feel like trying to solve a Rubik’s Cube while blindfolded and you may be wondering if you should hire a tax professional to help untangle the mess. While there is a right to representation in tax matters, there is no legal requirement to have a tax professional help with your tax problems. However, having an experienced tax professional on your side can be a game changer, especially when things get complicated.
What does a tax professional bring?
1. Experience and knowledge. Tax professionals, such as accountants, enrolled agents, and tax attorneys are like the superheroes of the tax world. They have specialized knowledge and experience in tax law. They are well-versed in tax regulations and can provide advice tailored to your specific situation.
2. Handling complex issues. Tax problems can range from simple errors to complex issues involving multiple tax years, audits, or other disputes with tax authorities. An experienced tax professional can navigate these complexities and help get the best results possible within the nuances of the tax laws and regulations.
3. Ensuring compliance. Experienced tax professionals can help you comply with all relevant tax laws and regulations, reducing the risk of additional penalties and interest. Our office does not prepare or file tax returns, but an experienced and reputable tax preparer is a crucial component of the compliance component required to solve tax problems.
4. Reasonable basis for reliance. Courts have recognized that most taxpayers are not tax experts and that it is reasonable for them to rely on the advice of tax professionals for matters of substantive tax law. However, this reliance must be objectively reasonable, meaning that the taxpayer must provide the professional with all the necessary information and the professional must be competent and free of any conflicts of interest.
When to consider hiring a tax professional:
• Complex tax issues: Whether you are a business or an individual, if you are dealing with complex tax issues including tax balances, the assessment of penalties, or assessments you feel are incorrect, an experienced tax professional can help you navigate the process efficiently.
• Audits and disputes. If you are facing an audit or other dispute with tax authorities, an experienced tax professional can represent you and help navigate the tax laws and processes. They can potentially help reduce the tax liability before it is even assessed.
• Strategic problem solving. Tax problems can be overwhelming and confusing. An experienced tax professional can guide the process to help identify and negotiate the best way to solve tax problems by referencing the tax laws and regulations applicable to your specific situation.
While it is not mandatory to hire a tax professional to help with your tax problems, doing so can provide significant benefits throughout the process. If you are facing a complex tax problem, an audit, or other dispute with a tax authority, you may want to consider the help of an experienced tax professional for representation.
For help navigating your tax problems and negotiating a resolution, contact the tax team at the Business Law Group. Our team is ready to help you by taking the burden of dealing with the IRS and helping you navigate your tax problem to find a resolution tailored to your situation. Call us at (719) 355-8840 or email info@businesslawgroup.us to get started today.
