The Internal Revenue Service (IRS) is the tax collecting and tax law enforcing government agency of the U.S. government. Their taxation jurisdiction extends from local holdings (that is to say, domestic taxation on locally incurred profits or realized revenue) to foreign holdings (such as offshore asset accounts and properties) – which is in line with almost all other tax-collecting government agencies in the world. They typically generate most of their tax income from individual income taxes, employment taxes and corporate taxes, which probably is a reason why they are very particular with persons filing their taxes.
Typically, tax lawyers IRS help individuals and entities in filing taxes complying with the immense bureaucracies within the tax system. Different rates in different states and the varying tax payment schedules may lead someone to unintentionally forget filing the right tax at the right time.Remediation options are there, in such cases, but your course of action may prove to be critical, as the IRS can commission an audit on your personal assets – which can consequently be much more of a hassle. Tax lawyers help you every step of the way to ensure that you prevent these types of run-ins with the IRS.
Tax lawyers also periodically collaborate with will lawyers. Will lawyers help individuals plan the distribution of their assets, but such actions still entail taxes – such as estate taxes. Of course, certain details must also be considered, such as the fair value of the asset and its proper tax rate – which makes tax lawyers and will lawyers symbiotic as legal counsel.
Article submitted by Law Offices Of Jeffrey B. Kahn, P.C.. Bigger assets and holdings are typically more prone to be part of the IRS watch list. If you’re such a fellow, like those who live in the OC, a tax lawyer Orange County with theLaw Offices Of Jeffrey B. Kahn, P.C.may help you prevent or remediate such run-ins with the IRS.