Janathan Allen discusses what a tax attorney brings to the table that many other don’t. Ms. Allen notes that many attorneys don’t like numbers and yet there is so much in the business world that focuses upon the numbers associated with measuring business success and reporting the information driving every aspect of that business. A tax attorney can provide so much more than a CPA and some other type of lawyer.
One of the primary advantages of a tax attorney over a CPA is the protections of the See more +
Janathan Allen discusses what a tax attorney brings to the table that many other don’t. Ms. Allen notes that many attorneys don’t like numbers and yet there is so much in the business world that focuses upon the numbers associated with measuring business success and reporting the information driving every aspect of that business. A tax attorney can provide so much more than a CPA and some other type of lawyer.
One of the primary advantages of a tax attorney over a CPA is the protections of the attorney-client privilege. If an IRS auditor wants to see the communications between you and your CPA or the CPA’s own notes they are easily discoverable to an IRS or state tax auditor. Ms. Allen goes on to discuss the benefits of transactional planning and how intertwined the legal, tax and accounting perspectives are. The tax attorney is able to amalgamate all of the information regarding the business or individual and the type of business they operate, the type of gains/profits and losses they experience and where, when and how those gains/losses are realized. The next steps involve the development of a strategy including entities and fiscal year planning to better match when losses occur and gains are recognized in order to minimize tax exposures.
Ms. Allen discusses the similarity between how the United States and California look at their own taxpayers. In both cases, the government expects it’s citizens to pay taxes on worldwide income. Why is it always important to file a tax return, even if you aren’t going to owe anything? Ms. Allen discusses real life examples such as the worker who received stock options or simply contributed to a 401(k) or other retirement vehicle while living and working in California. It surprises many to learn that if it was earned in California, the State of California intends to tax it.
This podcast provides insight an answers into why you should have a tax attorney in your inner circle of advisors. A tax attorney may represent you and your interests in an IRS or California (or other state) audit. Your tax attorney should provide transactional planning including the right mix of entities, estate planning and insurance to position you to protect what you’ve earned and built while minimizing associated taxation as well as overall risk to your portfolio of assets. Your tax attorney defends you in an audit, resolves penalties, liens, garnishments and levies. Are you curious about PIGs and PALs and how to structure your wealth and income to minimize taxation? Do you want an attorney who can represent you before any tax agency? Do you want an attorney who understands the nature of business, entity creation and transactional planning?
Listen to What Can a Tax Attorney Do For You? and learn more about the difference between a tax attorney and a CPA and any other attorney. We invite you to meet with Janathan Allen and the experienced team at Allen Barron by contacting Allen Barron, or call 866-631-3470 to schedule a free consultation. See less -
