Taxes are crucial considerations for every business owner. Issues with your taxes can escalate very quickly and impact your business in surprising and devastating ways. A tax audit can cause undue stress to you and the other leaders of your organization. Tax controversies can lead to the diversion of valuable resources until you reach resolutions to these matters. If you end up with a tax burden due to unpaid business taxes, the financial impact and negatively offset your plans and investments. A California tax planning attorney is an essential asset for any business owner who wants to ensure they meet their tax liability and avoids complex issues like audits and tax burdens whenever possible.
Unfortunately, many businesses make the mistake of using an accounting firm for their taxes. Though this is certainly better than having an amateur do them, it doesn’t provide full protection against the Internal Revenue Service (IRS). Professional accountants make mistakes all the time, and when it comes to your business, there is no room for error. Any negotiation or discussion with the IRS is with a legal entity, so having an experienced tax attorney can help you think beyond the numbers to what is best for your situation.
By hiring a tax planning attorney, you protect yourself and your business from serious legal consequences. The government and IRS have very little patience for tax errors, and a single audit can severely impact your business. It’s best to hire a Fresno tax attorney to help keep your business out of trouble.
Why Should I Hire a California Tax Planning Attorney?
Fishman, Larsen & Callister is a team of experienced California tax planning lawyers with extensive experience handling business-related tax problems. If you run any small or medium-sized business in the California area, contact our office. Our team can help you take appropriate precautions against tax issues that can sidetrack your company and cause significant financial problems. We work closely with our clients, examine their operations carefully, and perform robust tax analyses to help every client we represent handle the most difficult business tax issues, preventing them whenever possible.
Proper tax planning for your business can help you avoid very costly and complex tax problems later. Fishman, Larsen & Callister offers a full range of tax planning services and legal counsel for business owners throughout the California area. We also provide tax planning services for individuals, helping them reduce their tax liabilities wherever possible and helping them overcome difficult tax-related problems with the Internal Revenue Service (IRS) and California Department of Tax and Fee Administration (CDTFA).
Navigating federal and state-level tax laws as an individual or a business owner can be incredibly challenging. Tax regulations are strict and complex. The average individual or business owner may not know how to take full advantage of the tax laws applicable to them or avoid common tax-related issues like audits. By working with an experienced California tax planning attorney, you can approach your individual or business taxes with greater confidence.
What Is Tax Law?
Though it may not always seem like it, strict rules and regulations cover how much the government can charge in taxes. Tax law is an accumulation of these rules and the policies and procedures surrounding taxes. Most importantly, perhaps, these laws outline what will happen when a person breaks one of these laws.
It is a tax attorney’s job to help businesses navigate the world of taxes. Though most people have to file taxes every year, the process is still too complicated for many people to feel confident about doing them correctly. Business tax law is even more involved, as businesses handle both profits and payments to employees.
When you have a tax attorney on your side, the world of taxes seems less intimidating. With proper legal advice, you can be confident that you’re avoiding penalties and executing tax practices correctly.
What to Look for in a Tax Planning Attorney
Many attorneys claim to have tax solutions or the ability to help with tax issues. However, this isn’t true. Tax law is a very specific area of the legal system, and not all attorneys can properly practice it.
When you need a tax planning attorney, look for:
A license to practice law. This is a requirement for any lawyer, especially those who will be privy to your personal information. Be sure that any potential lawyers are licensed in your state.
Specialty practice in tax law. Look for experience or training in tax law in any potential tax attorneys. You may need to ask them about their history or review testimonials from their clients.
A preparer tax identification number (PTIN). To legally prepare someone else’s taxes as part of a business endeavor, one must have a PTIN. This ensures that they are accountable to the IRS for their work and that they are doing their work legally and correctly.
Though these may seem like basic requirements for an attorney, they’re essential. There are many scams surrounding taxes and tax law, so you can never be too careful when hiring legal help.
As with any legal collaboration, it’s also important to be able to trust your attorney. Not only do you need to give them your personal information, but you also may run into stressful situations while working with them. If you happen to be dealing with a complex case, you need to be able to trust them with your concerns.
Tax Issues Our Firm Can Resolve
Even within the tax law world, some firms are better than others. Some firms don’t offer some types of tax help, while others have limited experience and put you at a disadvantage. Fortunately, our team is not this way. We have a wide range of services and tax issues that we can resolve for you.
- Tax filing compliance. Filing business taxes can be incredibly complex. Depending on the nature of your business, you likely have various tax considerations for which you must account when filing your taxes. Individuals often struggle with filing their taxes as well. Fishman, Larsen & Callister can help you prepare your tax returns and file your taxes with confidence. We can also assist with substitute returns, amended returns, and ensure your tax filings are fully compliant with federal, state, and local tax laws.
Audit reconsideration. The IRS uses many automated systems to determine which individuals and business entities qualify for audits during each tax year. If you believe the government has made a mistake in requiring an audit for you as an individual or for your business, or if you believe the government has mishandled a previous audit in any way, our team can help you address these situations with clarity.
- Penalty abatement. Tax penalties can cause significant problems for any California business owner. Our team can assist you in requesting a tax penalty abatement to have your tax penalties and other fees reduced.
- Offers in Compromise. In some situations, the IRS is willing to compromise with an individual or business entity to allow them to settle their tax liability for less than they actually owe. Obtaining an Offer in Compromise from the IRS is incredibly challenging, and they reject about 90% of all the offers submitted each year. Most of these rejections could be avoided with proper legal representation.
- Wage garnishment. One of the harshest penalties the IRS or CDTFA may impose on a taxpayer is wage garnishment. This system allows the tax authority to take a predetermined percentage of your pay until your tax liability is fully repaid. Our team can help you avoid wage garnishment and potentially secure a more flexible repayment plan with the appropriate tax authorities.
- Payroll tax audits and disputes. Business owners who make mistakes with their payroll taxes can experience costly problems later. The Employment Development Department of the CDTFA aggressively pursues employers who fail to properly file payroll taxes in California. We can represent you in these proceedings and help you clarify your payroll tax records to avoid future problems with the CDTFA.
This is not an exhaustive list of the legal services the team at Fishman, Larsen & Callister can provide to individual taxpayers and tax paying businesses in California. Many tax-related issues at the federal and state levels can be overcome with due diligence and extensive financial research. Our team has the resources and experience to handle in-depth financial analysis and the ability to uncover the documentation you will need to overcome the tax issues you currently face.
Consultations are wonderful for discussing your unique needs. If your situation doesn’t fall under one of the above categories, we may still be able to help you. A consultation will help to pin down exactly what is needed in your case.
Estate Planning
One of the most significant areas in which we can help individual taxpayers is estate planning. Estate planning involves documents such as wills and trusts and processes such as probate court. There are many different ways to structure your estate, depending on what you want from your money and how you want it to be distributed after you pass away. Though many people consider estate planning something exclusively for the wealthy, this couldn’t be further from the truth. Estate planning is crucial for anyone with significant assets, like a home or retirement plan. It’s also important for anyone with underage children.
You have a distinct advantage when you use a tax attorney to help you with estate planning. There are ways to structure your estate that bypass or minimize tax payments, government fees, and other resource drains. When you use a tax attorney for your estate planning, you ensure that the maximum possible amount of your assets go directly to your beneficiaries.
Can a Tax Attorney Save You Money?
A key benefit to having a tax attorney is the potential savings for you or your company. Estate planning is not the only area that benefits financially from a tax attorney’s help. In the business world especially, there are tax benefits for certain structures and types of businesses. There are thousands of situations in which a tax attorney’s expertise can save you hundreds if not thousands of dollars in taxes. Because tax attorneys have a comprehensive understanding of the tax system and the laws surrounding it, you have access to all the information about conserving money and avoiding fees.
How Much Does a Tax Attorney Cost?
Because tax attorneys have specialized training in tax law, our niche skills are in high demand. Not all attorneys can practice in this area, yet almost everyone in the United States has to file their taxes. During “tax season,” there is an especially high demand.
Every tax attorney and firm has different fee structures and requirements. A given attorney’s fees will depend upon experience, as well as the size of the project at hand. Attorneys charge by the hour, so the more significant the project is, the more you will likely have to pay.
It’s always best to discuss finances with any potential attorneys before you work with them. This ensures uninterrupted legal counsel and better outcomes for your tax case. Knowing your budget and their fee structure, you can make better decisions throughout your relationship with your attorney.
Representing Clients for Tax Planning in California
Fishman, Larsen & Callister offers a complete range of tax planning services to help individuals and business owners in California avoid many of the common tax-related problems that can cause significant financial strain. When you work with a team of experienced California tax planning lawyers like us, you can rest assured we will help you reduce your tax liability as much as possible. We will also assist you in keeping complete and detailed financial records that eliminate the possibility of encountering tax-related issues in the future.
If you are ready to approach your taxes as an individual or a business owner with greater confidence, Contact Fishman, Larsen & Callister today and schedule a consultation with our team. We will help you determine the best approach to any tax-related problems you currently face and provide you with detailed legal guidance to avoid future tax complications at all levels.