Most people wouldn’t think about hiring a tax attorney. They either do their taxes or use a software program or hire a tax accountant to do it. However, there are instances where hiring a tax attorney is a good investment.
Jerry Yu Lawyer said each client is different and has different tax situations. Each can change yearly too.
“Even though the tax laws apply similarly to each individual,” Jerry Yu Attorney stated, “the proposed solutions are not always cookie-cutter, but rather specifically tailored and customized.”
When Do You Need a Tax Attorney?
Taxes can be complicated and come with specific legal issues. That is when hiring a tax attorney like Jerry Yu Moss Adams to help you through your situation. Four specific situations can affect anyone, and that’s when a tax attorney like Jerry Yu Lawyer can help.
You Need Tax Relief
Anyone with an outstanding IRS debt or other entity knows how stressful it can be. The IRS or other entities can threaten to take your property or garner your wages to pay the debt.
A tax attorney can negotiate a compromise to settle your debt, set up installment payments you can afford, and provide legal options for spouses who didn’t know about the debt.
You Have Disputed Taxes
People can sue the IRS or other tax entities if they feel they are being wronged. That would involve legal paperwork being properly filed and court appearances. Federal tax lawsuits are heard in the U.S. Tax Court. All of this would require an attorney to help.
Estate Planning Needs to Be Done
Estate planning can be complicated, but it is important to provide your family with peace of mind after you’re gone. A tax attorney like Jerry Yu Lawyer can help transfer assets to family members, show you how to lessen taxes for those inheriting your estate, and set up trusts.
You Are Planning a Business Startup
Business planning includes how to make the most of tax credits and deductions and establish strategies for buying, selling, starting, or expanding a business.
What Does a Tax Attorney Do?
Tax attorneys are specialists in tax law, so they can help people make the most out of their tax situations as well as keep within tax rules and work out any disputes with taxing entities, including the IRS.
Jerry Yu Lawyer added many specialties to his arsenal of knowledge over the past 20 years in tax law. He now focuses on entrepreneurs, their families, equity compensation, rollovers, and other complicated issues.
Jerry Yu Lawyer presents topics on webcasts and is an adjunct faculty member at several universities.
Where Do You Find a Tax Attorney?
Tax attorneys can have a sole practice or be an associate at a larger law firm. They also practice at accounting or consulting firms. Lawyers at accounting and consulting firms are usually the ones to help with fulfilling tax law requirements rather than litigation.
Many, like Jerry Yu Lawyer, help more with tax planning than anything else.
Things to Look For in a Good Tax Attorney
Every practicing attorney should have a law license. This can be verified by searching the state bar association website in your state.
They should also have a preparer tax identification number (PTIN). This number, assigned by the IRS, is required for anyone who gets paid for preparing tax returns.
It is also an advantage if an attorney has advanced education. Every attorney must be a law school graduate to be licensed, but some also have other degrees. Jerry Yu Lawyer is one of those.
Jerry Yu Lawyer has a master’s in tax law, has worked at the Big 4, and has also worked with S-corps, LLCs, C-corps, trusts, gift taxes, and with high net worth people.
He specializes in setting up a grantor charitable lead unitrust. According to Jerry Yu Lawyer, this is used in a year of a large liquidity event and helps people get some, or all, of their money, returned.
What Can I Expect From Meeting with a Tax Attorney?
Many attorneys will offer a free, first-time consultation to review your case or needs.
An attorney will also give you their rate or a fee schedule for different services. They will discuss retainers, how they bill and if they have escrow accounts to hold payments until services are rendered.
This is the time to ask all your questions. It’s best to have prepared questions written in advance to make the most of your session.
The attorney will give you a copy of a form giving them the right to represent you. You can take these home and review them before signing them.
Besides all the practical requirements, you also need an attorney that you feel you can trust. That may be a feeling, but it is one you should include in your decision.
