Tax attorneys have specialized knowledge and training in tax law. They can provide guidance on complex tax issues and help navigate the complicated tax system. A tax attorney can help you plan your taxes to minimize your tax liability. They can advise you on strategies such as deductions, credits, and exemptions that you may not have been aware of. If you are facing an audit or other tax dispute, a tax attorney can represent you and help you negotiate with the IRS or state tax agency. They can also represent you in tax court if necessary. A tax attorney can protect your legal rights and ensure that you are not unfairly targeted by the IRS or state tax agency. They can help you understand your rights and obligations under the law.
How To Choose A Good Tax Attorney in Missouri
Choosing a good tax attorney in Missouri can be an important decision that could have significant consequences for your finances and legal issues. Here are some factors to consider when selecting a tax attorney:
Experience and Expertise: Look for a tax attorney with a proven track record of success in handling tax issues similar to yours. They should have experience in the specific area of tax law that you need help with, such as income tax, estate tax, or business tax.
Credentials and Licenses: Make sure the tax attorney you are considering is licensed to practice law in Missouri. Check their credentials, such as where they received their law degree and if they are members of any professional organizations.
Reputation and References: Research the tax attorney’s reputation in the legal community and among clients. Look for reviews or testimonials from past clients, or ask for references that you can contact to learn more about their experience working with the attorney.
Communication Skills: A good tax attorney should be able to communicate complex legal issues in a way that you can understand. They should also be responsive to your questions and concerns and keep you informed throughout the process.
Fees and Billing Practices: Make sure you understand the tax attorney’s fee structure and billing practices. Some attorneys may charge an hourly rate, while others may charge a flat fee or contingency fee. Be sure to ask about any additional expenses or costs associated with your case.
Personal Compatibility: It’s important to feel comfortable working with your tax attorney and to trust their judgment. Schedule a consultation to meet with the attorney and assess your personal compatibility.
Seeking A Tax Attorney In Your City?
Here are the ten largest cities in Missouri by population:
Kansas City – 491,918
St. Louis – 300,576
Springfield – 167,882
Independence – 117,270
Columbia – 123,195
Lee’s Summit – 98,461
O’Fallon – 88,673
St. Joseph – 76,999
St. Charles – 70,764
St. Peters – 57,178
Note that these populations are based on the 2020 US Census Bureau estimates.
Common Fees For Tax Attorneys in Missouri
The fees for tax attorneys in Missouri can vary depending on several factors, such as the complexity of the tax issue, the experience and expertise of the attorney, and the geographic location. Here are some common fee structures for tax attorneys in Missouri:
Hourly Rate: Many tax attorneys charge an hourly rate for their services, typically ranging from $200 to $500 per hour. The total cost will depend on the amount of time the attorney spends working on your case.
Flat Fee: Some tax attorneys may charge a flat fee for specific services, such as preparing a tax return or negotiating a settlement with the IRS. The fee will be agreed upon in advance, and there will be no additional charges.
Contingency Fee: In some cases, a tax attorney may agree to work on a contingency fee basis, which means they will only receive payment if they win your case or negotiate a settlement on your behalf. The fee will be a percentage of the amount recovered, typically ranging from 20% to 40%.
Retainer Fee: A tax attorney may require a retainer fee, which is a payment made in advance to secure their services. The retainer fee is typically based on the attorney’s hourly rate, and any unused portion will be refunded to you.
It’s important to discuss fees with your tax attorney in advance and make sure you understand the fee structure and any additional expenses that may be involved. You may also want to ask if the attorney offers a free consultation to discuss your case and fee structure in detail.
Common Individual Tax Issues
Individuals can face a variety of tax issues, but some of the most common ones include:
Filing Late or Not Filing Tax Returns: If you fail to file your tax returns on time or fail to file altogether, you could face penalties and interest charges from the IRS.
Underreporting Income: Failing to report all of your income, whether intentionally or unintentionally, can result in penalties and interest charges from the IRS.
Errors on Tax Returns: Mistakes on your tax returns, such as claiming deductions or credits you are not eligible for, can lead to additional taxes owed and penalties.
Tax Audits: The IRS may audit your tax returns to ensure they are accurate and complete. This can be a stressful and time-consuming process, but a tax attorney can help you navigate the audit and protect your rights.
Tax Liens and Levies: If you owe back taxes, the IRS may place a lien on your property or levy your bank accounts or wages to collect the money owed.
Innocent Spouse Relief: If you filed a joint tax return with your spouse and are facing penalties or other issues related to their tax liabilities, you may be eligible for innocent spouse relief.
Offer in Compromise: If you owe a significant amount of back taxes and cannot pay the full amount, you may be able to negotiate an offer in compromise with the IRS to settle the debt for less than the full amount owed.
These are just a few of the common individual tax issues that a tax attorney in Missouri can help you navigate.
Corporate Tax Issues
Corporate tax issues can be complex and varied, but some of the most common ones include:
Tax Compliance: Corporations must comply with federal, state, and local tax laws, which can be complex and constantly changing. Failure to comply with tax laws can result in penalties and interest charges.
Tax Planning: Corporations may need help with tax planning, such as identifying tax credits and deductions that they may be eligible for, or developing a tax strategy for mergers and acquisitions.
State and Local Taxes: Corporations may also face state and local taxes, such as sales tax or property tax. These taxes can be complex and vary from state to state, so it’s important to work with a tax attorney who is familiar with the tax laws in your state.
Tax Audits: The IRS may audit a corporation’s tax returns to ensure they are accurate and complete. This can be a stressful and time-consuming process, but a tax attorney can help you navigate the audit and protect your rights.
Transfer Pricing: If a corporation has international operations, they may face transfer pricing issues, which involve determining the appropriate price for transactions between related parties.
Tax Disputes: Corporations may find themselves in tax disputes with the IRS or other taxing authorities, such as disputes over the interpretation of tax laws or disagreements over the amount of taxes owed.
Common Tax Resolutions
When facing tax issues, there are several common tax resolutions that taxpayers may pursue, with the assistance of a tax attorney in Missouri. Some of these resolutions include:
Installment Agreement: If you owe back taxes but cannot pay the full amount owed, you may be able to set up an installment agreement with the IRS to make monthly payments over time.
Offer in Compromise: If you owe a significant amount of back taxes and cannot pay the full amount, you may be able to negotiate an offer in compromise with the IRS to settle the debt for less than the full amount owed.
Innocent Spouse Relief: If you filed a joint tax return with your spouse and are facing penalties or other issues related to their tax liabilities, you may be eligible for innocent spouse relief.
Penalty Abatement: If you were assessed penalties for late filing, late payment, or other reasons, you may be able to request penalty abatement if you can demonstrate reasonable cause.
Tax Court: If you disagree with the IRS’s assessment of your taxes, you may be able to appeal to the U.S. Tax Court to resolve the issue.
Risks of Using a Tax Attorney in Missouri
While there are many benefits to using a tax attorney in Missouri, there are also some potential risks to consider, including:
Cost: Hiring a tax attorney can be expensive, and their fees can vary widely depending on their experience and the complexity of your tax issues.
No Guarantee of Outcome: While a tax attorney can help you navigate the complexities of tax law, there is no guarantee of the outcome of your case. The IRS may still disagree with your position, and you may still owe taxes, penalties, and interest.
Confidentiality: While tax attorneys are bound by strict confidentiality rules, there is always a risk that sensitive information could be leaked or disclosed.
Potential for Conflict of Interest: If a tax attorney has represented you in the past or currently represents another party with conflicting interests, there may be a conflict of interest that could affect their ability to represent you effectively.
Delayed Resolution: Tax issues can be time-consuming to resolve, and even with the assistance of a tax attorney, it may take several months or even years to reach a resolution.
When Do You Really Need a Tax Attorney?
If you are accused of tax fraud or evasion, it is in your best interest to hire a tax attorney. A tax attorney can represent you in legal proceedings and help you navigate the complex criminal and civil penalties that may apply. If you have a complex estate, it is also recommended to hire a tax attorney. A tax attorney can provide guidance on how to minimize estate taxes and transfer assets to heirs in a tax-efficient manner.
When is a Tax Relief Company Better Than a Tax Attorney?
Tax relief companies and tax attorneys offer different services. Tax relief companies specialize in negotiating with the IRS and states on behalf of taxpayers who owe back taxes, penalties, and interest. These companies often have a team of tax professionals, including enrolled agents and tax preparers, who work to negotiate payment plans or settlements with the IRS. They may also provide assistance with preparing and filing tax returns, obtaining tax transcripts, and addressing other tax-related issues. There are situations where a tax relief company may be more beneficial than a tax attorney. Here are a few examples of where a tax relief company may be a better option:
Your tax debt is under $250K: If you owe less than $250K to the IRS, a tax relief company may be a better option than a tax attorney. Tax relief companies can negotiate with the IRS to reduce or eliminate penalties and interest, and set up an affordable payment plan that works for you.
You need help with tax preparation: Tax relief companies often offer tax preparation services, which can be beneficial for individuals or businesses who need help filing their taxes correctly. This can help you avoid future tax problems and penalties.
You want to avoid the high cost of a tax attorney: Tax attorneys can be expensive, and their hourly rates can quickly add up. A tax relief company may offer more affordable options, such as a flat fee for their services.
There are many benefits to using an experienced tax relief firm to help resolve your tax issues. Some of the key benefits include:
Expertise: Tax relief firms employ tax professionals who specialize in tax law and have extensive experience working with the IRS and state tax authorities. They have the knowledge and expertise to help you navigate complex tax issues and develop effective strategies to resolve your tax problems.
Resources: Tax relief firms often have access to resources and technology that individual taxpayers may not have, such as specialized software and databases, which can help them negotiate with the IRS and state tax authorities more effectively.
Representation: Tax relief firms can represent you before the IRS and state tax authorities, which can help protect your rights and ensure that your interests are represented in negotiations.
Customized Solutions: An experienced tax relief firm will work with you to develop customized solutions that address your unique tax situation. They can help you explore all available options and choose the best course of action for your specific needs.
Faster Resolution: With their knowledge, resources, and representation, tax relief firms can often resolve tax issues faster than individuals can on their own, saving you time and reducing the stress associated with dealing with the IRS and state tax authorities.
Reduced Liability: A tax relief firm can help reduce your tax liability by negotiating with the IRS and state tax authorities for penalty abatement, installment agreements, offers in compromise, and other tax relief programs.
CuraDebt Tax Is At Your Service
If you are a resident of Missouri who needs help resolving tax debt issues, we are here to help. We have 22 years of experience helping clients with numerous tax related issues. Contact us toll free today for your free consultation. Or submit here online for a free consultation. We will find the best the best resolution available to you based on your financial situation. 1-877-999-0486