Although you may know that your business needs legal counsel, you might not fully understand the benefits of having specialized legal counsel in areas of law critical to your company’s operations, such as tax law. However, retaining a Missouri tax attorney can help your business thrive due to the following benefits that come with their legal representation.
Ensuring Tax Compliance
A tax attorney can help your business navigate federal, state, and local tax laws, including understanding what taxes may apply to your business based on its operations. For example, your business may have to pay or collect sales and use taxes from customers, payroll taxes (both paying employer taxes and remitting income/Social Security taxes collected from employees), property taxes, and corporate income taxes. A tax attorney can help your business keep accurate accounting/financial records to complete and file tax returns.
Representing Your Business During Audits
Should your business become the target of an audit by state or federal tax officials, a tax attorney can represent your company during the audit. Unlike accountants, tax attorneys can provide your business with legal advice throughout the audit. An attorney can also respond to inquiries and requests for documentation. Furthermore, a tax attorney can negotiate a potential settlement of an audit to help your business minimize tax liabilities and penalties.
Resolving Tax Disputes
Additionally, tax attorneys can help your company dispute additional tax assessments for income tax, sales and use tax, or real estate tax. An attorney can file tax appeals on your business’s behalf to challenge the imposition of additional taxes, penalties, or fines. Tax attorneys can also negotiate payment plans or offers in compromise to help you resolve outstanding tax liabilities, which can help your business avoid bank garnishments, tax liens, or asset seizures.
Structuring Your Business
An experienced tax attorney can help business owners or entrepreneurs with tax planning and business structuring. An attorney can explain the tax advantages and disadvantages of various legal structures, such as LLCs/partnerships, S-corps, and C-corps, to help you choose the best structure for your needs and goals. Tax attorneys can also identify deductions, credits, or tax incentives that may lower your company’s tax burden.
Handling Mergers, Acquisitions, and Major Transactions
Finally, tax attorneys can advise businesses on the tax implications of mergers and acquisitions or other major corporate transactions, such as debt or equity financing. A tax attorney can help your company develop a tax-efficient transaction structure. Attorneys can also assist with tax-related due diligence and advise on negotiations of tax-related contract provisions. Thus, having a tax attorney can help your business minimize the risk of unexpected tax liabilities from a major transaction that can adversely affect the profitability of a deal.
Contact a Tax Attorney Today
Careful tax planning with a knowledgeable business law attorney can help minimize your business’s tax burden and put your company in the best position for success. Contact Uthoff, Graeber, Bobinette & Blanke today for a free initial consultation with our team to discuss how a Missouri tax attorney can guide your business through complex tax laws.