What Do Business Tax Attorneys Do?
If you are wondering what business tax attorneys do, then you are not alone. It is a question many entrepreneurs ask. Not only do attorneys know the IRS tax code, but they can also help you with tax controversy and dispute resolution.
Experience working with small businesses
Working for a small business can be a rewarding experience, but also a challenge. These small companies often have a small budget and a limited range of marketing requirements. If your goal is to help them grow and improve their business, then you may need to rethink your approach to working with them.
Small businesses can have a unique culture and structure. The staff know each other’s names, and they are often treated like family. This can make them more open to new ideas and strategies.
Unlike big organizations, small businesses often have less bureaucracy and layers between CEO and staff. They also often have a clear vision. But a small team can mean bottleneck situations and less creative output.
When looking for a position, it’s important to find one that has experience working with smaller companies. That means a candidate will need to have a strong background in accounting, underwriting, and business planning. Additionally, they’ll need to demonstrate strong organizational and analytical skills.
Knowledge of the IRS tax code
There are many sources of information about the IRS tax code. Some of these are easy to use while others may be difficult to understand. However, they can help taxpayers make sense of the various laws, regulations, and rulings.
Getting familiar with the IRS tax code is a great way to save money on your taxes. Taking advantage of various tax credits and deductions can help you reduce your tax liability. While there are several reliable sources of information, you should remember that the IRS is a complex organization. So, you need to work with a tax advisor to help you navigate this maze.
The Internal Revenue Code (IRC) is the primary body of federal tax law in the U.S. It is made up of eleven subtitles. Each subtitle explains a specific element of the tax code.
You can find the most important elements of the tax code in a wide range of sources. While most publications are too small to be of much help, some are surprisingly extensive. For example, there are publications geared toward accountants, which provide detailed interpretations of the IRC.
Expertise in tax controversy and dispute resolution
In a world of ever increasing tax regulations, the need for expertise in tax controversy and dispute resolution is paramount. Tax controversies can take a toll on your company’s bottom line. Whether your organization is dealing with a tax audit, a tax penalty, or a disputed transaction, you need a team of tax attorneys that is familiar with the ins and outs of tax law to ensure your case is resolved efficiently.
Although the IRS is notorious for being unresponsive to requests for information and documentation, they do have the requisite resources to assist your organization in its quest to maintain compliance. They have also taken steps to increase their enforcing power. These measures, along with the recent flurry of newsworthy court decisions, have increased activity among tax agencies.
A well-executed tax controversy plan can save you a bundle in time and expense. Whether your organization is involved in a high profile corporate tax dispute or an unrelated transaction, a qualified tax advisor can guide you through the complicated resolution process.
Salary ranges based on experience, education, and market
Tax attorneys are lawyers who help clients and government agencies with taxation matters. They also provide legal counsel during court proceedings. In addition, they advise clients on new legislation.
Tax lawyers work in a variety of industries. There are many different areas to specialize in, including corporate, litigation, real estate, intellectual property, and others. Depending on the size of the company, the location, and the level of education and experience, tax attorneys can earn a wide range of salaries.
Tax attorneys can expect to make well over $130,000 a year. This is a significant amount of money, especially considering the fact that they will have to complete law school and pass the bar before becoming licensed.
The Bureau of Labor Statistics does not report salary data for tax attorneys specifically. However, the agency does include tax attorneys in its general lawyer pay scale, which shows salaries for all attorneys.
Large law firms typically pay their first-year associates $125,000. This is a higher starting salary than most other attorneys, and is more in line with the larger firms’ Big Law counterparts in major markets.