From the Tax Law Offices of David W. Klasing - Tax Attorney vs. CPA: Why Not Hire a Dual Licensed Tax Attorney & CPA?

IRVINE, Calif., April 12, 2023 /PRNewswire/ -- Tax issues can be complex. Knowing what type of expert is required to seek a resolution can be difficult. Generally, most issues can be addressed by either a Tax Attorney or a Certified Public Accountant (CPA).

It can be highly valuable to have your case analyzed by both a Tax Attorney and a CPA. However, hiring both types of tax professionals can be expensive. Fortunately, you can reach out to our law firm to consult with our Dual Licensed Tax Attorneys and CPAs. By evaluating your case from multiple perspectives, our legal team can more efficiently address the matter at hand.

If you have a tax issue that needs resolving, get help from our Dual Licensed Tax Attorneys and CPAs at the Tax Law Offices of David W. Klasing by dialing (800) 681-1295 or follow this link to schedule a reduced rate initial consultation via phone, in person at our Irvine Office or meet online via video using GoToMeeting. 

Reasons to Hire Our Dual-Licensed Tax Attorneys and CPAs

There are many reasons to hire our Dual Licensed Tax Attorneys and CPAs. First, our team is likely qualified to address your tax needs without referring you to another firm. Accordingly, our clients do not run into expensive communication issues and disagreements & ego battles between their attorneys and their accountants.

Furthermore, paying one firm is less expensive than paying two. By enlisting the services of our Dual Licensed Tax Attorneys and CPAs, you may deal with your tax issues without having to pay multiple parties. You can trust our team can handle all matters related to your tax needs.

Lastly, our Dual Licensed Tax Attorneys and CPAs have an in-depth understanding of tax law, business law, and accounting. Therefore, our legal team can analyze your case from multiple angles and quickly determine the tax strategy that needs to be employed.

What Can Tax Attorneys and CPAs Do for You?

Our Dual Licensed Tax Attorneys and CPAs can perform multiple services for you. The following are some of the benefits each type of tax professional may be able to offer:

CPAs

CPAs have to complete an extensive amount of education, training & testing in order to become certified. These types of tax professionals often have extensive experience in areas like bookkeeping, taxation, business planning, and auditing. Accordingly, our CPA services can be very helpful when seeking to identify problem areas within your financial records and avoid potential issues with the Internal Revenue Service (IRS).

Tax Attorneys

Like CPAs, Tax Attorneys must also complete copious amounts of education, training & testing to earn their licenses. CPAs typically focus on record-keeping. Meanwhile, Tax Attorneys can address issues related to high risk civil and criminal dispute resolution and long-term tax planning. For example, our Tax Attorneys are prepared to represent your interests during an eggshell audit, reverse eggshell audit, or criminal tax investigation. Our legal team can protect your interests, net worth, and your very liberty by defending against any civil or criminal tax exposure you may face.

If you have failed to file a tax return for one or more years or have taken a position on a tax return that could not be supported upon an IRS or state tax authority audit, eggshell audit, reverse eggshell audit, or criminal tax investigation, it is in your best interest to contact an experienced tax defense attorney to determine your best route back into federal or state tax compliance without facing criminal prosecution.

Note: As long as a taxpayer that has willfully committed tax crimes (potentially including non-filed foreign information returns coupled with affirmative evasion of U.S. income tax on offshore income) self-reports the tax fraud (including a pattern of non-filed returns) through a domestic or offshore voluntary disclosure before the IRS has started an audit or criminal tax investigation / prosecution, the taxpayer can ordinarily be successfully brought back into tax compliance and receive a nearly guaranteed pass on criminal tax prosecution and simultaneously often receive a break on the civil penalties that would otherwise apply. 

It is imperative that you hire an experienced and reputable criminal tax defense attorney to take you through the voluntary disclosure process. Only an Attorney has the Attorney Client Privilege and Work Product Privileges that will prevent the very professional that you hire from being potentially being forced to become a witness against you, especially where they prepared the returns that need to be amended, in a subsequent criminal tax audit, investigation or prosecution.

Moreover, only an Attorney can enter you into a voluntary disclosure without engaging in the unauthorized practice of law (a crime in itself). Only an Attorney trained in Criminal Tax Defense fully understands the risks and rewards involved in voluntary disclosures and how to protect you if you do not qualify for a voluntary disclosure.

As uniquely qualified and extensively experienced Criminal Tax Defense Tax Attorneys, Kovel CPAs and EAs, our firm provides a one stop shop to efficiently achieve the optimal and predictable results that simultaneously protect your liberty and your net worth. See our Testimonials to see what our clients have to say about us!

Examples of Issues Our Dual Licensed Tax Attorneys and CPAs Can Help With

There are many types of issues that our Dual Licensed Tax Attorneys and CPAs can help with. For example, our team can address any of the following issues in your case:

Business Entity Selection

Various types of businesses will have differing tax obligations. After contacting our law firm and communicating the goals of your business, our Dual Licensed Tax Attorneys and CPAs can help identify the business entity type that aligns with your needs & goals. Our legal team can handle the selection and formation of the following types of businesses:

• C-corporations
• S-corporations
• Partnerships
• Family limited partnerships
• Limited partnerships
• Limited liability partnerships
• Limited liability companies
• Sole proprietorships

By choosing the correct business entity for you, you may effectively protect your personal assets and minimize your potential tax obligations. Call our law firm today for help identifying the type of business you wish to establish.

Business Succession Planning

Almost every business owner has to determine how they want to exit eventually. This process is referred to as "business succession planning." There are two main ways to implement a succession plan. Generally, businesses may either be sold or gifted. When a business is gifted, the recipient is usually a family member or friend of the former owner.

There are many questions you may ask in order to determine which form of succession is right for your business. For example, any of the following circumstances may be analyzed before reaching a decision:

• Will the owner retire or work until they pass away?
• Will the owner transfer the business to their children or a third party?
• Does the owner require liquidity (cash flow) after their business's transfer?
• Does the owner have a taxable estate?
• Does the owner wish to exercise a degree of control over the business even after it has been transferred?
• How many owners are there?

Many estate planning tools may be utilized to transfer your business interest to a third-party purchaser, friend, or family member. After consulting with our Dual Licensed Tax Attorneys and CPAs, you can effectively form a business succession plan that is right for you.

Business Purchase

Assistance from our Dual Licensed Tax Attorneys and CPAs can be highly valuable when purchasing a business. Our legal team will analyze contracts, operational histories, valuation reports, and other financial records in order to ensure that a business is worth the value you are paying. Our attorneys can also determine whether there are any unpaid tax liabilities, pending lawsuits, or hidden off balance sheet risk that you should be aware of before purchasing a business. Accordingly, we strive to minimize the surprises after your transaction is complete.

FBAR and FACTA Compliance

Americans who have offshore financial accounts or offshore income-generating assets must report these accounts and assets to the Internal Revenue Service (IRS). In order to comply with reporting requirements for foreign holdings, you must have a comprehensive understanding of the regulations outlined by the Report of Foreign Bank and Financial Accounts (FBAR) and the Foreign Account Tax Compliance Act (FACTA).

Issues related to FBAR and FACTA compliance are often complex. Accordingly, guidance from our Dual Licensed International Tax Attorneys and CPAs can be invaluable to ensure that your rights and interests are protected.

If You Encountered a Tax Issue, Our Law Firm Can Help

If you have a tax issue that needs to be addressed, seek support from our Dual Licensed Tax Attorneys and CPAs at the Tax Law Offices of David W. Klasing. Call 949 681-3502 or follow this link to schedule a reduced rate initial consultation via phone, in person at our Irvine Office or meet online via video using GoToMeeting. Feel free to call or email our office and request a GoToMeeting if you are an existing client. 

See our FBAR Compliance and Disclosure Q and A Library 

See our Foreign Audit Q and A Library

See our Employment Tax Law Q and A Library

See our Civil and Criminal Divorce Tax Law Q and A Library

See our International Tax Q and A Library

Here is a link to our YouTube channel: click here.

Public Contact: Dave Klasing Esq. M.S.-Tax CPA, [email protected]

SOURCE Tax Law Offices of David W. Klasing, PC