There are a lot of people who have just opened their small businesses who have hired their very own Certified Public Accountants in order to help them with their taxes. Instead of having to focus on this task, they would rather do other things that are also related to the business. Some business owners can become confused if they should hire a CPA or a tax lawyer Toronto. The answer? It depends on what the business owner is currently facing.
You may think that you will never need tax lawyer in Toronto because everything about your business is fine. CPAs also have the same knowledge with tax lawyers. There are some cases though wherein your CPA cannot help you anymore and you need to hire the right tax lawyer immediately to help you with your current issues.
The first reason why you may need a tax lawyer instead of a CPA is you are thinking about merging with another company. From the very first time that you have opened your business, your main goal is to make your business prosper. How can you do that without merging with a better-known company? Whether the company you are going to form a merger with is a big or small company, the help of a tax lawyer will still be needed. One more option is to get funding. With this option, you still need the help of a tax attorney.
Another reason why you may need a tax attorney to help you out is if you are planning to leave your business to your family members. You aim to create a business that will stay prosperous in the years to come. You want to have something that can sustain the rest of your family for generations. By hiring an attorney, you can place the business as a part of your estate plan. This means that you will have no problems in case of sudden death.
You have been informed by the IRS that there is a deficiency with the funds that you have submitted or declared. You know that the CPA can explain in court if in case it is needed why the deficiency has occurred but with the help of a tax attorney, your case can be presented properly. Aside from their obvious knowledge about the tax laws and the things that you have to pay for, the attorney will be able to argue for you so that you can still get the best outcome given your present situation. If you want to hire tax lawyers that you can trust, you do not have to look any further. You can rely on barretttaxlaw.com.
Another possible reason why you may want to hire a Toronto tax lawyer is because you want to plan your tax structure effectively and legally. If you have partners, paying for the business can become sketchy without the help of a lawyer. You want to make sure that you and your partners are getting equal tax benefits. You can only be protected with the help of the right tax attorney. Do yourself a favour and hire a lawyer who is not only knowledgeable but is also willing to help you out with your case.