Скачать или смотреть 3 Reasons the Smartest Accountants Get Legal Opinions

Tax Law Offices
312-212-1000
Get Free Strategy Session - https://www.stopirsproblem.com/strate...

💚💚SUBSCRIBE HERE💚💚
   / @taxlaw  

Do not miss this VALUABLE INFORMATION.

**************

Can a bodybuilder deduct the cost of body oil as an expense? Can a business owner deduct nicotine patches if they are trying to quit smoking? Is the demolition of property ever deductible?

Lawyers, CPAs and Tax Return Preparers, your clients often have complex, non-traditional questions.

That is why you should consider getting a "legal opinion letter" before you file a questionable tax return. Questionable means a position not fully legal or supported in the law.

If you need direction on tricky tax matters or have been asked by a client to prepare a return that seems questionable, here are three reasons you should consider getting a legal opinion.

1 - Opinion Letters Help You Better Advise Your Client

Everyone's heard when in doubt, don't. Today, it's more like when in doubt, Google it.

Unfortunately, the correct answer to complex tax questions is not usually something Google can answer. It simply is not that straightforward.

Tax deductions can help lower thousands of dollars of taxable income for many clients. And we all want the best for our clients. Sometimes, it's hard to tell a client to "be conservative" or to simply tell them "no."

The best approach in such situations is to tell the client you could better advise them if you got a reliable legal opinion. Then you can take a position with confidence and not worry about if the government ever questions the deduction, especially in the case of an audit.

Again, when in doubt – get a legal opinion.

2- Relying on a Legal Opinion is for Your Protection

Remember, a legal opinion assists you in guiding the client to an intelligent and accurate decision. Just as importantly, a legal opinion protects you and your business.

For example, you already filed the tax return and, in hindsight, realize there might be an error. Protect yourself by being able to say,  "My analysis of this legal issue was wrong, but I am not a lawyer. So, I covered myself when I got a researched LEGAL opinion."

You protect your reputation, integrity, and have a written credible basis to rely on for your records. If there is a mistake on the return that is later changed in an IRS audit, you and your client get two forms of protection:

1. You are protected against large audit penalties. That is because you have proof of your reasonable reliance on a third party.

2. You are also insulated from the possible charge of willfully filing a false return. This charge can result in a three-year per tax return prison sentence! It's a career-ender. Protect yourself and your client against potential criminal problems when taking a questionable tax position.


3 - Clients Can Be Unpredictable


Even if you don't think you need a legal opinion, remember that clients can be unpredictable. You never know what a client will say to someone else, especially to an IRS agent when under pressure.


When working with numbers, there is usually one correct answer. That is not the case with legal questions that depend on issues like the reasonableness and intent of the taxpayer.


Reasonableness and intent are not typical questions a CPA would ask when preparing returns.


A lawyer will guide you through the fact-finding process and provide questions for you to ask your client to ensure an accurate result.


Clients often give their accountant more optimistic facts. When asked in-depth follow-up questions, they will give new, contradictory information. That is why it is best to let your client tell an attorney their story.


No matter how much the client desires a certain result, do not get "married" to the desired opinion.


Don't forget: When in doubt, don't just Google it. Get a legal opinion.


If you need help with a legal opinion on a complex tax matter, contact Tax Law Offices. We can help!

Get Free Strategy Session - https://www.stopirsproblem.com/strate...

****************
To see the full blog article, click here: https://www.stopirsproblem.com/tax-at...
****************


#IRS #TaxDebt #TaxAdvisor #TaxLawOffices