Many major life events and business dealings of an individual can yield significant tax consequences.

Individuals in the below situations can be prime examples of why it is important to have an individual tax attorney onboard:

Tax Controversy

Appealing an audit.

If you are audited by the Internal Revenue Service and do not agree with the outcome, a tax attorney may be able to help you set an appeal in motion and see it through.

Owing back taxes.

If after an audit or at any other point in time it is discovered you owe a significant amount in back taxes, it can be prudent to work with an attorney specializing in tax law to assist you in dealing with collection entities and taxing authorities.

Business Tax

Starting your own business.

How your business is classified has a direct impact on your taxes. Tax implications vary based on whether you file as a partner, C-Corp, S-Corp, or LLC.

Selling your business.

If you are planning to sell your business, work with an attorney prior to doing so to ensure that you are getting every tax break possible to maximize capital gains.

Estate Planning

Leaving your assets to heirs.

Many individuals use a will to bequeath their assets to heirs. An attorney familiar with related tax laws for such gifts can arrange for the transfer to occur with minimal tax ramifications.

Establishing your will or trust.

A will is generally considered a necessity, but some choose to set up a trust as well, and a Houston tax attorney can help their client determine whether they need one or both and what the tax implications will be.

How We Can Help

Some of the areas of individual tax Harold “Hap” May Attorneys at Law are typically asked to assist clients with can include:

Private Tax Planning

Waiting to recruit a Houston tax attorney until tax day deadlines is too late. Every transaction a person makes throughout the year can affect their personal wealth, which is why our attorneys help with common private tax planning issues associated with:

  • Buying or selling a business
  • Starting a business
  • Completing tax returns
  • Mitigating income tax liabilities
  • Planning for retirement
  • Protecting personal wealth by better navigating tax laws
  • Settling a lawsuit and its tax consequences
  • Tax planning during a divorce

Estate Planning

The best way to understand estate planning is to consider it a big umbrella that deals with multiple issues regarding the passing of an individual and the bequeathing of their assets. You have worked hard for the assets you have amassed and understandably want to make sure those assets are managed and divided properly according to your predetermined wishes. Let us help you make that happen.

Estate planning issues our attorneys frequently help clients with can include:

  • Drafting a will
  • Setting up a trust
  • Establishing funeral plans
  • Limiting estate taxes
  • Naming an executor of your will
  • Naming beneficiaries
  • Coordinating advantageous charitable gifts

A Word About Tax Attorneys and CPAs

While both tax attorneys and CPAs can be helpful with certain tax issues, the two occupations do have one key difference worth noting.

CPAs, otherwise known as certified public accountants, usually have a strong background in business, specifically accounting. However, a tax attorney has a law degree and should be licensed to practice in the state.

Because tax attorneys are equipped to handle complex legal matters involving the federal and state government tax laws, it can be advantageous to enlist their help. If a taxpayer should become embroiled in tax controversy with the Internal Revenue Service, a tax attorney is generally better equipped to file motions, assist with the case, and provide legal representation as needed.

What to Look for In A Houston Tax Attorney

When it comes to selecting the right tax attorney for you, it is best to put some research and thought into that decision. While it can be tempting to go with a friend of a friend, at the end of the day you need legal representation that can best protect your interests.

Some considerations to keep in mind when selecting representation are:

  • If a tax attorney’s clients are pleased with the services they received, it says a lot about the firm itself. Try to find an attorney that gets multiple good reviews and do not forget to review their online profiles as well.
  • Any tax attorney you select should have a legitimate law degree and be in good standing and hold a valid state license. For tax controversy cases in front of the Federal Tax Court, the attorney must be admitted to practice before the United States Tax Court.
  • Choose legal representation that has represented individual tax or estate cases like yours over the years. Do not be shy about verifying the outcomes of those cases.

If you have questions regarding individual tax or estate planning, please let the Harold “Hap” May Attorneys at Law be of assistance and call us today.