The law is harsh, but it is the law. This old saying predates the Roman times when the rules reflected the ideas and concepts prevalent at that time. You need to follow them because they are already set in stone. However, if you find them unjustified, then you need to change it.
Even though this is already yesterday’s news, it still reflects the way that we deal with the law in the modern world. These are made for a reason as they help in keeping everyone in check. No one is above it, even though countless whistle blowers have proven otherwise as this page says. Even then, most of them still end up in the scrutiny of the people.
As for everyone, we need someone who can help us understand how the law works. Now, there are so many rules and each country and state have their definitions. Some are considered universal, as most countries follow the same rules and regulations.
However, there are certain parts of these government mandates that can differ drastically. Here in the United States, there is no other place better as an example than our states. This is why it is important to have a person who will be able to assist us in comprehending these complicated rules.
One of the most confusing ones is taxation. We all know how taxes work at a basic level. As citizens, we pay for it based on our salary and other contributions. It is received by the government, and they allocate it to most of the services and to keep the entire country running.
Unfortunately, even this basic concept is not understood by some people. It is understandable though as not everyone had the opportunity to learn more about it. This is not an excuse though, as there will come a time that you might need a tax attorney or accountant for it. Read more about this here: https://www.investopedia.com/articles/professionals/091415/career-advice-accounting-vs-law.asp.
Accountants vs. Attorneys
Now, what is the difference? Both of them do work in taxation and business. They can give you ideas about how the laws work, and how it can affect you as an entity. Generally, accountants might be familiar with the tax laws and such.
However, they do tend to focus more on the numbers and their effects on you or your company. Record-keeping and seeing the trends are some of their expertise, but that also depends on what area they are currently focusing on.
On the other hand, a tax attorney should also be well-versed in the field. However, their focus is entirely different: it is the interpretation of the law rather than application. Of course, they will have to apply it to their responsibilities.
The difference lies in the scope: tax attorneys would prefer seeing everything in macro while the accountants would focus on micro. They can work together, but they can also be antagonistic towards each other. This will always depend on the situation you are currently in.
If you want someone to keep the records and documents related to your assets or company, then an accountant is a good person to hire. They can also handle all of the permits that you need to operate if you are going to establish your business. On the other hand, you may want to have an attorney if you have just started the business. You need them to ensure that you are not stepping out of bounds regarding government regulations and procedures. Hiring an Atlanta tax attorney could be beneficial for you.
Unfortunately, there has always been a negative connotation attached to the word lawyer or attorney. People always associate them with a conflict against the government and laws, which is not out of bounds. Speaking of which, they can represent you in court while accountants cannot. They can become witnesses, but anyone can be that. You need a lawyer to represent and defend you, especially someone with a background in taxation.
Other Reasons Why You Need Them
Aside from starting the business, another situation that they can help you in is through bankruptcy. Once you file for this, the IRS can seize some of your possessions to compensate for your debt. You can still secure some of your assets so that you can still have some sort of compensation and benefit left. They can now give you advice on how to proceed and to have some tax breaks and other strategies to keep afloat.
You would also need a tax attorney when you need to discuss wills and testaments. Having an heir is one of the most important aspects that you need to establish before leaving the business or other possessions and assets.
Even though some people think this is an archaic tradition, you would want to distribute your wealth accordingly. A lawyer can prepare this for you even before your retirement and can still distribute it even after you are gone. This might sound dark, but this is done by many people like in this article. If you are someone who has amassed considerable wealth, then you also need to think of the next generation.
Even though it can be hard to understand, the laws on taxation and asset ownership are as important as understanding other laws. This comprehension will help you out in situations wherein you are not being favored by it. You need to know what happens whenever you need to have a testament done or you are facing a case in court. A hired attorney can help you through it, and they will always be referring to your word.