Tax Attorney Oklahoma: Information To Keep You Informed

Tax Attorney Oklahoma: Information To Keep You Informed

Hiring a tax attorney in Oklahoma can provide several benefits. Tax attorneys are knowledgeable about tax laws, regulations, and procedures. They can provide expert advice on various tax-related issues, including tax planning, filing tax returns, and responding to IRS audits. Tax attorneys can represent you in court if you are facing tax-related legal issues such as tax evasion, fraud, or other criminal charges. They can also negotiate with the IRS on your behalf to help resolve tax disputes. Tax attorneys can help you minimize the penalties and interest associated with tax debt. They can negotiate with the IRS to set up an installment plan or an offer in compromise to help you settle your tax debt. If you owe taxes, the IRS can place a lien or levy on your assets, including your home, bank accounts, and business assets. A tax attorney can help you protect your assets by negotiating with the IRS to release or remove the lien or levy. Tax attorneys can help you stay compliant with tax laws and regulations. They can provide advice on how to structure your business transactions and investments to minimize your tax liability.

How To Choose A Good Tax Attorney in Oklahoma

Choosing a good tax attorney in Oklahoma requires careful consideration and research. Here are some factors to consider when selecting a tax attorney:

  • Experience: Look for a tax attorney with extensive experience in handling tax-related matters. It is essential to choose an attorney with a proven track record of successfully handling cases similar to yours.
  • Expertise: Tax law is a specialized area of law, so it is crucial to choose an attorney who has specific expertise in tax law. Look for an attorney who focuses primarily on tax law and has a deep understanding of Oklahoma tax laws and regulations.
  • Credentials: Check the attorney’s credentials, including their education, certifications, and licenses. It is recommended to choose an attorney who is a member of the Oklahoma Bar Association and is licensed to practice in the state.
  • Reputation: Research the attorney’s reputation by checking their online reviews and ratings. You can also ask for referrals from friends, family members, or colleagues who have used the services of a tax attorney before.
  • Communication: Choose an attorney who communicates clearly and promptly. The attorney should be available to answer your questions and provide updates on your case.
  • Fees: Ask about the attorney’s fee structure and billing practices upfront. Choose an attorney who offers transparent and fair billing practices.

Seeking A Tax Attorney In Your City?

Here are the five biggest cities in Oklahoma by population:

  • Oklahoma City – With a population of approximately 655,000, Oklahoma City is the largest city in the state and the capital of Oklahoma.
  • Tulsa – With a population of approximately 403,000, Tulsa is the second-largest city in Oklahoma and the economic and cultural hub of northeastern Oklahoma.
  • Norman – With a population of approximately 124,000, Norman is the third-largest city in Oklahoma and home to the University of Oklahoma.
  • Broken Arrow – With a population of approximately 111,000, Broken Arrow is the fourth-largest city in Oklahoma and a suburb of Tulsa.
  • Lawton – With a population of approximately 94,000, Lawton is the fifth-largest city in Oklahoma and the economic center of southwestern Oklahoma.

Other notable cities in Oklahoma include Edmond, Moore, Midwest City, Enid, and Stillwater.

Common Fees For Tax Attorneys in Oklahoma

The fees charged by tax attorneys in Oklahoma can vary depending on several factors, such as the complexity of the case, the attorney’s level of experience, and the amount of time required to handle the case. Here are some common fee structures used by tax attorneys in Oklahoma:

  • Hourly rates: Tax attorneys typically charge hourly rates for their services. Hourly rates can range from $200 to $500 per hour, depending on the attorney’s level of experience and the complexity of the case.
  • Flat fees: Some tax attorneys may charge a flat fee for certain services, such as preparing and filing tax returns or providing legal advice for a specific matter.
  • Contingency fees: In some cases, tax attorneys may work on a contingency fee basis, where they only receive payment if they successfully recover money on your behalf. This fee structure is typically used in cases involving tax disputes or litigation.
  • Retainer fees: Tax attorneys may require clients to pay a retainer fee upfront, which is a fee paid in advance to cover the cost of the attorney’s services. The attorney will then deduct fees from the retainer as they work on the case.

It is important to discuss fees and billing practices with your tax attorney upfront to ensure that you understand the costs involved and avoid any surprises.

Common Individual Tax Issues

Individual taxpayers can face a variety of tax issues. Here are some common tax issues that individuals may encounter:

  • Failure to File or Pay Taxes: If an individual fails to file their tax return or pay taxes owed by the deadline, they may face penalties and interest charges.
  • Unreported Income: If an individual fails to report all of their income on their tax return, they may face penalties and interest charges. This could include income from self-employment, tips, rental income, or other sources.
  • Tax Audits: The IRS may select an individual’s tax return for an audit to verify the accuracy of their tax return. Audits can be triggered by red flags on a tax return or through a random selection process.
  • Tax Liens and Levies: If an individual owes back taxes, the IRS may place a lien on their property or levy their bank account or wages to collect the debt.
  • Innocent Spouse Relief: If an individual files a joint tax return with their spouse and the IRS determines that there are tax deficiencies or errors, they may seek innocent spouse relief to avoid liability for their spouse’s tax debt.
  • Tax Identity Theft: Tax identity theft occurs when an individual’s personal information is used to file a fraudulent tax return to obtain a refund. Victims of tax identity theft may face delays in receiving their refunds or other tax-related complications.

Corporate Tax Issues

Corporate taxpayers can face a variety of tax issues. Here are some common tax issues that corporations may encounter:

  • Tax Planning and Strategy: Corporations need to develop effective tax planning and strategy to minimize their tax liability and maximize their profits.
  • Tax Compliance: Corporations must comply with all applicable tax laws and regulations. This includes filing accurate tax returns and paying taxes owed on time.
  • Tax Audits: The IRS may select a corporation’s tax return for an audit to verify the accuracy of their tax return. Audits can be triggered by red flags on a tax return or through a random selection process.
  • Transfer Pricing: Transfer pricing refers to the pricing of goods and services between related parties, such as a parent company and its subsidiaries. The IRS may scrutinize transfer pricing arrangements to ensure that they are conducted at arm’s length and do not result in inappropriate tax benefits.
  • Tax Credits and Incentives: Corporations may be eligible for tax credits and incentives, such as research and development credits, investment credits, or state and local tax incentives. It is important to understand the eligibility requirements and compliance obligations associated with these incentives.
  • State and Local Taxes: Corporations must comply with state and local tax laws in addition to federal tax laws. State and local tax laws can vary significantly by jurisdiction and can be complex.

Common Tax Resolutions

Here are some common tax resolution plans that taxpayers might consider:

  • Installment agreement: This is an agreement between the taxpayer and the IRS to pay the tax debt in monthly installments. The taxpayer must be up-to-date on all tax filings, and the IRS may require financial information to determine the monthly payment amount.
  • Offer in compromise: This is an agreement between the taxpayer and the IRS to settle the tax debt for less than the full amount owed. The taxpayer must demonstrate financial hardship or other compelling reasons for the IRS to consider the offer.
  • Currently Not Collectible status: This is a status granted by the IRS to taxpayers who are unable to pay their tax debt due to financial hardship. The IRS will temporarily suspend collection efforts, but the taxpayer will still owe the debt and interest will continue to accrue.
  • Penalty abatement: This is a request to the IRS to remove or reduce penalties assessed for late filing, late payment, or other infractions. The taxpayer must demonstrate reasonable cause for the penalty to be abated.
  • Innocent spouse relief: This is a request to the IRS for relief from joint and several liability for a tax debt. The taxpayer must demonstrate that he or she did not know and had no reason to know that the tax return contained an understatement of tax.

Risks of Using a Tax Attorney in Oklahoma

As with any legal matter, there are potential risks and drawbacks to using a tax attorney in Oklahoma. Some of these risks include:

  • High cost: Tax attorneys can be expensive, and their fees can add up quickly. If you are on a tight budget, you may want to consider other options.
  • Limited scope of representation: Some tax attorneys may only provide assistance with specific tax issues, such as tax litigation or tax planning. If you need help with a broader range of tax issues, you may need to hire multiple attorneys or professionals.
  • No guarantees of success: Although tax attorneys can provide valuable guidance and representation, there are no guarantees of success. The outcome of your tax case will depend on a variety of factors, including the strength of the evidence and the arguments presented.
  • Potential conflicts of interest: Tax attorneys may have conflicts of interest if they have worked with the IRS or other government agencies in the past. This could potentially impact their ability to represent your interests effectively.
  • Communication issues: Some tax attorneys may be difficult to reach or may not provide regular updates on the status of your case. It is important to find an attorney who is responsive and keeps you informed throughout the process.

When Do You Really Need a Tax Attorney?

If you are accused of tax fraud or evasion, it is in your best interest to hire a tax attorney. A tax attorney can represent you in legal proceedings and help you navigate the complex criminal and civil penalties that may apply. If you have a complex estate, it is also recommended to hire a tax attorney. A tax attorney can provide guidance on how to minimize estate taxes and transfer assets to heirs in a tax-efficient manner.

When is a Tax Relief Company Better Than a Tax Attorney?

Tax relief companies and tax attorneys offer different services. Tax relief companies specialize in negotiating with the IRS and states on behalf of taxpayers who owe back taxes, penalties, and interest. These companies often have a team of tax professionals, including enrolled agents and tax preparers, who work to negotiate payment plans or settlements with the IRS. They may also provide assistance with preparing and filing tax returns, obtaining tax transcripts, and addressing other tax-related issues. There are situations where a tax relief company may be more beneficial than a tax attorney. Here are a few examples of  where a tax relief company may be a better option:

  • Your tax debt is under $250K: If you owe less than $250K to the IRS, a tax relief company may be a better option than a tax attorney. Tax relief companies can negotiate with the IRS to reduce or eliminate penalties and interest, and set up an affordable payment plan that works for you.
  • You need help with tax preparation: Tax relief companies often offer tax preparation services, which can be beneficial for individuals or businesses who need help filing their taxes correctly. This can help you avoid future tax problems and penalties.
  • You want to avoid the high cost of a tax attorney: Tax attorneys can be expensive, and their hourly rates can quickly add up. A tax relief company may offer more affordable options, such as a flat fee for their services.

Tax Attorney or Tax Relief Firm: Know Your Options

Benefits of Using an Experienced Tax Relief Firm

Using an experienced tax relief firm can offer several benefits for taxpayers facing tax problems. Here are some potential advantages:

  • Expertise: Tax relief firms have specialized knowledge and experience in dealing with various tax issues, such as tax debts, audits, and penalties. They can provide advice and guidance on the best course of action to resolve your tax issues.
  • Negotiation skills: Tax relief firms can negotiate with the IRS on your behalf to reduce or eliminate tax debts, penalties, and interest. They have experience dealing with the IRS and can use their knowledge to your advantage.
  • Saves time and stress: Resolving tax problems can be a time-consuming and stressful process. A tax relief firm can handle the process for you, saving you time and reducing stress.
  • Personalized solutions: A good tax relief firm will evaluate your individual situation and provide personalized solutions tailored to your needs. They will work with you to develop a plan that works best for you.
  • Legal protection: Tax relief firms can provide legal representation if necessary. This can be especially important if you are facing a tax audit or other legal action.
  • Payment options: Tax relief firms may offer payment plans or financing options to make their services more affordable. This can be beneficial for taxpayers who cannot afford to pay for their services upfront.

CuraDebt Tax Is At Your Service

If you are a resident of Oklahoma who needs help resolving tax debt issues, we are here to help. We have 22 years of experience helping clients with numerous tax related issues. Contact us toll free today for your free consultation. Or submit here online for a free consultation. We will find the best resolution available to you based on your financial situation. 1-877-999-0486

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