In our previous post on our Cleveland tax blog, we discussed some of the occasions and circumstances in which it makes sense for taxpayers to hire tax professionals. As regular readers will recall, we mentioned required FBAR (Report of Foreign Bank and Financial Accounts) filings for those who have assets in overseas accounts.
A couple of other situations that likely require professional tax help: if you have in the past three years made a mistake in a tax return, and if you were married or divorced by Dec. 31, 2015.
A list of situations calling for professional tax help was recently published by U.S. News and World Report. The article included some other circumstances, including the following:
• Buying or selling real estate: capital gains questions, mortgage deductions questions, etc., are best handled by a tax pro; someone who will understand which breaks you are eligible for and which ones are not applicable.
• Start up: If you started a small business in 2015, it makes sense to discuss those first-year business tax choices – even if you are a sole proprietor. "A lot of little things are out there like the sales tax rules," an executive with an accounting firm told the publication.
• Inheritance: Even if the inheritance seems relatively small (U.S. News’ example is inheriting 500 shares of stock from your grandmother), there can be substantial capital gains implications you should understand when you file your federal tax return.
For people facing tax issues that might involve criminal charges, it of course makes sense to discuss matters with an accountant. Even more important, discuss the situation with a Cleveland tax attorney who can help you understand your options, pursue resolution of your problems and fight for your rights and freedom.
