Tax law is the practice of law that relates to the assessment and payment of taxes. Tax laws come from a variety of sources. They come from federal, state and local authorities. They’re based in federal and state constitutions, laws and regulations. Tax law involves understanding, implementing and defending the payment or non-payment of taxes.
Tax law practice consists of providing legal advice and innovative solutions to companies, entrepreneurs and individuals on complex tax law matters. Advise on both domestic and international tax issues that often arise when there is a complex or cross-border financial transaction.
Tax law practice includes corporate compliances, disclosures, cross-border assets, offshore trusts, cryptocurrency taxation, corporate restructuring, share transfers and negotiating and drafting documents to financing arrangements.
Tax lawyers help their clients understand tax laws and conduct their affairs in a way that’s advantageous with regards to tax laws. When disputes occur, tax lawyers help their clients assert their rights and protect their interests.
Tax law is the understanding and application of tax laws that may impact both individuals and corporations. It covers the rules, policies and laws that oversee the tax process, which involves charges on estates, transactions, property, income, licenses and more by the government. Taxation also includes duties on imports from foreign countries and all compulsory levies imposed by the government upon individuals for benefit of the state.
The intricate body of tax law covers payment of taxes to a minimum of four levels of government, either directly or indirectly. Indirect taxes are assessed against products and services that are meant to be consumed but are paid to an intermediary. For example, when you buy coffee at a local corner store, the retailer charges you tax on your coffee, which he/she subsequently pays to the government. Direct taxes are those you pay directly to the government and are imposed against things like land or real property, personal property, and income.
There is a seemingly endless list of entities that create and enforce tax laws and collect tax revenues.
Ask Australian tax Lawyers to get your tax law query resolved and get help with your tax case.