Both CPAs and Bankruptcy attorneys view and analyze situations from different perspectives. While an attorney who also holds a CPA certification can combine both types of viewpoints. This helps in the form of the most accurate and practical legal and financial advice. That’s why a CPA bankruptcy attorney is best when it comes to filing chapter 7 or chapter 13 bankruptcy.
Any individual or business may be required to file for bankruptcy when they fail to manage their overwhelming debt. When utilizing all the available options is not just enough, bankruptcy may prove beneficial to tackle the situation. It’s not about a person’s financial irresponsibility but due to certain uncontrolled circumstances such as illness, divorce or job loss.
Bankruptcy helps to provide relief from both non-tax and tax debt that is owed to the IRS. It may be due to the downturn in economic activity that many people fail to fulfill their tax obligations. That’s why the Colorado Department of Revenue is deploying strict measures to recover the tax payments. So, the filers always want to discharge maximum tax debt through bankruptcy for getting a fresh start.
A bankruptcy attorney with an accountancy background can help to achieve this goal. Not only this, but a Certified Public accountant can also tackle the areas where an attorney has a little knowledge. Here are some more good reasons why a CPA make a great bankruptcy attorney and why you need one.
Ways A CPA Bankruptcy Attorney Can Help Your Bankruptcy Filings
Here is a list of benefits you get by hiring a Bankruptcy attorney having experience in the public accountancy field.
Expertise in Bankruptcy Tax Law
Bankruptcy Tax law is one of the most complex and technical aspects of bankruptcy. An attorney may tell you that they understand everything about it. Unfortunately, that is not true in many cases. Their minor underestimation may cause a major loss to you. On the other hand, an attorney who also holds a CPA certificate knows exactly when you should file. People who file due to their overwhelming tax debt can get the best legal advice from them. Also, they can tell which debts can be discharged and what time of filing can bring more positive results.
Accurate Estimation of Your Tax Discharge Eligibility
The prior experience of a bankruptcy attorney as a CPA can help to determine your eligibility for tax discharge. Of course, any attorney can claim to do this. But a public accountant is well versed of many other important factors. Hence their estimation is more accurate than others. Not only this, but they can also ensure that you receive maximum tax discharge during bankruptcy.
Better Legal and Financial Advice
Both CPAs and attorneys learn to view the problems from a unique viewpoint. But if you hire a dual-licensed professional like a CPA bankruptcy attorney. He may be able to provide an added benefit of giving the most accurate advice. Because he’ll be able to combine the perspective of both professions to give better financial and legal advice during bankruptcy. Also, his ability to understand the legal as well as accounting technicalities will help to avoid conflicts.
All the debtors who file for chapter 7 or chapter 13 bankruptcy want to keep maximum tax return after bankruptcy. A dual-licensed CPA bankruptcy attorney can help to achieve this goal better than just an attorney. He can compare your intended time to file with that of exemptions and income tax withholdings. This way, your chances of getting a maximum tax refund after filing bankruptcy increase many times.
A Dual-Licensed Attorney Can Perform Offer in Compromise
A Bankruptcy attorney who is also a CPA can help you to perform an offer in compromise. It’s a way of settling the taxes with the IRS. By using this tool, individuals and businesses can enter into an agreement with the IRS to pay a certain amount of back taxes and discharging the rest. But the eligibility criteria are very tough, and OTC is rarely approved. While a CPA bankruptcy attorney can make sure that yours may get approved to settle IRS debt.
Barry Arrington is a Denver bankruptcy attorney who has prior experience in working as a Certified Public Accountant. He is well versed with all the accounting and legal aspects of filing a bankruptcy. His diverse professional background and expertise level makes him the best candidate to handle your bankruptcy case. No matter how complex your financial situation is. He can analyze and help to get relief from crushing personal or business debt.
Schedule a free consultation to discuss your case today.