Tax Law is divided into Federal Tax and State Tax, and it involves the taxation of income and property acquired through personal and professional efforts. There are several taxes, like income tax, sales tax, gift tax, inheritance tax, property tax etc., that need to be handled. A tax payer can handle his or her taxes himself or herself but it is advised to get assistance of a tax attorney because of the frustrating & complex paperwork and formalities involved.

It is the tax payer’s responsibility to file taxes with the IRS and to ensure the familiarity with up-to-date with current procedure and tax payer’s duties. Hiring a Tax Attorney help to ease the stress caused by taxes as an experienced and skilled professional tax attorney handles tax-related issues by ensuring accurate and efficient filing of papers. They solve taxpayer’s problems with the IRS or state revenue department.

The law pertaining to taxes and the IRS keeps on changing every year, thus, a good tax attorney will keep up with the latest changes and can advice clients accordingly. A tax attorney is considered vital for businesses as they handle their accounts very well. They assist in keeping the record books up to date and also suggest tax payers to tackle with any expected problem with IRS in the future.

Before hiring a tax attorney, one should look around; ask for some referrals from friends or business partners. A tax attorney should be experienced and committed to handle tax issues with IRS. Always prefer a tax attorney who is a member of the American Bar association and the local state bar association. Discuss the attorney’s rates with him or her before finalizing.

The Internal Revenue Service (IRS) agency is the administrative unit of the Department of Treasury dealing with revenue collection and processing tax returns. Earlier, Internal Revenue Service was known as Bureau of Internal Revenue and is now considered as one of the world’s most efficient tax administrators. The IRS agency is supervised by IRS Commissioner, who along with the Chief Counsel are selected by the President of United States and confirmed by the Senate. The strategic goals of IRS are to improve taxpayer service, enhancing enforcement of the Tax law, and modernizing the IRS through its people, processes and technology.

The IRS is the not only a tax collection agency but also administers the Internal Revenue Code enacted by Congress. It provides excellent services to American tax payers by making them aware of their tax responsibilities. IRS aim is to apply the tax law with integrity and without any discrimination to all. Internal Revenue Service also assists the Tax Division attorneys and US attorneys in developing tax administration policies, handling civil trial and appellate litigation in federal and state courts; pursuing federal grand jury investigations; and handling criminal prosecutions and appeals.

The Securities and Exchange Commission (SEC) is the United State government’s commission, created by congress and headquartered in Washington DC, which aims to regulate the securities markets and protect investors by enforcing the Federal securities laws. The US Securities and Exchange Commission works closely with Tax Division in order to promote corporate integrity. Other than regulation and protection, SEC also monitors the corporate takeovers throughout the United States.

The Securities and Exchange Commission is composed of five Commissioners who are appointed by the President of the United States with the advice and consent of the Senate. The Commissioner terms last five years and is arranged in a systematic manner so that one Commissioner’s term ends on June 5 of each year. One of the Commissioners is designated as Chairman, SEC’s top Executive, by the US President. Christopher Cox is the current Chairman of the SEC.

SEC mission is to protect the investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. The SEC statutes are specifically designed to promote full public disclosure and to protect the investing public against fraudulent and manipulative practices in the securities markets. It is SEC’s responsibility to supervise seven major laws that govern the securities industry and these laws are:

• Securities Act of 1933.
• Securities Exchange Act of 1934.
• Public Utility Holding Company Act of 1935.
• Trust Indenture Act of 1939.
• Investment Company Act of 1940.
• Investment Advisory Act of 1940.
• Sarbanes-Oxley Act of 2002.