Lisa and the Law

Qualified Tax Professional vs. Qualified Business Law Attorney

It is tax time and if you have elected to have your business taxed as an S-Corporation (S-corp – taxed using the regulations of Subchapter S of the Internal Revenue Service Code) or partnership, your March 16th tax deadline is looming. If your tax professional suggests that he/she will form another business entity for you or act as your statutory agent, send your tax information to me and have me prepare and file your tax returns. Silly, right? As an attorney, I am not competent, trained or insured for preparing tax returns. Same goes for tax professionals doing legal work or acting as your statutory agent. If your tax professional suggests forming a business entity for you, ask him or her what reverse piercing the corporate veil is and how he or she will structure the business to protect you from it. If they or you cannot answer that question, you need to obtain advice from a qualified business law attorney. If he or she cannot answer the same question, they may not be a qualified business law attorney.