We often explain in this blog how your attorney should be your or your business’ staunchest ally. This is true. Your next best friend should be your accountant.
Just consider this. There are nearly 300 regulations on itemized deductions alone, and they all matter. A taxpayer who donated used vans to a charity learned this the hard way. It was denied the deduction because it did not follow the precise appraisal procedures buried in one of them for donations in kind. Its accountant might have helped.
And rest assured… if the IRS ever disagrees with your new second best friend, attorneys can always appeal the ruling.