Taxes are not easy, either for taxpayers or the tax attorneys. Those, who think that a tax attorney’s job is quite sorted, are clearly mistaken. In order to keep everything on the right track, the tax lawyers keep a close eye on the laws and regulations that change every now and then, go through the tax laws and regulations every time they file taxes and do many more such things. However, there are still some of the things can turn out to be bothersome for the tax lawyers. Do you want to know what might be keeping the tax attorneys in California up almost all through the night? Here you go:

Expiration of Tax Policy

It does not happen every year though, but when tax policies are expired, the taxpayers may find a sudden hike in their taxes until a few provisions are extended. When tax policies get expired, new changes are introduced, which may not always go in favor of the taxpayers and even the tax attorneys.

Reports of Foreign Bank Accounts

The report of foreign bank accounts is not a new concept. However, it is one of the reasons why the tax attorneys remain restless all through the night thinking about it. Even if it is a matter of little tax, the tax authorities involve important resources in order to attain fines for reporting violations.

Opportunity Zones and Increase in Tax Rate

Created under the TCJA, opportunity zones enable the investors to put into capital benefit within a window period of 180-days. This is done for low-income areas which are then exchanged for some tax benefits. If investments in this fund are held for five long years, then 10% of capital benefit will be forgiven on the priority investment. If the investments are held for seven long years, 15% of capital benefit is forgiven. Though it has fair chances of tax benefit, but tax rates may go higher, and this is feared by many investors as well as tax attorneys.

Apart from these, there are many reasons that snatch the good night sleep of the tax attorneys. After all, taxes are tough for one and all.