IRS audits can be one of the most dangerous tax situations to deal with. However, don't fear because we can help you with our IRS audits representation services. Whether you're dealing with an income tax audit or an IRS tax audit, we can help. FinishLine Tax Solutions can help you with IRS audit representation or IRS audit appeals. Additionally, we can help you negotiate with the IRS so they can reconsider their audit. Many taxpayers don't realize the stress and headache an audit can cause until they're in it. When you are being audited by the IRS, you face IRS audit penalties. However, we can help you with our tax audit defense services. Don't let an IRS tax audit get you down. Instead, give us a call and see how we can help.
What is an IRS audit?
An audit is technically an investigation by the IRS into your financial accounts. Typically, the IRS will launch an investigation if they find something amiss in your taxes. You want to do whatever you can to avoid an income tax audit. Furthermore, the IRS will typically launch an income tax audit to ensure information you reported on your taxes is correct. However, it's rare that an IRS tax audit ends well if you are dealing with the income tax audit on your own. If you're facing a tax audit, do yourself a favor and call us first. We can help you with our IRS tax audit defense services. Additionally, we can represent you during an audit. Likewise, we can appeal an audit or file for an IRS audit reconsideration. As soon as you get an income tax audit notice from the IRS, call us.
Why am I being audited by the IRS?
While it sounds scary, an audit doesn’t always mean there's a problem. In other words, the IRS can launch an audit for a variety of reasons.
- Selected at random. It's possible that the IRS decided to audit you based on a random computer screening.
- Related examinations. In other cases, the IRS may choose to perform an audit if your tax returns involve issues with other taxpayers. For instance, if your taxes bring up an issue with a business partner, the IRS may launch an income tax audit. Additionally, you may be audited if one of your investors was audited.
IRS Audit Representation
If you're being audited by the IRS, you can trust that there's help available. FinishLine Tax Solutions has IRS Audit Representation services to help taxpayers in the middle of a tax audit. In other words, we will represent you, the taxpayer, before the IRS. Furthermore, you can trust we'll be there every step of the way through the income tax audit. The good news is the IRS allows a taxpayer to have an authorized representative during an income tax audit. However, the individual must have authorization to represent a taxpayer before the IRS. Individuals permitted for IRS audit representation include:
- Tax attorneys
- Enrolled agents
Fortunately, at FinishLine Tax Solutions, we employ all three.
What happens in an IRS Audit Representation?
During an IRS Audit Representation, a representative from FinishLine Tax Solutions will speak on your behalf to the IRS. Additionally, a tax audit representative will come up with a strategy to defend you against the IRS. The tax audit representative will also prepare all documents the IRS requests. Furthermore, a tax audit representative will often attend all meetings. Lastly, the tax audit representative will handle any correspondence with the IRS. The benefit here is during a tax audit, you won't have to speak to the IRS at all. Instead, the professionals at FinishLine Tax Solutions will handle all the talking for you.
What if I receive notice of a tax audit?
The most important thing to do if you get a notice of tax audit is to not ignore it.
- First, don't ignore the IRS. This is one of the worst things you can do in an income tax audit situation.
- Determine if you need representation. Sometimes, a letter in the mail is only a request for more information. However, if the IRS is enacting a full tax audit, you want IRS audit representation. Lastly, even if you can't find the information the IRS is requesting, hire a professional. Once you have IRS audit representation, the IRS will automatically begin to take your case seriously.
- Furthermore, tell the IRS what they want to know. It's important that you don’t hide anything from the IRS. However, be careful not to tell them anymore than they ask in a tax audit. This is why it’s good to have IRS audit representation. A professional will speak on your behalf so you don’t say anything you'll later regret.
IRS Audit Appeals
If you believe you should not be the victim of an IRS tax audit, you can appeal. Additionally, if you don’t like the outcome of your audit, you can appeal. However, you should not go through with an IRS audit appeal on your own. In some cases, the IRS may be willing to cut you a deal. However, this usually only works if you have IRS audit appeals representation. A good tax attorney or specialist will know how to appeal an audit. Additionally, a good tax attorney can escalate the case to make settlement easier. Lastly, remember that the IRS always wants to settle. Therefore, if you're considering IRS audit appeals, the IRS is likely ready to settle before going to court.
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What is an IRS Audit Reconsideration?
If you get a notice of tax audit, you can always request an IRS Audit Reconsideration. In other words, this process reopens your tax audit so the IRS reconsiders what they said you owe. Typically, you can apply for an IRS Audit Reconsideration if:
- You have new information to show the IRS.
- The taxpayer disagrees with the tax amount the IRS says they owe.
- You never showed up for your tax audit appointment. Additionally, you never sent the IRS your information.
- In other cases, you can file for an IRS Audit Reconsideration if you moved and never received their notice.
When can I not file for an IRS Audit Reconsideration?
There are also times when you cannot apply for an IRS Audit Reconsideration. For instance, if you already paid the amount you owed, you can't request a reconsideration. Additionally, you can't apply for an IRS Audit Reconsideration if:
- You previously agreed to pay the amount you owed by signing an agreement.
- The U.S. Tax Court issued a final determination that you owe the tax. Once the tax agreement is final, it's final. Therefore, it's beneficial to seek out the help of IRS Audit Representation sooner rather than later.
IRS Tax Audit Penalties
Did you know you may also receive tax audit penalties? For instance, if you've been summoned by the IRS, you can't escape without paying. Furthermore, there are several types of IRS tax audit penalties you may incur. These IRS tax audit penalties may include:
- Accuracy related tax penalties. In other words, you can face a penalty if you filed an inaccurate tax return. Sometimes, this penalty can be as much as 40 percent of your total underpayment.
- You can also be charged a penalty for failing to file returns and pay taxes. In other words, if you file or pay late, you'll pay 5 percent of the unpaid tax. Furthermore, if your return is more than 60 days late, you'll incur a $135 fee. Lastly, paying late carries a lighter fee of 0.5 percent of the total tax. The most you may pay in these fees is 25 percent.
Civil Fraud Penalties
At the end of the tax audit, the IRS may determine you committed civil fraud. However, in this case, you won't wind up in jail. The IRS will add a 75 percent penalty of any tax underpayment that results in your fraudulent activity. However, because of civil fraud, the IRS cannot charge accuracy-related penalties. If there was a silver lining, that's it.
Fraudulent Failure to File a Tax Return
Another form of audit penalties is fraudulent failure to file a tax return. Even if you mistakenly thought you didn’t need to file taxes, you'll still be charged penalties. However, you won't be charged fraudulent failure to file a tax return penalties. Instead, these types of tax returns are charged if you deliberately don’t file taxes. The offense for this type of audit penalty can be a civil or misdemeanor offense. If criminal charges are filed, you could get up to $25,000 in fines. Additionally, you can be sentenced up to a year in jail.
Facing an Audit? Call the professionals at FinishLine Tax Solutions
If you are facing an audit, call the professionals at FinishLine Tax Solutions. The sooner you call, the sooner we can help you settle tax debt. Call us today and let us fight the good fight for you against the IRS.
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