Roseville, CA Accountant for Income, Estate, & Gift Tax Compliance
Roseville accountant for income, estate, and gift tax compliance can help you navigate the laws to comply with U.S. tax law and avoid penalties. Call now.
Tax compliance is, essentially, a taxpayer’s effort to follow U.S. tax law and pay the required amount at the proper time. Tax compliance can be done with the help of an experienced accountant, and it can be done with any type of tax, including income, estate, and gift taxes. If you would like to use the help of an accountant to ensure that your taxes are in compliance, contact an experienced Roseville income, estate, and gift tax compliance accountant from Cook CPA Group. The experienced tax accountants that work with Cook CPA Group help people from all over the Roseville area make sure they are paying their taxes in compliance with federal laws and IRS expectations.
Understanding Voluntary ComplianceThe tax system in the United States is based on the concept of voluntary compliance, which means that the IRS assumes that taxpayers will be honest and forthcoming when they report their income and calculate their taxes. The concept of voluntary compliance is generally not very concerned with whether or not the taxpayer files their tax return and pays the full amount; rather, it is concerned with whether the individual taxpayer is honest when they report their income and claim deductions. Compliance is “voluntary” only in the sense that taxes are completed by the taxpayer and not by the government. Taxpayers are responsible for calculating what they owe in taxes and then reporting it accurately; taxpayers are expected to voluntarily comply with all of the relevant tax laws. The IRS recognizes that not all taxpayers are honest in their reporting, which is why the IRS occasionally performs audits of taxpayers. Voluntary compliance also means that taxpayers are expected to adhere to the tax code when they complete their tax returns. Since the U.S. tax code changes frequently, it’s helpful to use the assistance of an accountant to ensure that your taxes are in compliance.
How an Accountant Can Help with Income, Estate, and Gift Tax ComplianceSince tax laws are subject to frequent changes, it’s difficult to stay up to date on all of them at once. Because they pay attention to all of the changes that are made, accountants are always aware of updates or adjustments made to tax laws at the local, state, and federal levels. An accountant can help taxpayers pay their taxes by maintaining a keen awareness of the tax code as it applies to each client. When it comes to tax compliance, accountants can also aid taxpayers by helping them navigate complicated and uncommon situations and circumstances. For example, accountants can help taxpayers comply with the requirements that come with multi-state taxation or with filing both individual and business taxes at the same time. Accountants can also help taxpayers comply with foreign taxes, such as those related to the Foreign Investment in Real Property Tax Act (FIRPTA) or the Foreign Account Tax Compliance Act (FATCA). While accountants can help taxpayers comply with the codes related to many types of taxes, there are a few common issues with which individual taxpayers often need assistance. These include:
- Income tax compliance – Income tax compliance means that the taxpayer is honest and accurate in their reporting to the IRS regarding income and any deductions that they claim.
- Estate tax compliance – Only the wealthiest people are required to pay estate taxes, meaning that these taxes are not a concern for most Americans. However, an accountant can help taxpayers pay their taxes so that they plan for the long-term health of their estate and make sure that it is in compliance with the U.S. tax code.
- Gift tax compliance – To ensure compliance with the U.S. tax codes regarding gifts, accountants will help taxpayers understand the amount that they can give away before the IRS imposes taxes on the transaction. Gift taxes and estate taxes are often grouped together as one category of taxes.