Tax Audit Accountant

No one ever wants to deal with a tax audit, but if you find yourself in this situation, it is important to have a plan. The experienced accountants at Cook CPA Group can help you navigate through an IRS or FTB audit and minimize any potential negative consequences. We understand that audits can be stressful and intimidating, so we will work with you every step of the way to make the process as smooth as possible. Contact us today for more information about our tax audit services!

Accountants Handle Tax Audits for Businesses

Businesses may face a variety of significant tax concerns. Payroll tax fraud is one of the most serious tax issues that a business and its owners, accountants, bookkeepers, or other responsible parties can be accused of. FICA and FUTA taxes are examples of payroll taxes. These phrases refer to the levies that are taken out of an employee’s wage before being paid, such as as Social Security and Medicare taxes (FICA).

Businesses that employ people are required to keep, submit, and turn over these funds to the IRS on a timely basis. When companies face payroll tax allegations, their responses are typically more aggressive than expected. Many company owners have likened the procedure to being treated as a criminal and needing to prove that they did not commit payroll tax fraud. The responsibility for unpaid taxes may be imposed directly on “necessary parties,” which is extremely frightening.

Sales taxes are also a major source of confusion for businesses. Sales tax obligations are one of the most frequent areas in which businesses struggle. Certain companies may be less than diligent in collecting and submitting sales taxes. Other business owners may use software or other technology to fraudulently avoid paying sales tax on items sold as a way to avoid paying taxes. These methods might result in significant tax allegations if not addressed appropriately.

Businesses should conduct routine tax compliance checks. Businesses with certain risk factors, such as dealing in cash or operating in sectors where tax fraud is common, should be sure they fulfill all of their tax obligations. Furthermore, the company must make sure that all necessary tax papers are kept for the required duration. Keeping these documents is not only legal; it will also aid you if your company faces a tax audit or other taxes.

Accountants Can Address Individual Tax Audit Concerns

Individual taxpayers are usually preoccupied with their income taxes. The Cook CPA Group’s tax experts can assist with a variety of income tax audit issues as well as associated filings. We can evaluate your filing and assess your tax positions to see if they are adequately supported if the IRS contacts you regarding a problem. If necessary, we may look for evidence to back up your tax position. Finally, if the initial filing was incorrect, we may work to minimize any financial damage caused by it.

Fix Offshore Issues Before a Tax Audit

Offshore accounts are of particular concern to the IRS. Before receiving a tax audit notification, it’s a good idea to think about these issues since relief programs like Streamlined Foreign Disclosure will no longer be accessible. We can also evaluate whether an offshore account disclosure is required for taxpayers with foreign investments or assets. If so, we can assist you in filing FBAR or FATCA as well as maintaining compliance with foreign account reporting laws. Even inadvertent mistakes may result in hefty fines, therefore it is critical that taxpayers comply with foreign account reporting regulations.

Accountants Understand the Anxiety Tax Mistakes Cause

We understand how frightening it may be to start a new tax season without any prior experience with the IRS. But, our team of accountants has assisted numerous individuals in recovering from missed or incorrect tax filings. Remember that not filing taxes for one year or more does not automatically result in large fines.

Many taxpayers are afraid of the unknown, even when it comes to their taxes. In certain situations, the taxpayer may be entitled to a tax refund. However, if he or she fails to file within three years of the original tax deadline, any tax refund he or she would have been eligible for will be lost.

We can work with the IRS to try to negotiate a settlement if you have a tax concern. We can also collaborate with the IRS and explore payment plan and other options if you do end up owing taxes. For example, we may look into an offer in compromise, which would allow you to settle your tax debt for less than the full amount. We might look at payment plans as well as other solutions.

Work with Tax Audit Accountants

If you are being audited by the IRS, you’ll want to get assistance from an experienced and knowledgeable tax lawyer. The Cook CPA Group’s accountants can defend your business against an IRS examination.