Are you tired of living in fear that the IRS will come knocking on your door? Do you worry about the financial consequences of an audit? It's time to take control of your financial future and hire an IRS audit lawyer. With their expertise, they can guide you through the complex tax laws, protect your assets, and ensure that you are not alone in facing the IRS. Don't leave your financial future to chance – read on to learn why hiring an IRS audit lawyer is one of the smartest moves you can make for yourself and your business.
What are the risks of not having an IRS audit done?
If you have not had your tax returns audited in a while, now is the time to get an audit done. The IRS audits approximately 100,000 individuals and businesses each year. An audit can identify potential errors on your tax return that could lead to a larger bill or even criminal prosecution. If you are unsure about the risks of not having an audit done, here are three reasons why it is important:
1. You May Be Missing Opportunities to Save Money on Your Tax Bill. The IRS has a number of tools at its disposal to collect unpaid taxes including interest and penalties. If you have unpaid taxes that go back several years, the IRS may be able to collect more money through these methods than if they only had access to your current tax return information.
2. An Audit Could Result in Criminal Prosecution. In some cases, taxpayers who knowingly and intentionally falsify their federal income tax returns can face criminal charges including up to five years in prison and a $250,000 fine. Additionally, any business that assists a taxpayer in filing a false return can also be held criminally liable.
3. An Audit Could Lead to Higher Taxes Later on down the Road. If the IRS discovers inaccurate or fraudulent information on your tax return, they may charge you with underpayment of taxes (which could result in higher interest and penalties) or even file for the seizure of assets (such as property or bank accounts). These types of penalties can add up over time and significantly increase
How can an IRS audit help you protect your financial future?
If you are due a large tax bill, an IRS audit may be your best chance to get it reduced or even eliminated. An audit can help you identify any mistakes you made in preparing your taxes and can help you figure out which deductions and credits you are eligible for.
Sometimes the IRS will offer a settlement before an audit is completed. If this is the case, it’s important to understand what the settlement offers are and whether you’re eligible for them. Generally, the more serious the infraction, the larger the penalty and/or interest that may be imposed.
What are some common mistakes made by individuals and businesses?
There are a few common mistakes made by individuals and businesses when it comes to their financial futures. Here are a few:
1. Not enrolling in automatic updates for their tax information
2. Failing to file their taxes on time
3. Not having an accurate understanding of the taxes owed
4. Ignoring penalties and interest that can accumulate on unpaid taxes
5. Not taking the time to review their tax returns with an accountant or tax lawyer
How do I find an IRS audit lawyer?
If you are audited by the Internal Revenue Service (IRS), you need to know your rights and what to do if you are questioned. An IRS audit lawyer can advise you on your specific situation and protect your rights.
To find an IRS audit lawyer, you can use a search engine or directory. You may also want to check with your state bar association or the American Bar Association (ABA) to see if there is a specialist in tax law who represents taxpayers in IRS audits.
Conclusion
If you're thinking about filing for an audit, there are some key things to know. First, make sure that you have all of the documentation that the IRS may request. Second, be prepared to answer questions truthfully and completely. And finally, don't hesitate to seek expert advice if you don't understand something – an audit could be complicated, and a lawyer will be able to help guide you through the process. If you're concerned about your financial future and want to take steps to protect yourself, contact a tax audit lawyer today.
