Chicago Tax Lawyer Firm- Get Most Excellent Chicago Tax Audit Services

Views:
 
Category: Entertainment
     
 

Presentation Description

Chicago tax audit for both personal & business are different. Chicago tax lawyer firm helps the clients with their tax cases by maintain their integrity. Contact us to schedule a Tax Attorney consultation. Please call us at 312-608-2772 to discuss your situation in detail.

Comments

Presentation Transcript

slide 1:

Maneuvering Through a Tax Audit Dealing with taxes is something that most people do not want to deal with at all. They might hire a professional to deal with the taxes and then dread the next year when they have to deal with it all again. No one wants to deal with the hassle of taxes or if something goes wrong and hearing about a tax audit can send a chill down their spine. Understanding what is going on during this audit can make the process less scary and will assist you in getting through. What is a Tax Audit So the first thing you must look at is what an audit from the IRS is. An audit is a process of examining your records in detail. The purpose is to assess the information you have provided is accurate for your business or your personal taxes. The audit will look to see what taxes you owe based on your income what was claimed as donations and expenditures and what tax deductions you were given. This process allows the IRS to determine if you have been paying the right amount in taxes for a particular year or if you are trying to claim exceptions that are not suitable. Due to a lot of taxpayers in the United States it is impossible for the IRS to perform this audit on very many people. This process is reserved for individuals or businesses the IRS believes may be avoiding their taxes or paying less due to fraudulent means. Those who are self-employed or who earn a lot of money such as lawyers and doctors are at a higher risk of a tax audit because it is easier to hide their earnings from the government. Those who work for an employer whether hourly or salary or not as likely because they will have the taxes deducted from their income upfront. The Process of an Audit When an audit of taxes is being performed there will be a professional from the IRS in charge of the process. These are accountants who are trained to look through your records investigate various tax issues and determine the amount that is owed by the individual or business. They will then be able to compare this number to what the audited person owes to determine if there is a discrepancy and why. It is best to provide all information to this process right up front. If they find mistakes and you are hiding information or income you can incur monetary penalties and in some cases receive jail time. Be

slide 2:

forthcoming with your information from the beginning to avoid any of these issues from occurring and to keep the process moving along. Things to Consider In many cases the audit will just occur in situations where tax fraud is occurring. There are some exceptions though when the IRS picks a random individual or business to audit. The audit is a deterrent to those who may wish to avoid paying taxes because they must always have everything in line in case this audit does occur. Those the IRS audits pay more taxes because discrepancies arise even if it was not outright fraud. Luckily for most taxpayers if you make an income lower than 100000 a year it is fairly low that you will receive a tax audit. Audits do not occur at this level because audits can prove quite expensive to the IRS in terms of hiring people to perform them. These audits are used in times when the IRS thinks some money is owed to them and those who file their taxes and do send up red flags of warning will not have any issues. Call the lawyers at Gordon Law Group if you have are dealing with the potential of a “tax audit”. The lawyers at Gordon Law Group and the experience necessary to help you determine the right steps to take for a tax audit to get things to work out in your favor.

authorStream Live Help