We offer a complete range of the following tax services:
- Preparation of tax returns for businesses and individuals
- Tax planning and minimization
- Development of financial tax models and projections
- Representation before Internal Revenue Service Estate planning Advisory services to foreign and multinational businesses Comprehensive tax compliance
Tax issues cause some folks to act in a totally irrational manner. True, the taxman shouldn’t be ignored. But feared? Even though some “Tax Lawyers” would have us believe otherwise – the answer is NO – unless you are actively “cheating”. Even then – come clean and sometimes it is nowhere as bad as you imagine. Here’s my list of the top five things that taxpayers are irrationally afraid of - and shouldn’t be: Being aggressive when it comes to deductions. You’re entitled to take deductions.. Taxpayers often fear that excessive deductions will raise eyebrows at IRS. That’s not true unless we’re talking really excessive as compared to your level of income - and even then, if you have the documentation to prove it, why would you care? If a deduction is legitimate (and you have the documentation to prove it), take it.
Audits. First, let’s just clear up a misconception: the random audit is not common. In fact, only a very small number of individual returns are audited. That includes those returns that include hot button tax issues or are otherwise on the SPA radar. In those instances, either you, or your authorized tax consultant, will be notified by IRS and asked to provide documentation (usually by mail – sometimes by Fax) just to confirm, or deny, the facts. If an actual audit is necessary, you’ll have notice - and you don’t even have to be there (your Tax consultant can often go in your place so long as he or she is empowered to talk to IRS on your behalf).
Not having enough money to pay your bill. I can’t tell you how many clients that I have that don’t file returns or reply to letters from IRS solely based on the fear of what will happen if they can’t pay their tax bill in full. While it’s always better to pay on time, the world won’t end if you don’t. There are several ways to resolve this issue. If you can pay it eventually, you can offer to pay over time. If you can’t ever pay it and IRS is also convinced that you can’t ever pay the bill – there can be a compromise reached. Ignoring your tax bill is not an option - IRS can garnish your wages, attack your bank account or take other actions. Don’t be scared, be proactive.
Correspondence from IRA. It’s not unusual for clients to drop piles of unopened mail from IRS on my desk during an appointment. When you get a letter from IRS, take a deep breath and open the envelope. It’s rarely as bad as you think. Sometimes it’s an informational letter (advising you that you might need to file a certain form, etc.), sometimes it’s simply a notice of adjustment in which case you pay what you owe or work something out (see 3 above) and occasionally, you’ll actually be receiving a tax refund in adjustment for something you may have forgotten about. What’s really important to remember is that most IRS correspondence is time sensitive - there are deadlines – even checks expire!. You can fix the problem if you address it. Ignoring it doesn’t make it go away and usually makes it worse.
Making a mistake. Everybody makes mistakes - didn’t your mother tell you that? There’s no need to panic. Making an honest mistake on your return can happen, and the IRS is usually pretty amenable to working something out when it happens. In fact, if you’re up to date on your taxes and make a small mistake that results in a change, the IRS will often make reasonable arrangements so you can catch up. If you’re just plain of cheating, they’re not so nice. But mistakes? They happen. Get over it.