Facing an IRS audit is frightening: the IRS rules and processes are confusing, and there’s a great deal of stress about the potential financial consequences. Tax consultants are professionals adept at helping people get through these audits, ensuring compliance and safeguarding their interests along the way. Geaux Tax Resolution is a Louisiana tax resolution company with years of experience in protecting taxpayers.
YOUR IRS AUDIT
An audit is essentially a review of an organization’s or individual’s accounts and financial information. Its purpose is to ensure that your reported information aligns with tax laws and that the correct amount of tax has been paid. When the IRS selects you for an audit, it doesn’t always imply that you’ve made a mistake or are being accused of wrongdoing. Some audits are random, while others might be triggered due to discrepancies in your financial records that can be easily cleared up.
HOW TAX CONSULTANTS CAN ASSIST
Consultation Phase
When you’re confronted with an IRS notification, a sense of panic is natural. A consultant can help you stay calm by taking a careful and methodical approach. This begins by understanding your situation, the amount owed, and the events leading to the current scenario. At Geaux Tax Resolution, our initial step involves acquainting ourselves with your unique situation so we can tell you the best next steps.
Investigative Approach
Once we’ve gained a grasp of your situation, our next step is diving into your financial records. Our objective is to stop any immediate garnishments, levies, or seizures. We then take on the responsibility of liaising with the IRS on your behalf, aiming to explore the options available to you.
Negotiating with the IRS
Armed with insights from our research and backed by decades of experience, we proceed to negotiations with the IRS. Our commitment is to ensure that you receive fair treatment. We tirelessly work to reach agreements that are in your best interest.
Closure and Relief:
As we conclude the process, our ultimate aim is to provide a resolution that offers you financial stability and peace of mind.
TAX CONSULTANT VS TAX PREPARER
It’s not uncommon to confuse tax consultants with tax preparers, given the overlapping areas of expertise. Tax preparers focus solely on completing income tax forms: our role as tax consultants delves much deeper. We possess an extensive understanding of the current tax code and remain updated on any changes, ensuring you always receive informed advice.
In our practice, we regularly handle complex financial and taxation concerns that often go far beyond what’s standard for normal tax preparation. Whether it’s guiding professionals through intricate taxation rules or helping the beneficiaries of trusts, our expertise covers a broad spectrum of concerns and unique, niche knowledge.
As with any professional service, expertise and integrity are key. Before you work with a consultant, be sure to verify credentials, check for licensing issues, and assess their track record, especially in cases similar to yours.
THE AUDIT PROCESS AND HOW WE NAVIGATE IT
Here’s what to expect during an IRS audit and how we, as your consultants, will help you at each stage of the process:
Notification & Documentation
An IRS audit typically begins with a notification, mailed to the address they have on file. This notification will detail the specifics about what’s being questioned and the documentation needed. As your consultants, we’ll first help you decipher this notification and ensure that all the required documents are in order, organized, and ready for submission.
Audit Types & Preparation
The IRS conducts audits in various ways. They may conduct it all by correspondence (by mail), at an office (at an IRS office), or in the field (at a taxpayer’s home or office). Depending on the type, our approach varies. For instance, for a correspondence audit, our focus is on ensuring that all paper trails are impeccable. For field audits, we help you prepare not just the documentation but also coach you on how to engage with the IRS agents.
Representation
You don’t have to face the IRS alone. We can represent you, alleviating the stress of those direct interactions and the confusion that can come when agents aren’t being clear or patient. We have an understanding of tax laws and IRS procedures born of personal experience, and our goals are ensuring that your rights are protected and that all interactions are compliant and in your favor.
Audit Reconsideration
If the results of an audit don’t seem favorable, or if you believe there was an oversight, there’s an option to request audit reconsideration. Here, we re-examine the audit findings, present additional documentation if needed, and make a case on your behalf.
COMMON AUDIT TRIGGERS AND PROACTIVE MEASURES YOU CAN TAKE
If you’re not facing an immediate audit and want to avoid one, there are some steps you can take. Bear in mind, however, that the IRS also picks some returns to audit at random, and there’s nothing you can do to avoid these. However, in these cases, the audit should be simple to get through.
Here’s what can trigger an audit:
Discrepancies in Reported Income
One of the primary reasons for audits is a mismatch between the income reported on your tax return and the information the IRS receives from employers or clients. We ensure that all income, including any freelance or contractual work, is accurately reported.
High Deductions
Deductions that are disproportionate to income can raise red flags. While we advocate for claiming all legitimate deductions, we also ensure that they are backed with proper documentation and rationale.
Frequent Losses on Schedule C
If you frequently report losses on your business, the IRS might scrutinize whether it’s genuinely a business or just a hobby for tax write-offs. We help present a clear picture of your business activities, ensuring that all deductions and losses are justifiable.
Foreign Assets and Income
Failing to report foreign assets or income can also trigger an audit. With our assistance, you can confidently report all overseas financial activities accurately, ensuring that they align with U.S. tax obligations.
WHEN YOU MIGHT NEED OUR EXPERTISE
While anyone can benefit from our services, certain situations might necessitate our expertise more than others. If you’ve recently undergone significant financial changes, like receiving a sizable inheritance, earning taxable income from overseas, needing to file an amended tax form due to errors, or facing an audit notice from the IRS, we’re here to guide and support you every step of the way.
CHOOSING THE RIGHT CONSULTANT: WHY CHOOSE US?
Experience and integrity make all the difference:
- Our team boasts over 35 years in the industry, equipping us with invaluable insights and expertise
- From the outset, we aim to understand your unique situation, ensuring that every decision made aligns with your best interests
- Our credentials and industry recognition serve as a testament to our dedication and expertise
- Countless success stories mark our rich history: we’ve consistently secured favorable outcomes for our clients
CONNECT WITH OUR EXPERIENCED LOUISIANA TAX RESOLUTION SERVICES
Don’t let an IRS audit overwhelm you. Our experience and dedication at Geaux Tax Resolution can get you through. We’re more than just consultants; we’re your partners, and we’re ready to get to work on your behalf and get you a positive resolution. Visit Geaux Tax Resolution today to learn more.
