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Showing posts with label IRS tax help. Show all posts
Showing posts with label IRS tax help. Show all posts

Wednesday, July 6, 2016

IRS Determination : You Have The Right To Contest

Appealing an IRS Determination
Appealing an IRS Determination – Is It Possible?

You've just undergone an exhaustive IRS audit and your worst fears were realized. You owe money. A lot of it. Money you don't even have.  You are now left with plenty of questions  yet not a ton of options.  At this juncture, you may feel inclined to toss your hands in the air, curl into the fetal position and drown out the world, but don't give up just yet.

Businesses, no matter how large or small, have the right to contest IRS determination in tax court.  What does this mean? It means that the IRS decision isn't necessarily final. If you are able to prove your case in court, you could manage to reduce the fees or eradicate them altogether.

Great!  How Do We Start?

How, when and where you present your case is ascertained by the IRS ruling itself, but first and foremost:

Make Sure  Your Appeal is Valid – To  have your  case effectively heard, it must first fall under the rule of law, tax law in particular.  When it comes to  a tax appeal for example, you can't claim an conscientious objection or exemptions based on moral or religious grounds.   After determining  if your case falls within legal parameters, you can either file a claim using tax form 12203 (for cases where a determination of of $25, 000 or lower was made) and presenting it to the tax courts. If the determination was higher than $25,000 dollars, you will need to  file a formal protest, which is a bit more involved.  After all pertinent information if received, the courts will schedule a conference where they'll address your concerns  and assess them for validity.

Know What You Are in For – Disputing a tax assessment is not the same as appealing a civil or criminal case.  One major difference is that you won't see the individual who audited you at this point.  Rather,  an appeals officers will be assigned  to your case and the process will begin with them. Because the appeals officer is unfamiliar with your case and  may not have ties with the agent who audited you,  you could feel as if you'd have a better chance at getting heard and resolving the matter  to your satisfaction.

File Within the Allotted Time Limits – bear in mind that there is a  tiny window of time to appeal the decision, usually  30 days.  If you don't file your appeal  within the scheduled frame, you will lose the right to have your case heard.    The process is informal and can be done via letter correspondence or in face to face meetings. If you fear  you won't have time to address the case, you should consider having someone serve as  representative in your stead.

Hire a Knowledgeable  Representative – In cases where you wish to appeal an IRS ruling, it is best to hire a qualified CPA, Tax Attorney or  Agent  to go over your case and accompany you to hearings.  Someone ill equipped for the job  could end up costing you  your one chance to remove a heavy debt load from your shoulders.  If you decide to let someone speak on your behalf, be sure they have the expertise and know how to present your case well.

At the need of the day, most Americans are unaware that they can  even dispute an IRS audit ruling. If you have been audited recently, now would be to perfect time to claim your right to an appeal.  A step in the right direction would be to hire a expert CPA, such as the ones found at  GBC Income Tax Services of Atlanta.  Don't put your future as risk by doing nothing...start the appeals process and see what you can do to reverse  the decision and  get your business back on the fast track.

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Wednesday, December 10, 2014

Free Income Tax Calculator

Be prepared this tax season with
good planning and a good accountant
Estimate your income tax return free of charge. These free online income tax calculators help you to estimate your federal tax liability ahead of time.

Take measures to ensure there is no unexpected surprise when it comes time to file your tax return and pay your taxes. 

Estimating your tax liability ahead of time can dramatically reduce your anxiety and stress during the tax season. It allows you to quit worrying about what your tax bill will be and focus on meeting your financial obligation. You can then prepare your tax return without that stress hanging over your head.

READ MORE >> INCOME.TAX.CALCULATOR.COM: Income Tax Calculator 2014 - 2015

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232


Wednesday, November 19, 2014

Should I Use the IRS Withholding Calculator This Tax Season?

Avoid having too much or too little
income tax withheld from your pay.
If you are an employee, the Withholding Calculator can help you determine whether you need to give your employer a new  Form W-4, Employee's Withholding Allowance Certificate to avoid having too much or too little Federal income tax withheld from your pay. You can use your results from the calculator to help fill out the form.

Who Can Benefit From The Withholding Calculator?
  • Employees who would like to change their withholding to reduce their tax refund or their balance due;
  • Employees whose situations are only approximated by the worksheets on the paper W-4 (e.g., anyone with concurrent jobs, or couples in which both are employed; those entitled to file as Head of Household; and those with several children eligible for the Child Tax Credit);
  • Employees with non-wage income in excess of their adjustments and deductions, who would prefer to have tax on that income withheld from their paychecks rather than make periodic separate payments through the estimated tax procedures.
READ MORE >> IRS.GOV: IRS Withholding Calculator

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Thursday, March 27, 2014

Don't Fall Behind in Paying Your Small Business Taxes

Small and large businesses are
required to make scheduled
reports to the IRS.
Payroll taxes are all taxes that are collected, by federal, state, and local governments, based on salaries and wages paid to employees. These taxes must be withheld from wages by all businesses that have employees. 

These taxes are remitted on a monthly or semi-weekly basis, depending on the quantity owed. 

Businesses are also required to make regularly scheduled reports to the Internal Revenue Service (IRS) and to state and local taxing agencies about the amount of taxes owed and paid. Self-employed persons are responsible for paying their own payroll or income taxes directly to the appropriate taxing entity.

  • Call GBC Services today for all your IRS needs at 678-366-9232.

Many small businesses fall behind in paying these taxes or filing the associated reports at some time during their existence. Such an error is, however, very costly because significant interest and penalties apply for late payment or nonpayment of payroll taxes.

READ MORE from Inc.com
Inc.com
Business Taxes 
Tax Withholding 
Electronic Tax Filing
Tax Preparation Software

Wednesday, April 17, 2013

Do you need to meet with your tax representation prior to being audited by the IRS?

Having excellent experienced tax 
representation is extremely
 important and invaluable
during an audit by the IRS.
People who acquire tax representation for their tax audits, often wonder whether or not they need to meet with their actual tax representative.

The good news is that if your time is extremely valuable and you hire tax representation to represent you to the IRS, you usually do not need to meet up with them at all. 

Through the Power of Attorney (form 2848), your tax representative can handle all the dealings with the IRS on their own. This includes even being able to sign final agreements with them after the tax audit of your business is complete.

One thing to note is that tax representation can be extremely useful for people who are incredibly busy, however there is a caveat that needs to be talked about. The IRS can still force you to appear by using what is called an “administrative summons”. This administrative summons is most often used if your IRS representative is not cooperating with the IRS and sharing all the details they are looking for. Often this happens too if they are expecting or have suspicions of some sort of fraudulent behavior with your filing.

In this case, having very good tax representation is extremely important and invaluable. They can help you save yourself from possible pending criminal charges which the IRS take extremely serious. If you do know you filed wrongly, or inaccurately, you should hire help right away to help you correct the mistake.

Often people in this situation succumb to:
  • Fabricating receipts
  • Fabricating records to support invalid deductions
  • Lie to the examiner about income or other items

High quality tax representation whether you are in Atlanta, Georgia or anywhere else is money well spent and is often worth its weight in gold (solid gold).

Typically, it is very difficult for the IRS to prove underlying tax evasion. Doing any of the above three things though is what on average leads to the taxpayers ultimate downfall. Honesty truly is the best policy. Regardless, having a good tax representative who is well versed in criminal cases or potentially criminal cases could end up saving you from the wrath of the IRS.


GBC Income Tax Services is a proud member of the Atlanta Better Business Bureau, is an accredited BBB member with an A Rating.  
Visit our BBB profile here.

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!

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