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

Wednesday, May 4, 2016

What to Do During an IRS Audit – The Do’s and Don’ts

Time is on YOUR side
with Good IRS representation

Here are some of the penalties you may face if the IRS audit gives you any trouble:

  • 20% Penalty: Usually associated with under or overvaluation of property, disregard of IRS polices & regulations, a substantial understatement of your tax liability, or general negligence.
  • 75% Penalty: As you can tell by the large increase in percentage, this is a much more serious issue and can create some serious IRS troubles. Often related to tax underpayments due to fraud, if the IRS believes any portion whatsoever of your payment is fraudulent, you will have to come up with the records that show otherwise. If you cannot do this, then the entire underpayment is hailed as fraudulent, stacking on the hefty 75% penalty.
  • Interest Due: Interest accumulates from the due date of your return; this includes extensions, until the date where your penalty is paid. This is for violations that include: negligence, failure to file on time, over or undervaluation of property, and fraud. Penalties that do not include that list will not have any interest charged whatsoever, as long as you pay off the imposed penalty within 21 days and the penalties are under $100,000.
  • Prison: The most serious of IRS troubles is the possibility of going to prison, the big bird house. This happens for the most serious cases of tax crimes such as tax evasion. If you get convicted, expect to also accrue much larger fines and be ready to give up all assets and property along with your possible incarceration.
As you can see, running into IRS troubles is a big deal. The best way to handle any IRS audit is to put it into the hands of a trained professional. If any of the above scares you (such as the idea of possibly going to prison), then it is time to hire good IRS representation, such IRS representation can be easily had by calling GBC Atlanta Tax Income Services today.

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


Wednesday, October 7, 2015

7 Red Flags to Trigger an Audit: 5 of 7

Check in next month to learn
about the next red flag to avoid!
When it comes to audits of your small business taxes by the IRS, we are basically all...

*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #5:


*This is considered tax abuse. Click here for further understanding (Washington Post).

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

READ MORE>> (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

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

Thursday, August 29, 2013

Part 3 of 3 - The Many Bonuses of Outsourcing Payroll (Why It Creates More Income for Your Business)

The bonuses of outsourcing
your payroll services
Outsourcing payroll services is a fantastic way to save your company from spending more resources than it actually has to. Why? Well, most good outsourced payroll services do a whole lot more than just simply help you out with payroll. Here is a little list of what a good outsourced payroll service company can do for your business:
  • Payroll Debit Cards that help to increase direct deposit of employee's wages, this comes at no additional cost.
  • On Site Live checking Printing
  • Client Remittance Option for Payroll Taxes
  • Garnishment Processing and Agency Payment that reduces both costs and liabilities simply by outsourcing garnishment processing.
  • 401k Deduction File Secure Uploads so staff will be able to avoid having to send this data manually to your 401k vendor/TPA
You see? There is a lot of bonuses when it comes to outsourcing your payroll services. Not bad a list, eh? So what are you waiting for? Pick up the phone and make the best business efficiency decision (and easiest) that you have ever made in your career as a business owner.

Call GBC Payroll Services Today! 678-366-9232


Wednesday, February 20, 2013

Advice On Dealing With The IRS from eHow's Money Section

Read Notices from the IRS
Immediately and Thoroughly
IRS problems are extremely unsettling. While you are likely to feel panicked and overwhelmed, following the steps below will assist in solving your tax issues in a timely fashion.

Do not let a notice from the IRS sit around without taking action. 

The notice will contain a payoff date for any liability noted. A timely resolution to your problems is crucial to minimize the effect of penalties and interest on this and any money you owe.

  • Read the IRS notice several times. The notice will be difficult to fully understand if you read it only once. 
  • Make notes on what the IRS is asking for, including the tax year the notice...

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


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