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!
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• GBC Tax Offer Atlanta Experienced IRS Representation
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• Why Hire a CPA Listed with the BBB

Experienced Representation = Success in Tax Court

Don't be intimidated
by the IRS

It can be very intimidating to have to go to court with the Internal Revenue Service regardless of who initiates the proceedings. You know that losing this sort of case can have disastrous financial effects on you for many years to come. Failure to prove your innocence can result in things like seizure of assets, liens, and various other collection actions. You will want every advantage you can get in the courtroom to make sure that doesn't happen.

To prevent these actions, you will need to convince a judge that the collection attempts are unjustified. You may be able to get much better results by pursuing your day in court with the proper representation rather than by trying to go it alone. What may cause you to want to go to tax court? Here are a few potential reasons for contesting taxes:

• The IRS attempts asset seizure
• An attempt to claim an unreceived refund
• An offer of compromise is denied
• Claim to be an innocent spouse is denied
• A desire to reassess the taxes you are liable for

In any of these various cases, a great number of tax laws apply. Trying to navigate such case on your own can be difficult if not virtually impossible. Why try to do something that is so important without the proper support in your corner?

The right Atlanta tax representation may be able to help you clear up your tax issue for good and avoid penalties and other undesirable outcomes, so get the help that you need. It will be well worth it.

Very often when an issue arises, you have a limited amount of time to try and resolve the issue. This would include filing for any necessary court proceedings. Even if you feel too much time has passed, an experienced professional may be able to help you get matters taken care of, so don't give up hope. Get a consult on your situation with no obligation, and start working on getting your peace of mind back today. You can have a successful day in tax court.
Get the right representation from an experienced individual.
Look for someone with the right reputation.
Make sure they know your situation well and have experience with the particular circumstances you are dealing with. This will ensure that you have the best chance of getting the desired result in court.

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Tax Offer Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website

Choosing a Good CPA: Ability, Attitude, Altitude

Choosing the right CPA
for your small business
can make all the difference

Hiring a professional CPA is not something we do every day, and striving to find a CPA whose ambition matches your own is not an easy task.

Find the right one and you will find a home for your business and someone who cares about your business as much as you do.


Before you select a tax adviser, accountant, or personal financial adviser, make sure you consider the three A's of choosing a CPA:

1. ABILITY: What is your CPA’s Technical Ability, Track Record & Performance?
   
2. ATTITUDE: Can You Relate to Your CPA? How is Their Customer Service?
3. ALTITUDE: How Far Can Your CPA Take You?
   

READ MORE >> CHRISTIANPOST.COM: "Three A's of Choosing a CPA: Ability, Attitude, Altitude"
 
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For All Your Accounting Needs Call GBC 678-366-9232

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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For All Your Accounting Needs Call GBC 678-366-9232

Common Misconceptions About State Income Taxes

Understand your state income tax
with the help of an accountant

State income taxes are complicated, especially when each state has their own way of doing things, and this complicated web of differing tax rules can lead to a lot of misconceptions.

Don't fall for these seven common myths about state income taxes this year:

• Myth 1: I only have to pay income taxes to the state I live in.
• Myth 2: State income tax rules are the same as federal tax rules.
• Myth 3: State income taxes are unconstitutional.
• Myth 4: I have to pay income taxes to the state where my employer is located.
• Myth 5: I don't have to file a return in a reciprocal state.
• Myth 6: I got audited, and everything was fine. Therefore, I did everything right on my return.
• Myth 7: I don't owe taxes because I live or work in a state without an income tax.

READ MORE >> TAXES.ABOUT.COM: Seven State Income Tax Myths

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website

Paying Tax Later Usually Better Than Paying Now

Your accountant or CPA
can help you with your tax planning.

Deciding whether you are better off with 2013 v. 2014 income can itself be imprecise.

How can you figure what to buy, receive, pay, settle or deduct before the end of the year?

Conventional wisdom says you should accelerate tax deductions and defer income. Thus, paying tax later is usually better than paying now. That means you should delay income into January when you can, but get ready to crunch some numbers. Even if the tax system were static, the changes between 2013 and 2014 rates and rules—let alone the economy—make it tough. Add to that the many expiring tax provisions and you’ll find that calculators or software are all but essential.

READ MORE >> FORBES.COM: Compare 2014 v. 2013 IRS Tax Rates Before It's Too Late

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website