Part 1 of 2 - What to Do During an IRS Audit – The Do’s and Don’ts

It's Never Too Late -
Call NOW
678-366-9232

An IRS audit can be stressful. Consider this article a bit of IRS assistance, a bit of wisdom to help you out if your business is experiencing an audit. There is a lot of complexity when it comes to laws and polices relating to an IRS audit, and most business owners frankly are just too busy to go out and understand them all while still running a business trying to make an honest buck. If you find yourself in that camp, you may want to just skip this article and go hire some IRS representation right now. It will save you a lot of time and headache, a good place to call is GBC Atlanta Income Services if you are finding yourself in the midst of an IRS audit and you just do not have the time to take care of it all by yourself. With that said, let us get into what you SHOULD do and what you SHOULD NOT do when you are running into some possible IRS trouble!

• All employees should be instructed not to talk to the IRS agent if the audit takes place at your place of business.
• 10 Days prior to the interview with the agent send him or her a formal letter stating you will be recording an audio of the interview. A special note to avid camera people, videos are not allowed.
• If the IRS audit brings up things you do not have the knowledge of, immediately seek out a CPA (certified public accountant) or attorney.
• Only give files to an IRS agent that is actually related to the IRS inquiry. By volunteering files or records, you may open up a whole new can of worms you would rather not have to deal with.
• Get a thorough understanding of your tax returns and then organize the files that support the items questioned by the IRS audit.
• Before the examination, come up with various settlements that you are comfortable accepting so you have backup plans to work with incase of any lingering IRS trouble.
• Do not be afraid to seek out good IRS representation, as this can save you a lot of time and money.

Use these tips to fit your own business accordingly. It should be noted that there are a few penalties that can be transpired against your business depending on the outcome of the IRS audit. Some of these are pretty brutal. Because of these penalties, it is imperative you either understand what you are doing thoroughly or hire good IRS representation that does understand what they are doing.

Next month we will cover some of the penalties you will face due to an IRS audit.

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

READ MORE

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

Part 2 of 2 - Why Having Proper Tax Records Now Will Save You Big on an IRS Audit Later

FILE EVERYTHING -
RIGHT AWAY!

Remember: Keep your tax records straight! Make sure everything is filed away right! For people who are reading this and are the proud owners of messy offices and come equipped with office paper with a little bit of desk underneath, this simple task may seem overwhelming large for you right now. The keyword of course is- right now.

How to avoid any IRS trouble: Maintain at least three years worth of tax returns and records

• Make sure all taxable investments or property have their cost basis tracked.
• Put all your bills in organized folders (which are in turn organized so you can easily find them, i.e. not laying on your desk gathering dust for months being swallowed up by other paper work)
• Categorize all of your receipts from purchases throughout the year.
• Maintain a ledger for all checkbook stubs
• Use a journal to keep track of all deductible items that you attain as you attain them. (Beats trying to remember what you had that was deductible at the end of the year!)

All of these will become your battalion of defense in an IRS audit. This IRS assistance is some of the most powerful and easiest things you can do right now to avoid any IRS trouble. With all of that being said, hiring good IRS representation is still a great idea even if you are already doing this. Dealing with an IRS audit has a lot of complexity, which most of that complexity is wrapped up in various law and bureaucratic policies that can get you in IRS trouble if you overlook it. No worries though, there are fantastic IRS representation services out there that you can use right now to take your mind off the whole situation.

One of the best IRS representation services out there to help you wade through an IRS audit is GBC Atlanta Tax Income Services, give them a call right now and prevent anymore grey hairs from forming on your head.

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

READ MORE

• Atlanta Income Tax Preparation Services
• Tax Requirements By State
• Commonly Used Tax Forms
• GBC Support and Consultation

Part 1 of 2 - Why Having Proper Tax Records Now Will Save You Big on an IRS Audit Later

KEEP YOUR RECORDS STRAIGHT

No one likes an audit, especially an IRS audit. However, getting an IRS audit is only a matter of time, more of a question of when rather than If, so you should be prepared. The best way you can possibly prepare for an IRS audit for your Atlanta business (or any business for that matter) is by doing one very simple task.

Keep your tax records straight! Make sure everything is filed away right! For people who are reading this and are the proud owners of messy offices and come equipped with office paper with a little bit of desk underneath, this simple task may seem overwhelming large for you right now. The keyword of course is- right now.

By doing this, you ensure yourself the greatest chance of avoiding any IRS trouble that may be in your future. Sure, it might seem like a major hassle right now, but you will thank your past self for their amazing foresight when it comes time for your inevitable IRS audit. The great thing is once you do this once, get all your records straight, and use your shovel (or forklift loader depending on your situation) to remove all those papers and records from your desk into actual systematic filings, it is going be easy sailing from here on out.

Once the first big mess is done and filed, you can make a routine of doing it. Once it becomes habit, keeping your tax records up to date and accurate will be a simple job that will only take a few minutes for you to do. The important thing is to do it now.

Next month we will cover some of the things you want to look for and file correctly to avoid any IRS trouble.

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

READ MORE

• Atlanta Income Tax Preparation Services
• Tax Requirements By State
• Commonly Used Tax Forms
• GBC Support and Consultation

Part 2 of 2 - The IRS Audit Monster – What Are the Chances of You Running into the Beast?

Avoid the headache -
Hire Real IRS Representation

The top 10 signals that send out red flags that alert the IRS audit monster to your business:

• Inaccurate W-2/1099 reporting
• Itemized deductions that are overly excessive
• Hiding your cash receipts
• Large charitable deductions
• Informant
• Large business expenses
• Previous history of tax problems or IRS audits
• Complex investment transactions
• Complex business transactions

Depending on your business, you may have some of these red flags already lurking in your business. Some of them might be there and you may have no idea they exist until you get some real IRS assistance. Getting real IRS assistance means hiring real IRS representation, not just “googling” for answers that can help you solve your IRS trouble. Instead, get a professional who knows all the policies and laws for your area.

One of the best firms around when it comes to IRS representation is GBC Atlanta Income Tax Services, think of them as the light that can help frighten away the IRS audit monster.

Give GBC Atlanta Income Tax Services a call right now for the proper IRS representation and avoid the headaches of any further IRS troubles.

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

READ MORE

• GBC Tax Offer Atlanta Experienced IRS Representation
• Essential Financial Services
• Atlanta Income Tax Preparation Services
• Visit the Internal Revenue Service's Website

Part 1 of 2 - The IRS Audit Monster – What Are the Chances of You Running into the Beast?

Don't let the IRS audit monster
get you down!

An IRS audit truly is like a monster for some business owners and entrepreneurs. Why would it not be? Here you have a huge headache, and if you are like many business owners, you are probably unsure what you need to have all in order to make it out of the beast’s den unscathed. As with most business owners, you probably also think that the chance of the IRS audit monster visiting you is extremely unlikely. Well, you may want to think again.

After all, the IRS in the U.S. has increased the number of IRS audits by a whopping and terrifying 37% since 2001. That is a gigantic increase! Hold on, no need to stop reading and start rushing to file all your paperwork all professionally just yet. There are some silver linings here that may be good news to you. While the IRS audits have grown vastly since 2001, most people getting them and experiencing real IRS trouble are people who have abusive tax shelters and corporations. The other thing that an IRS audit looks for in its prey is people who are high income taxpayers – typically making over a $100,000 a year.

That does not mean an IRS audit cannot come flinging at your place of business though. As with any good monster, there are hexes you can use and wards you can manifest to keep it at bay. In other words, you can do certain things and make your business more efficient to help avoid any IRS trouble in the first place. One of the best things you can do is making sure all your records and filings are correct and properly organized.

Next month we will cover how juicy of a target you are for an IRS audit with additional info tips.

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

READ MORE

• GBC Tax Offer Atlanta Experienced IRS Representation
• Essential Financial Services
• Atlanta Income Tax Preparation Services
• Visit the Internal Revenue Service's Website

Why Payroll Taxes are About to Get Harder to Manage

We keep your business healthy
despite the Affordable Care Act

Times are tough, and times are a-changing. Unfortunately, a lot of the changes going on right now is going to make it harder on business owners rather than easier.

In a weak economy, even governments are hungry for money (well, more than usual). With all of these changes rolling out, the business owner is going to have a lot of things to keep track of – not to mention still being focused on making money for their business.

One area of business life that is going to get harder is the payroll tax and W1 compliance becoming more difficult to manage.

This is happening because:

• Due to Affordable Care Act of 2010
• The ever changing guidelines coming from the IRS and HHS (Health and Human Services)
• The potential possibility of additional stimulus measures

Why take the risk?

You got better things to do than to pull out your hair wondering what the new guidelines from the HHS is going to mean for your business and how to comply with it. Instead, outsource it, take a sigh of relief, and get back to doing what you do best – turning a profit.

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

READ MORE

• GBC Tax Offer Atlanta Experienced IRS Representation
• Visit the Internal Revenue Service's Website
• Helpful Payroll Related Articles
• Read the Affordable Health Care Law