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

BBB Accredited Income Tax Accountants GBC Services

Atlanta Better Business
Bureau Accredited

One wouldn’t trust a doctor or mechanic with an unreliable or inconsistent reputation, so why should an accountant be any different?  Besides, you work hard to take care of your family and accumulate savings for a rainy day.

A reputable accountant can help your money grow and protect cultivated assets.  They can also make decisions that devastate you financially.

To that end, one should make sure that the CPA you are considering  is listed with the Better Business Bureau.  When it comes to consumer protection, the  BBB is the gold standard.  Annually, the Better Business Bureau investigates hundreds of businesses to see if they are trustworthy or have a large number of consumer complaints.  Those with black marks do not get listed or have extremely low rankings.

At GBC Services, LLC., we  understand your money is your lifeline and treat it as such.  This is why we have complete transparency as well as state of the art accounting services that can help you manage your money and keep it safe.   Our CPAs are well trained, and our commitment to ethical and fair business practices is second to none. In a frightening business and economic climate, knowledge is power.  The BBB can provide you with that. 

Contact GBC Services, LLC., today and find out why we have earned a stellar reputation within the Better Business Bureau community and beyond.

• GBC : Atlanta Tax Accounting Services
• GBC : Payroll Processing Services

Increase Profits Hire a Payroll Professional

The Right Payroll Professional
WILL Produce You More Profits

Payroll can be every entrepreneur's worse nightmare. To put it simply, you as the entrepreneur and business owner, should not be stressed out about how payroll is even done. As an entrepreneur, you are already well aware of the term leverage. Why not leverage a payroll professional to take care of all that tedious work for you?

You see, a payroll professional is someone who is extremely experienced in this segment of business management. They understand all the in's and out's, all the tricks and gadgets of the payroll software, and since that is their job specifically, you can bet they are a well of knowledge and expertise.

 So how can hiring a payroll professional help you make money? Let us find out:

• You do not have to learn payroll (a huge time saver!)
• You do not need to master any payroll software (also a huge time saver!)
• You can focus on activities that PRODUCE profits (rather than looking at a computer in an annoyed anger and frustration)
• You can focus on what you are good at, while delegating the other duties to people who are good at those duties (such as hiring a payroll professional to take care of your payroll).
• All of your In House staff can focus on profit producing activities when you hire a payroll professional 3rd party company.

I would wager that all those reasons above are pretty good reasons as to why you should consider hiring a payroll professional and get back out there doing what you love best – making money.

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Management Team
• Helpful Payroll Related Articles
• Tax Requirements By State
• Payroll Taxes for Your Small Business

Successful Outcome in Tax Court Proceedings

AVOID Tax Court Drama

There is no surer way to get your assets seized than when the IRS comes knocking on your door. So how can we make sure our businesses are safe, that our taxes are done right, and most importantly, that we will be alright if the IRS decides to show its ugly head at the steps of our business?

Good news for you. If you ever find yourself in a situation where you disagree with the IRS actions proposed upon your business, it is your right (and perhaps duty) to go to Tax Court. At Tax Court you can have a judge review all the information the IRS has gathered and they can rule to see if the actions of the IRS were warranted in the first place.

For people looking for a favorable result in a tax court proceedings, it is noted that often using a Tax Court judge is more effective than looking for solutions down other IRS mediums or modalities. With that said, what kind of thing can LAND you in the Tax Court drama? Watch out for these:

• Denial of an Offer in Compromise
• Refund Claims
• Denial of Innocent Spouse
• The IRS Decision to seize assets (also known as levying)
• Assessment of Tax Liability

If you are going into tax court, do not go alone. Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!

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• Visit the Internal Revenue Service's Website
• Tax Requirements By State
• GBC Tax Offer Atlanta Experienced IRS Representation
• GBC Support and Consultation

6 Reasons You Should Outsource Your Payroll (Now!)

Outsourcing Your Payroll Service
Adds Up to Big Savings!

A lot of business owners find themselves lost in a bunch of myths when it comes to outsourcing their payroll services.  

For instance, many business owners believe it is too expensive. In reality, outsourcing payroll services can be one of the most cost efficient things your business organization can do.

Which brings them to the next point – their staff is too small. The fact that your staff is small is all the more reason why you should outsource your payroll services. After all, you should be using your staff's resources to going out there and making more money instead of trying to learn how to do payroll themselves.

So what are the 6 reasons to outsource payroll services?

1. One GIGANTIC thing you do not have to worry about anymore. You can go off and do what you are good at, while the professionals handle the frustrating payroll processes.
2. One of the smartest strategies to avoid IRS fines and fees for filing errors
3. You can spend more time delivering your product or service
4. Quick turnaround time (I mean, these guys do do it for a living! You can bet they are quick!)
5. If there is an error that crops up, the payroll company takes all responsibility for it.
6. You're too busy and you have no time to do it yourself, what better way to leverage your time then by hiring professionals?

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• Payroll Taxes and Your Business
• GBC Management Team
• Accounting Services

Income Tax Preparation Organization Tips

Keep your sanity!
Hire an Atlanta
Income Tax
Professional

Even if you have someone taking care of your tax preparations for you, there are things that you can to do to ensure that the process will be as smooth as possible.

Here are a few tips for residents of Georgia. Income tax preparation will be a cinch with these simple organizing techniques.

• Start early – Tax prepares continue to get busier as April 15th draws closer. You can expedite the whole process of getting your taxes completed by having your paperwork together early. See your tax preparer in February or early March when their hair hasn't started getting grayer by the day yet. You will get the best quality work when your preparers mind isn't on the pile of paperwork they have to get to after they are done with yours.
• Necessary Information – Numbers like Social Security numbers and Tax Payer ID numbers are essential. Make sure to have these compiled, so you won't have to scrounge around for them when your tax preparer asks you for them.
• Folders – If you show up with a shoe box full of receipts, your tax preparer will not be happy. They may not even want to do your taxes for you. If they do, you definitely won't get a good price. If you show up with a folder with multiple pockets, and everything divided into its own category, you are sure to get prompt service at a reasonable price. It only takes a few minutes for you to sort everything, since it is your paperwork. It's a much bigger ordeal for the preparer, and they will want to be well paid for the extra effort.
• Prior Taxes – Don't forget to include a copy of last years tax forms. These can help your preparer to get things done even more quickly by giving them a basis to start with. It will also help them to give you a better estimate of how much your tax prep will cost this year.

If you follow these few simple steps, you will be making your tax preparation process much smoother. 

Your tax preparer will appreciate it, and so will your wallet and your sanity.

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READ MORE

• Payroll Taxes and Your Business
• Helpful Payroll Related Articles
• Visit the Internal Revenue Service's Website
• Contact GBC Income Tax Services Today!