It’s just a fact of life. Audits happen. And when they do, you will receive an audit letter from the Internal Revenue Service, or the State of Wisconsin Department of Revenue. You do not have to attend the audit yourself. You can arrange for and sign a Tax Information Authorization. This form will list specifically which tax years and forms the Authorization may represent. An IRS audit letter will list what year the audit is for and specific items selected for examination. We have many years of training, an extensive track record of success and experience so we know what the IRS will accept as proof of expenses claimed. The tax auditors respect our work product and our representation of taxpayers.
It is up to you to provide documentation for the tax deductions that you took on your tax return. Your Representative has to work with what you are able to provide to take to an audit. The IRS wants documents such as bank statements, receipts, cancelled checks, mileage logs, automobile receipts with odometer readings, settlement statements, etc.
When your tax return was prepared, the expert who did your return did not ask to see and did not audit all of these specific documents. We trust that you will provide us with a year end total for the deductions you claimed, and keep the back-up papers for your records. In the event of an audit, you will need to produce those for us.
We will assist you in compiling these records when necessary. Please talk to us about situations where you do not have, or cannot find complete records to support the deductions you claimed. If you spent the money, we often can help you identify alternative ways to substantiate your expenditures.
The IRS will allow you about a month to compile records. When you have difficulty, the auditor will start with the records you have and allow additional time for information you continue to gather.
We ask for a retainer fee of $750. Additional charges will be based on the time it takes to put your records together in a presentable format, meetings with the auditor, additional research on specific items, etc.
If your records are in good order and all deductions are allowed there would be no additional taxes to pay. If you had deductions you missed originally you may even get a refund. If items are disallowed, you may owe tax, penalties and interest.
There is always the option of asking for an Audit Reconsideration, tax appeals and even Tax Court. Again, the final result is determined by your ability to provide accurate records. Our ability to represent you can only be as good as the information you provide us.
If you received an audit letter and you need audit assistance, call (608) 233-9769 today.
At Consulting Services Tax & Accounting, we know that sometimes life can be complicated, and that can make doing your taxes even more difficult. Sometimes, things can just get away from you, and before you know it, one or more years have gone by. That's why we want to work with you, to make it easier to get caught up and current with your tax filing obligations.
Sometimes in life you've got to move around. Your work life can take you to many different places, whether it's a short-term assignment, or a long-term move, this may mean that you will need to file a tax return for multiple states. Many smaller tax preparation firms lack either the expertise or the software to handle multi-state filings. With Consulting Services Tax & Accounting, you can count on us to get all of your tax problems under control, no matter what state filings may be involved.
If you own a small business, you have enough on your mind just trying to handle your day-to-day affairs and help your business grow. Tax time often adds an even greater burden to the small business owner because the rules for deductibility, depreciation, and how to determine your taxable income can be confusing and time consuming. We want to make tax time easier for you, so you can get back to focusing of the running your business.
Whether you've owned a small business for a while, or you want to start your new business with a plan for the future, the staff at Consulting Services Tax & Accounting is here to help. We can advise you on the best route to take whether it is the formation of an LLC, Partnership, S-Corp, or a C-Corp, and what the advantages and disadvantages are for each type of entity, so that you'll be prepared to make the best possible choice for your businesses future.
As a full service tax preparation firm, not only do we offer professional tax preparation we also offer in house accounting and payroll services. Call us today and we will be happy to set up an appointment for a free 30 minute consultation before we begin working together.
Consulting Services Tax & Accounting is available and has regular office hours Monday thru Friday year-round to assist you with any and all tax, accounting and payroll issues that may arise.
You can count on Consulting Services Tax & Accounting to provide you with high-quality services and expert advice that will put all of you tax time worries to rest.
If you have a unique or difficult tax situation, we are always here to help you. We have seen many different tax scenarios in our 45+ years of service to the Madison area.
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