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Tax Audit Myths

Posted on: May 23rd, 2016 by consultingsrvs No Comments

Tax Audit Myths

 

Tax Audit Myths

An audit is arguably the most dreaded outcome of the tax filing process, and the situation carries with it some unsettling mystique. The popular perception has the IRS showing up on your doorstep, or your place of business and randomly seizing the bulk of your personal assets. However, experts say, audits contrast greatly from the myths.

Audits are something most people should not be afraid of.  A lot of times the government doesn’t want to do these audits.

In fact, one of the most enduring tax audit myths holds that an audit is a common occurrence. The experts generally agree that the IRS would rather not have to audit. One reason is because of the resources required to conduct an audit, and the negative audits generate.

Fact of the matter is the IRS audits only a small percentage of filed returns. Nevertheless, myths about who or who does not get audited, and why, run the gamut.

Myth: Be very afraid of an audit

One looming myth suggests the audit process is something one should panic about and feared desperately. The truth is that most people generally only need to respond to a few IRS questions. Typically, you’ll need to send information or a check for the additional money and that’s, that.

Myth: Professionally filed returns are audit-proof 

Paying a tax preparation company will not shield you from an audit. Competition among tax preparation companies is fierce. The most effective way for these places to compete is to claim to get you the biggest refund.

 

If you or your business has been audited and you require representation, you can rely on Consulting Services Tax and Accounting to provide the expertise with your tax audit.

 

 

Areas of Expertise

Non-filer & Delinquent filers

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Non-filer & Delinquent filers

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.

Multistate filers

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Multi-State Filing

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.

Small Business

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Home-based Small Business Specialist

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.

Corporate and LLC filing

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Corporate & LLC Guidance

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.

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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.

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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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