While you’re more concerned about avoiding an audit altogether, you should still be prepared in the event that you are faced with an investigation. Overall, your chances are slim, but there is still a possibility of being randomly selected by the Internal Revenue Service (IRS).

If you receive a letter from the IRS, be sure to follow the specific steps listed. Be aware that audits do not begin with an email or phone call – they choose to conduct the audit by mail or in person.

Many business owners simply aren’t aware of what the IRS is looking for and that’s when you can ask “why am I being audited?” That way you can provide them with necessary information that will simplify the process in the long run – especially if they are questioning a small section of your tax return.

They may just need confirmation in which case you’ll need to be prepared to show documentation that supports your claims, including: receipts, bills, canceled checks, legal papers, loan agreements, logs and employment documents.

It helps to have these documents sorted by year or type of expense to expedite the process. Maintaining records can give you the confidence to face the IRS as well. While there is no deadline for completing an audit, accuracy plays a huge factor in speeding – or delaying – the process.

Always remember that you have the following rights:

• The Right to Be Informed
• The Right to Quality Service
• The Right to Pay No More than the Correct Amount of Tax
• The Right to Challenge the IRS’s Position and Be Heard
• The Right to Appeal an IRS Decision in an Independent Forum
• The Right to Finality
• The Right to Privacy
• The Right to Confidentiality
• The Right to Retain Representation
• The Right to a Fair and Just Tax System

It helps to have an expert by your side during this time and during most of your tax-related procedures. The team at IRS Audit Group is familiar with a variety of cases and can help you through the toughest scenarios. Contact us today to schedule a consultation!

Telephone Number: (310) 498-7508
[email protected]

According to the Internal Revenue Service (IRS) the tax season will begin Monday, January 29, 2018 and informed taxpayers claiming some tax credits that reimbursements will not be possible before late February.

They will start accepting tax returns on January 29, with approximately 155 million individual tax returns likely to be filed in 2018. The tax deadline will be April 17, 2018 so taxpayers will have two more days to file after April 15, 2018.

Many tax professionals and software companies can accept tax returns before January 29, 2018 and then submit the returns when IRS systems open. Though they accept both electronic and paper tax returns January 29, 2018, paper returns can be processed later in mid of February as system updates continue. The IRS firmly encourages individuals to file their tax returns electronically for faster refunds.

They have set the January 29, 2018 as an opening date to safeguard the security and readiness of key tax processing systems in advance of the opening and to measure the potential impact of tax legislation on 2017 tax returns.

According to law, the IRS is not allowed to issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February. While the IRS can process the returns when received, it may not issue associated refunds before mid-February. They believe the earliest ACTC/EITC associated refunds to be available in taxpayer bank accounts or on debit cards started on February 27, 2018, if they can choose direct deposit and there is not any concern with the tax returns.

Taxpayers must keep copies of last year’s tax returns for at least 3 years. Those who are utilizing a tax software product for the first time will certainly need their adjusted gross income from their 2016 tax return to file electronically. Taxpayers who are utilizing the same tax software they used last year do not need to enter last year’s data to electronically sign their 2017 tax return. Utilizing an electronic filing PIN is not an option anymore.

Telephone Number: (310) 498-7508
[email protected]

An IRS (or State) tax audit may be conducted by mail or through an in-person interview and review of the taxpayer’s records. The interview may be at an IRS office (office audit) or at the taxpayer’s home, place of business, or accountant’s office (field audit).

The IRS will ask you to provide them with a copy of your tax return and additional documentation in order to determine your income and expenses. They typically request bank statements, receipts, general ledger, etc.

The next step may be a request for an interview and a tour of your business which can be stressful for many people. After that, the IRS will issue an audit report explaining which changes they decided to make and what will be the tax and penalties. They will allow you 30 days to respond to this report, if you don’t respond or you disagree they will issue a Final Notice of Deficiency (NOD) that will allow you to file a petition with the tax court.

You can hire the team at IRS Audit Group anytime during this process (it is highly recommended that you call us as soon as you get the first letter). If you miss the deadline and don’t contest the liability, the assessment will become final and the IRS will send you collections letters. Even at this point – years after the audit – the IRS will allow you to prove that the assessment was incorrect.

We will have to file an Audit Reconsideration and ask the IRS to put a hold on all collection while your case in under review. Remember, when filling an Audit Reconsideration you will have to provide the IRS all the documentation to prove that their assessment was incorrect.

We offer a free consultation and will investigate your case free of charge. After reviewing your documentations, we will be able to know what issues you are facing and how much time we will have to devote to your case.

Once we get your power of attorney, we will communicate with the taxing authorities.

We just need your cooperation: We will ask you to provide us with supporting documents (bank statements, invoices etc) which will be organized and sent to the IRS on your behalf.

After getting the final report, we will settle your case (with your written approval). If there is additional tax liability, we will help you with a payment plan. Call or visit us today!

Telephone Number: (310) 498-7508
[email protected]

Take advantage of the holiday break to get your paperwork in order before tax season is among us. While we always recommended keeping everything sorted throughout the year, now is the best time to categorize receipts, invoices and all relevant tax forms once again to ensure they are safely stored and organized for when you file.

Keep in mind that the sooner you have everything ready, the quicker the process will be and you can hand it over to our team of professionals to process so you can look forward to your refund. Here are some important things to have handy:

• Personal information, including social security number and bank account information.
• Income history and appropriate forms
• Records of income adjustments
• Tax deduction and payment records
• Updated credit information

As tax preparers, we may or may not have access to certain information and rely on our clients to provide personal data. Once we have all necessary information, it’s easier to process the paperwork and make sure everything is accurate and on time on your behalf. Put your trust in IRS Audit Group to file your 2017 taxes quickly and accurately. Contact us today to schedule a consultation!

Telephone Number: (310) 498-7508
[email protected]

The “offshore accounts” is usually referred to those account holders who are trying to dodge tax responsibilities. Especially after the Panama Papers, many observers are quick to assume the worst when someone holds assets outside of the United States.

Clearing the FBAR
For a U.S. citizen or resident having a financial interest in a non-U.S. bank or securities account, he or she must report it on FinCEN Form 114, also known as the FBAR. The only exception is for that account where the aggregate value of their foreign accounts doesn’t exceed $10,000 during one year. This rule also applies to U.S. entities, partnerships, corporations, estates, limited liability companies and trusts. If someone maintained foreign financial accounts, which are than $10,000 at any time in the calendar year, he must mention this fact on Form 1040, Schedule B of his income tax return.

Failing to file a Foreign Bank Account Report (FBAR) can carry a civil penalty of $10,000 for each non-willful violation. If violation is found to be willful, the penalty is the greater of $100,000 or 50 percent of the amount in the account.

There are precise terms that must be fulfilled to file FBAR’s.

General
Any U.S. person, whether citizen or resident foreigner, should file an FBAR if:
1. The U.S. taxpayer has a financial interest over at least one foreign account.
2. This foreign account is more than $10,000 at any time during the calendar year.

1. Delinquent FBAR Submission.
U.S. taxpayers who:
(i) Have not been communicated by the IRS about non-submission,
(ii) Are not under criminal analysis by the IRS.
(iii) Have not consulted the IRS about their inability of submission.

2. Streamlined Offshore Procedure
This Procedure contains two subcategories domestic and foreign.
To be eligible the taxpayer:
(i) Must be a citizen or permanent resident of the United States.
(ii) Must meet the non-residence requirement.

3. Offshore Voluntary Disclosure Program.
The program is planned to assist taxpayers resolve penalty obligations and defend them from criminal charge. If a taxpayer joins this program, the IRS will recommend that the taxpayer not be subjected to criminal trial. Taxpayers must voluntarily disclose the most recent 8 years period of delinquent filing.

Specified Foreign Assets
U.S. citizens and residents who hold specified foreign assets must mention them to the IRS on Form 8938. Nonresident aliens must also file Form 8938 if they hold specified foreign assets.

Transfers and Transactions
If a U.S. person or entity transfers property to a foreign corporation, the transferor must file Form 926, “Return by a U.S. Transferor of Property to a Foreign Corporation.”

If the transaction is with a foreign trust, one must report any transfers, whether he is donor or recipient. In this case, he will use Form 3520, “Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts.”

Telephone Number: (310) 498-7508
[email protected]

*Originally published on irs.gov as part of their National Tax Security Awareness Week.

During the online holiday shopping season, the IRS, state tax agencies and the tax industry remind people to be vigilant with their personal information. While shopping for gifts, criminals are shopping for credit card numbers, financial account information, Social Security numbers and other sensitive data that could help them file a fraudulent tax return.

Anyone who has an online presence should take a few simple steps that could go a long way to protecting their identity and personal information.

The Internal Revenue Service, state tax agencies and the tax community, partners in the Security Summit, are marking “National Tax Security Awareness Week”, Nov. 27-Dec. 1, with a series of reminders to taxpayers and tax professionals. In part one, the topic is online security.

Cybercriminals seek to turn stolen data into quick cash, either by draining financial accounts, charging credit cards, creating new credit accounts or even using stolen identities to file a fraudulent tax return for a refund.

Here are seven steps to help with online safety and protecting tax returns and refunds in 2018:

• Shop at familiar online retailers. Generally, sites using the “s” designation in “https” at the start of the URL are secure. Look for the “lock” icon in the browser’s URL bar. But remember, even bad actors may obtain a security certificate so the “s” may not vouch for the site’s legitimacy.
• Avoid unprotected Wi-Fi. Beware purchases at unfamiliar sites or clicks on links from pop-up ads. Unprotected public Wi-Fi hotspots also may allow thieves to view transactions. Do not engage in online financial transactions if using unprotected public Wi-Fi.
• Learn to recognize and avoid phishing emails that pose as a trusted source such as those from financial institutions or the IRS. These emails may suggest a password is expiring or an account update is needed. The criminal’s goal is to entice users to open a link or attachment. The link may take users to a fake website that will steal usernames and passwords. An attachment may download malware that tracks keystrokes.
• Keep a clean machine. This applies to all devices – computers, phones and tablets. Use security software to protect against malware that may steal data and viruses that may damage files. Set it to update automatically so that it always has the latest security defenses. Make sure firewalls and browser defenses are always active. Avoid “free” security scans or pop-up advertisements for security software.
• Use passwords that are strong, long and unique. Experts suggest a minimum of 10 characters but longer is better. Avoid using a specific word; longer phrases are better. Use a combination of letters, numbers and special characters. Use a different password for each account. Use a password manager, if necessary.
• Use multi-factor authentication. Some financial institutions, email providers and social media sites allow users to set accounts for multi-factor authentication, meaning users may need a security code, usually sent as a text to a mobile phone, in addition to usernames and passwords. For added protection, some financial institutions also will send email or text alerts when there is a withdrawal or change to the account. Generally, users can check account profiles at these locations to see what added protections may be available.
• Encrypt and password-protect sensitive data. If keeping financial records, tax returns or any personally identifiable information on computers, this data should be encrypted and protected by a strong password. Also, back-up important data to an external source such as an external hard drive. And, when disposing of computers, mobile phones or tablets, make sure to wipe the hard drive of all information before trashing.

There are also a few additional steps people can take a few times a year to make sure they have not become an identity theft victim.

Receive a free credit report from each of the three major credit bureaus once a year. Check it to make sure there are no unfamiliar credit changes. Create a “My Social Security” account online with the Social Security Administration. There users can see how much income is attributed to their SSN. This can help determine if someone else is using the SSN for employment purposes.

The IRS, state tax agencies and the tax industry are committed to working together to fight against tax-related identity theft and to protect taxpayers. But the Security Summit needs help. People can take steps to protect themselves online. Visit the “Taxes. Security. Together.” awareness campaign or review IRS Publication 4524, Security Awareness for Taxpayers, to see what can be done.

Telephone Number: (310) 498-7508
[email protected]

Dear taxpayers,

Are you stressed, confused or frustrated with the IRS?

During each phone call with an IRS representative you probably think you can handle it on your own, but a few hours go by and you still can’t find a solution.

With every letter you get more and more overwhelmed.

You are not alone. Thousands of Americans face this issue.

We’re here to tell you that there is a way out.

Get help … from a professional! Stop asking friends and family for advice. What worked for them may not work for you.

We highly encourage investing in your financial security. How? By hiring a tax lawyer.

It doesn’t have to be expensive. IRS Audit Group offers free consultations for struggling taxpayers.

After one meeting, we will learn about your tax situation, develop a plan and begin communicating with the IRS for you.

Trust us and our countless clients who are now debt, stress and worry-free.

Your tax problems won’t go away on their own. Quite the opposite, they will get worse the more you try ignore them.

Like we always say: Don’t panic, but don’t delay!

Browse our website to see our services

irs-audit-group.com

Then give us a call to get started!

1(888) 300-6670

You may feel stuck and overwhelmed when dealing with the Internal Revenue Service, but it doesn’t have to be so hard. With a tax professional, like those at IRS Audit Group, you can put your trust in their hands to represent you.

Our CPAs and enrolled agents specialize in tax audit representation, but our services don’t stop there … If you have questions about the process or would like to obtain an IRS payment plan, we’re here to help!

It’s time to take care of IRS debt, tax liens, wage garnishment and offer in compromise. IRS Audit Group has over 15 years of experience and we continue to provide high-quality service at a great value. We offer 100% customer satisfaction and a money back guarantee.

Still debating on taking the plunge and hiring a pro? Financial Buzz knows how you feel. Their advice: “As life gets more complicated, so do taxes. Marriage, kids, mortgages and assets make each tax return more and more involved … Hiring an experienced professional to do your taxes is the best decision in the long run. Even though they come at a cost, you may find yourself saving thousands of dollars over time.”

Regardless of the type of tax help you need, IRS Audit Group has the answers to all of your questions. Avoid future complications and get help from REAL people, not robots or someone behind a screen. Contact us today for a free consultation.

*Originally published on irs.gov as part of their National Tax Security Awareness Week.

During the online holiday shopping season, the IRS, state tax agencies and the tax industry remind people to be vigilant with their personal information. While shopping for gifts, criminals are shopping for credit card numbers, financial account information, Social Security numbers and other sensitive data that could help them file a fraudulent tax return.

Anyone who has an online presence should take a few simple steps that could go a long way to protecting their identity and personal information.

The Internal Revenue Service, state tax agencies and the tax community, partners in the Security Summit, are marking “National Tax Security Awareness Week”, Nov. 27-Dec. 1, with a series of reminders to taxpayers and tax professionals. In part one, the topic is online security.

Cybercriminals seek to turn stolen data into quick cash, either by draining financial accounts, charging credit cards, creating new credit accounts or even using stolen identities to file a fraudulent tax return for a refund.

Here are seven steps to help with online safety and protecting tax returns and refunds in 2018:

• Shop at familiar online retailers. Generally, sites using the “s” designation in “https” at the start of the URL are secure. Look for the “lock” icon in the browser’s URL bar. But remember, even bad actors may obtain a security certificate so the “s” may not vouch for the site’s legitimacy.
• Avoid unprotected Wi-Fi. Beware purchases at unfamiliar sites or clicks on links from pop-up ads. Unprotected public Wi-Fi hotspots also may allow thieves to view transactions. Do not engage in online financial transactions if using unprotected public Wi-Fi.
• Learn to recognize and avoid phishing emails that pose as a trusted source such as those from financial institutions or the IRS. These emails may suggest a password is expiring or an account update is needed. The criminal’s goal is to entice users to open a link or attachment. The link may take users to a fake website that will steal usernames and passwords. An attachment may download malware that tracks keystrokes.
• Keep a clean machine. This applies to all devices – computers, phones and tablets. Use security software to protect against malware that may steal data and viruses that may damage files. Set it to update automatically so that it always has the latest security defenses. Make sure firewalls and browser defenses are always active. Avoid “free” security scans or pop-up advertisements for security software.
• Use passwords that are strong, long and unique. Experts suggest a minimum of 10 characters but longer is better. Avoid using a specific word; longer phrases are better. Use a combination of letters, numbers and special characters. Use a different password for each account. Use a password manager, if necessary.
• Use multi-factor authentication. Some financial institutions, email providers and social media sites allow users to set accounts for multi-factor authentication, meaning users may need a security code, usually sent as a text to a mobile phone, in addition to usernames and passwords. For added protection, some financial institutions also will send email or text alerts when there is a withdrawal or change to the account. Generally, users can check account profiles at these locations to see what added protections may be available.
• Encrypt and password-protect sensitive data. If keeping financial records, tax returns or any personally identifiable information on computers, this data should be encrypted and protected by a strong password. Also, back-up important data to an external source such as an external hard drive. And, when disposing of computers, mobile phones or tablets, make sure to wipe the hard drive of all information before trashing.

There are also a few additional steps people can take a few times a year to make sure they have not become an identity theft victim.

Receive a free credit report from each of the three major credit bureaus once a year. Check it to make sure there are no unfamiliar credit changes. Create a “My Social Security” account online with the Social Security Administration. There users can see how much income is attributed to their SSN. This can help determine if someone else is using the SSN for employment purposes.

The IRS, state tax agencies and the tax industry are committed to working together to fight against tax-related identity theft and to protect taxpayers. But the Security Summit needs help. People can take steps to protect themselves online. Visit the “Taxes. Security. Together.” awareness campaign or review IRS Publication 4524, Security Awareness for Taxpayers, to see what can be done.

Below are steps taxpayers can take now to ensure smooth processing of their 2017 tax return and avoid a delay in getting their refund next year. The Internal Revenue Service (IRS) advises taxpayers to get ready for the upcoming tax filing season by gathering documents, renewing expiring ITINs, and get prepared for refunds.

For additional help, hire a tax expert, like our team at IRS Audit Group to guide you through the process. It is better to get a head start to prevent missteps later. As we enter the tax season, contact us to book an appointment and we can review everything together so you don’t deal with another year of tax stresses on your own.

Start by gathering documents. File a complete and accurate tax return by making sure the IRS has all the documents before filing your return, including 2016. This includes Forms W-2 from employers, Forms 1099 from banks and other payers, and Forms 1095-A from the Marketplace for those claiming the Premium Tax Credit. Doing so will help avoid refund delays and the need to file an amended return later. Confirm that each employer, bank or other payer has a current mailing address.

Renew Expiring ITINs before the end of the year. Doing so promptly will avoid a refund delay and possible loss of key tax benefits. Any ITIN not used on a tax return in the past three years will expire on Dec. 31, 2017. Similarly, any ITIN with middle digits 70, 71, 72 or 80 will also expire at the end of the year. Anyone with an expiring ITIN who plans to file a return in 2018 will need to renew it using Form W-7.

Refunds Held for Those Claiming EITC or ACTC Until Mid-Feb: By law, the IRS cannot issue refunds for people claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law requires the IRS to hold the entire refund — even the portion not associated with EITC or ACTC.

The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or debit cards starting on Feb. 27, 2018, if direct deposit was used and there are no other issues with the tax return.

For a faster refund you can choose to e-file or use direct deposit. Electronically filing a tax return is the most accurate way to prepare and file. Errors delay refunds and the easiest way to avoid them is to e-file. Nearly 90 percent of all returns are electronically filed. There are several e-file options:

• IRS Free File,
• Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs,
• Commercial tax preparation software, or
• Tax professional

Combining direct deposit with electronic filing is the fastest way for a taxpayer to get their refund. With direct deposit, a refund goes directly into a taxpayer’s bank account. There’s no reason to worry about a lost, stolen or undeliverable refund check.

Telephone Number: (310) 498-7508
[email protected]