Audit Protection is a very important practice in the world of finance, accounting, and taxes. Last thing you want to have is an audit that hurts your business. There are many instances where the IRS has penalized, and even crippled businesses due to bad financial records. What you need is to make sure that all your financial records are in order, so that audits will become less stressful, and more in your favor. In result, any fines that you could have had due to lethargic care of your financial reports, will be minimal to none.
The IRS & Audit Protection
The IRS will make sure that all businesses are following their states and federal code of law and conduct. The Government agency known as the IRS is making sure that businesses aren’t conducting acts of fraud as well as to make sure all businesses follow the legalities of filing taxes correctly, and alike. Audits conducted by the IRS are mostly selectively. Because your tax return has been selected for an audit, it doesn’t mean that you or your business is doing anything wrong. But chances are, the IRS will find something you have done wrong with your tax return and penalize you for it.
Some penalties derived by the IRS to persuade others to stop persisting in this kind of conduct are:
- Negligence and / or disregard of your company’s efforts to make a reasonable attempt, or to adjust and conform to new or old Federal tax code
- Understating your Gift or Estate. If you undervalue any gift or estate claims you perceive to have, by 65% or less stated in its market value. This will include an additional $5,000 or more for that specific tax return.
- If you substantially misstate the value of your property. If you substantially undervalue your property that is depreciating. Or you overstate the value of a gifted property has been gifted to you. You will receive a penalty for it.
- If you substantially understate your income that is greater by 10% or $5,000; you will be penalized.
- If your business is overstating pension liabilities by 200%, you will be penalized.
By disregarding any rules or regulations issued by the IRS, you will be faced with penalties to pay. This is taken into accordance with any position you have claimed and is found by the IRS to have inconsistencies in it.
IRS civil fraud penalties are no joke either. This is one of the most conducted penalties issued by the IRS. Unlike fraudulent penalties, those are rare. But the IRS can try to prove you were causing fraud by filing your taxes late (without an extension and past due by at least 60 days) in order to evade paying taxes. Fraudulent failure penalty is 15% per month, equating to 75% after 5 months. It’s a hefty fine.
Criminal charges can apply to your tax return claims. If you are caught doing actions, such as: trying to evade taxes, filing a fraudulent tax return, failing to file a tax return, or willfully failing to pay estimated taxes or keep records. You could be facing misdemeanors or felonies charges.
Given all the evidence I have portrayed to you already above. This should be more than enough for you to want to have your taxes and financial records audit protected. Audit protection is the act of making sure you pass all of the IRS’s tax codes and regulations when being audited. The services of Audit protection include:
- Communication between Your Tax Expert and the IRS Regarding the Audit Process
- One-Time Payment for the Current Tax Year
- A Specialized Tax Professional Assigned to Your Claim
- Support via Phone, Email, and in-Person
- Year-Round Support
- Personalized Coverage
- Debt Assistance
- Tax Preparation Resolution
Being A Professional
Without proper tax professionals helping out your claim in terms of negotiating, or protecting your stakes in tax returns, financial reports, or prioritizing your tax resolutions. The IRS will more than likely find ways to penalize you and your company for negligence. You need a tax professional to make sure your business will pass any audits conducted by the IRS> you need Audit protection. The sooner you get your audit protection, the better off you will be in preparing for any tax audits conducted by the IRS.