Finance Tax Time

There is a major difference between a tax preparer and a tax advisor. Tax preparers, although many may advertise that they can save you money with your taxes or get you a better return, their actual job is really focused on the actual paperwork of filing out your taxes. A tax advisor is actually what you should look for if you are hoping to save money on your income tax.

Here are some tips you can use to choose a good Tax Advisor:

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If you have trouble with the Internal Revenue Services (IRS), or your local state’s tax department, attempting to settle the matter without the assistance of a tax attorney may prove unfavorable. Tax regulations are exceptionally complicated. Those unfamiliar with the various tax laws should rely on a skilled tax attorney to resolve their situation.

Who are Tax Attorneys?

Tax attorneys are committed to helping taxpayers, like you, resolve tax problems that occur. Tax attorneys act for individual taxpayers and businesses. During an audit, tax attorneys have precise approaches for legally getting fines and liens dropped. Employers of the U.S. tax departments are notorious for their tax audit interrogations. However, taxpayers are not obligated to provide answers to selected questions. Tax attorneys usually attend audits, and inform taxpayers of their rights.

Finding a Good Tax Attorney

When a tax issue arises, it is necessary to choose an accomplished attorney to reconcile tax issues. Many taxpayers panic and immediately open the phone book when notified of a forthcoming tax audit. Instead of hiring the first tax attorney you contact, taxpayers will benefit by choosing an attorney based on specific credentials. Preferably, network to find a good tax attorney. For example, contact friends and family and ask if they know a veteran tax attorney. Furthermore, your personal attorney may be able to recommend a good attorney that specializes in tax laws.

Do not rely entirely on the recommendations offered by friends, family, or acquaintances. There are specific factors that must be considered when selecting a tax attorney. The goal is to get your tax issue resolved fast, and with minimum fines and legal fees. Hence, you should look for a tax attorney with extensive experience in dealing with the Internal Revenue Service, and who has successfully resolved taxpayer tax issues. While a new tax attorney may be highly capable, an audit is not the time to help a rookie attorney gain experience.

Furthermore, taxpayers should look for an affordable attorney. A tax attorney’s fee is costly. Nonetheless, consulting an attorney is advisable. Because attorneys are able to negotiate reduced fines and waived penalty fees, taxpayers will in effect save money by hiring an attorney to handle their IRS dilemma.

Visit this page for a Recommended Tax Attorney in Your Area.

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One of an American citizen’s worst fears is an audit by the IRS. The unlucky individual who is the target of an audit begins to conjure up images of penalties, fines, levies, or worst of all, jail time. Even the most honest of taxpayers, under the scrutiny of an audit, begins to think back in their mind, “Did I calculate my return correctly?”, “Did I save all my receipts for the deductions I claimed?” This is a most stressful and challenging time in a taxpayer’s life. Nevertheless, before one loses sleep over the impending audit, there is a law which protects the American taxpayer in an IRS audit situation.

To be more specific, in 1998 the IRS passed the third installment of the Taxpayer Bill of Rights (TaBOR). The bill was passed as a byproduct of numerous complaints to Congress concerning the abusive behavior by IRS auditors. The Taxpayer Bill of Rights also requires the IRS to inform a taxpayer of his rights and what effect of the tax action the IRS is pursuing. The audit itself is traditionally thought as a meeting between an agent of the IRS and the taxpayer. However a good percentage of tax audits come in the form of a letter asking for clarification or substantiation of items on the tax return. Careful and organized record keeping usually make these types of audits resolve rather smoothly.

The IRS may choose to audit a portion of the filed return, or on some occasions an agent may request a closer examination of the entire return. If the auditor merely asks for documentation for a specific part of your return, it would be a good idea to give the auditor only that piece of information that is requested. Bringing additional documentation or information not requested could subject the taxpayer to wider scope audit, that is if something else on the return looks irregular. In other words, only bring what is requested. Do not volunteer any information to the tax auditor, and answer their questions with simple, direct answers.

Since most people are not experts at tax law, it is highly recommended that a CPA, tax lawyer, or tax advisor represent them in a meeting with the IRS. Contact the person who prepared the return. They will have specific advice on how to prepare for the audit. In most cases they can attend the audit in place of you to gather information from the field agent. This puts the taxpayer at an advantage and may buy valuable time to prepare the necessary documentation.

The audit will conclude with the IRS agent citing any irregularities noted with the return. They will then formally notify the taxpayer of any monetary adjustments that need to be made. In some cases some lucky citizens have received additional refunds after an audit. Unfortunately, in most cases, the IRS will be asking for a check. An agent’s decision can be appealed to a supervisor, or the Appeals Division of the IRS. If the Appeals Division decision is still unsatisfactory, a final appeal can be made to the US Tax Court.

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