How Tax Attorneys Assist Cash Intensive Businesses with Audits

How Tax Attorneys Assist Cash Intensive Businesses with Audits

Cash intensive businesses often find that they have to prepare for IRS audits. They are sometimes assessed in this way by the IRS because they handle most of their payments in cash, so there’s less documentation available for them to present.

If you operate a grocery or restaurant, you’re very likely to face an audit at some point. In this situation, it’s important to get help from a knowledgeable tax attorney.

What should you do if you’re notified of an audit?

When you’re told that you’re about to be audited, you may start to worry. Even if you file tax returns regularly and all the annual reports for a business have been submitted on time, you may still be worried that the IRS will decide that you have to pay a large sum of money. The only way to be properly prepared is to get help from a professional who knows the law as well as the IRS does.

Hillhursttaxgroup.com can guide you through the audit. They can help to make an extremely challenging experience much more bearable. With their support, you’ll understand the entire process more clearly and be able to present all the facts that are required for the IRS to make a fair decision.

Prepare for Minimum Income Probes

Cash intensive businesses are often subjected to minimum income bulbs. Construction businesses, trucking companies and other businesses in this group sometimes find that a portion of their income may be under reported.

Tax attorneys help businesses to prepare for minimum income probes in several ways. For example, they and your accountants check that the income you’re reporting is sufficient to support your lifestyle.

They also help you to prepare for interviews with auditors. These interviews are very important because cash intensive businesses often don’t have physical records to support the statements that they make regarding their income. The details provided orally will help to support your income declaration.

Ensuring that You Understand How the Law Applies To You

As a taxpayer, the only information the IRA may have to base its decision on in the audit is your oral testimony. Your business may not have a large number of records which would serve as evidence of your income.

The answers that you give in the interview are very important. Your tax attorney will explain the relevance of the type of questions that you can expect, so that you give accurate answers. If you don’t present all the facts to the IRS, they may come to a decision which is not based on how your business actually functions.…

Reasons why you Should Find a Tax Law Specialist

Reasons why you Should Find a Tax Law Specialist

Nobody enjoys paying taxes or dealing with the IRS, it’s just a fact of life. We all accept that we have to pay taxes, but nobody should be paying more than their fair share. A Tax Law Specialist can help you to understand your tax liabilities and make sure your finances are legal. This guide will look at the top reasons why you would want to find a tax law specialist.

Save Time

Filing your tax returns each year is no easy task. It’s very time-consuming and can be pretty difficult. There are so many things to try to understand that it’s very easy to make a mistake. A professional tax law specialist will be able to complete your tax return for you without a lot of work. A tax expert will be able to file your return while you can do something you enjoy.

Deduct Everything you Can

A professional tax law specialist will be able to help to go through your deductions to make sure you’re claiming back everything you are entitled to. They will also know what you aren’t allowed to claim as a deductible to prevent you from angering the taxman. By claiming all the expenses you can, you can reduce your tax bill and save money.

Avoid Tax Audits

The only thing better than completing your tax returns is being audited. When filing your accounts yourself it’s very easy to make mistakes that could cause the IRS to pay more attention to your finances. Professional tax experts are much less likely to make mistakes which should reduce the chances of being audited.

If you are audited then mistakes could be costly. A mistake you make could be much more costly than hiring an expert in the first place, that’s why a tax expert is worth every penny.

Understanding Tax Laws

Tax laws aren’t really interesting to begin with. Trying to understand all of the regulations is always confusing. What makes matters worse is that tax laws change on a regular basis. Professional tax advisors will be aware of all the latest tax law changes so you can stay on the right side of the law. A reputable tax lawyer will be responsible and able to advise you on all sorts of tax legal issues.

Dallolawgroup.com is a team of professional tax advisors based in San Diego. We will do everything we can to reduce your tax bill so you can keep hold of more of your hard-earned cash.…