Audit Support Services
The IRS monitors the tax returns of every business each year and compares values to the returns paid previously. If there are discrepancies, the IRS will issue and audit. Smith & Smith CPA’s offers you the expert assistance of our expert CPAs to help you with audit support strategies and also represent you at the IRS during your audit.
There are many reasons why your business could get audited by the IRS. For the record, the IRS conducts a thorough investigation of all your business transactions in the past five years. These transactions are then tallied with the tax paid out against them in the same time. If there are signs of missed payments and illegitimate adjustments, the IRS will hold you responsible.
Typically, the IRS will conduct an audit for the following cases:
- If the adjustments are over $10,000 in the last five years. This will also result in audits for consecutive years.
- Your business has large or too many exempt sales.
- Late filing is a very common reason. The IRS scrutinizes and eventually audits taxpayers that keep on filing late each year.
The expert CPAs at Smith & Smith are here to help you in case you get audited. Our audit support strategies are tailor-made to suit your business and we can help you:
- Support and defend your audit returns through the highest level of appeals for as long as the audit lasts.
- Schedule all your audit appointments and also attend them with you for your convenience.
- Review all your tax returns in order to ensure there are no more problem areas
- Thoroughly inspect all your documentation before the IRS reviews it in order to make sure there are no issues.
- Help you in your correspondence with the IRS. This includes helping you understand the IRS notices and letters and how best to respond.
We are here to assist you with everything IRS has to throw at you. Not every case is the same and we make sure that you get detailed audit reports and support strategies from us that are custom-made for your benefit. We will also make sure that you stay well connected with our CPA network any time.
Remember, the auditor is mainly looking for underpayment in your transactions. Being audited does not mean the end of your business, but merely a snag in the grand scheme of things. The IRS laws differ from state to state as well.
A cardiologist received a letter from the IRS for delinquent payroll taxes that had already been paid.
The cardiologist was sure that the payroll taxes had been paid however, he needed help to prove this was the case. Our CPAs reviewed the tax payments and reconciled them to the various tax liabilities. Upon completion, it was determined that the aforementioned taxes were indeed paid. The issue was that they were applied incorrectly.
A group of doctors were looking for a CPA firm to help them form their new practice.
A group of doctors had been working for various practices and decided to form their own medical entity. They were sure that they could succeed given their experience and knowledge in their field of medicine. Needing a CPA firm to advise them on various tax decisions, they decided to seek the services of Smith & Smith CPAs, LLC.
An Oil & Gas company needed guidance on how to handle their growth.
They started as a sole proprietorship and were in search of a CPA firm that could advise them on how to handle the growth of their company. After searching for a firm, they decided to meet with Smith & Smith CPAs, LLC. In our initial meeting, we learned of their business and inquired about their goals. We decided that it was best for them to incorporate.
An owner of an auto shop came to Smith & Smith CPAs, LLC with a letter from the IRS.
This letter stated that an audit would be taking place. Having never been through an IRS audit, the owner needed help to prepare. We advised him on the process and shared our past experiences. When the audit came, we were there with him every step of the way.
The Dreaded Letter from the IRS.
A client received a letter from the IRS regarding his prior year tax return. Unfortunately, he was being audited. The IRS believed that expenses for his LLC were overstated and disallowed certain deductions. In addition, the IRS stated that the client owed thousands of dollars in penalties alone. We met with this client and went over all of the relevant documents. We were able to guide him through the process and provide him peace of mind. Upon review of transcripts and various documents, we met with an IRS agent on behalf of our client. This …
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Services Blog Posts
April 11, 2018