Think the IRS is Wrong? Appeal It - And Win!



 If you have ever been audited by the Internal Revenue Service, then you know audits are no walk-in-the-park. They can take a long time to conclude and that's not good for your nerves. However, eventually they do come to an end and the IRS will provide you with a copy of the Revenue Agent's Report and proposed changes. Luckily for taxpayers this letter is not the end of the road. You have 30 days to file a written protest as to why you disagree with the proposed changes. Lawyer firm in Illinois. The IRS Office of Appeals will review your protest and the audit file and contact you or your tax controversy attorney to schedule a conference.

The function of the IRS Office of Appeals is to settle tax disputes, which typically arise in the form of proposed adjustments after an audit, in a more relaxed and informal way. The Appeals conference is conducted by correspondence, by telephone or in person. At the conference, you or your tax controversy attorney will meet with an Appeals Officer to discuss your return and make your case as to why the IRS erred in its audit of your return. The Appeals Officer, truly known for his or her neutrality, considers your position and may offer to settle your case right then. The trick to getting your way in Appeals is preparation, preparation, and preparation.

Комментарии

Отправить комментарий

Популярные сообщения из этого блога

IRS Agents Using New Cash Guide to Hunt for Unreported Income

Изображение
  After various studies pertaining to accuracy in the reporting of income and expenses by cash intensive businesses, the IRS has created a new guide for its agents to refer to when conducting audits of such firms. With the tax "gap" reportedly at hundreds of billion of dollars, the IRS has begun training its Revenue Agents to be more savvy in interviewing business owners and recognizing indicators of unreported income. Lawyer firm in Illinois .  According to the guide, businesses that make a routine practice of misappropriating cash often have a pattern of reporting losses and/or low profit margins that are insufficient to sustain the business or its owners. The IRS lists the following indicators of unreported income: A lifestyle that cannot be supported by the income reported A business that reports losses each year yet continues to operate Account balances increasing annually despite reporting of low net profits or losses Business debt decreases, remains low, or doesn'
Далее...

Estate Taxes: A Special Use Value Can Save the Farm

Изображение
 Imagine a family member passes away and leaves the family farm or business to you. Internal Revenue Code Section 2032A allows for a Special Use Value to be applied to family farming operations as well as closely held businesses. However there are several requirements that must be met to claim the reduced value on the Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. If these requirements are not met then you may receive a Notice of Deficiency from the IRS showing a vast increase in your taxable estate, coupled with a significant increase in tax and the imposition of hefty penalties. Lawyer firm in Illinois . Unfortunately, this scenario can and does happen, as the IRS may find that the taxpayer insufficiently established the method of valuation. In general, the value of the gross estate of a decedent includes the value at the time of his or her death of all real and personal property. However, the executor or personal representative can often significantly
Далее...