If you’ve received an audit notice from the IRS, it is important that you not only respond quickly, but that you do it correctly. Any mistakes in the audit process can cause significant problems including prolonging the audit process, owing fines or penalties, and having the IRS discover additional taxes that are owed. To avoid these types of issues, you need to have an experienced advocate such as Ser & Associates working on your behalf. Having a business attorney working for you provides many important benefits, such as the following:
Attorney/Client Privilege
Many people think that they should contact their accountant when getting audited, but that is actually a mistake. If your audit goes to trial, your accountant may be required to testify against you. An attorney, however, enjoys the attorney/client privilege, meaning they cannot testify against you. If your accountant is needed, your attorney will contact them when necessary.
Negotiate Alternative Resolutions
If the IRS finds that you owe them money, your attorney may be able to negotiate an alternative settlement that is often significantly less than what the IRS claims you owe. This is a process known as an offer in compromise, or OIC. Attorneys regularly work with the IRS and know how to minimize the amount you will end up owing. OICs are options when the business is able to show that it won’t be able to pay the full amount in a reasonable timeframe, or when there is doubt regarding the amount that is owed. It is also an option in cases when the tax burden would cause a significant economic hardship. Attorneys know how to prove these conditions, and can often save you thousands.
Avoid Criminal Charges
During the audit, the IRS may find something that causes them to consider charging a business owner criminally for tax evasion or tax fraud. Having an attorney on your side from the beginning can often avoid this problem, and if the IRS does press charges, your attorney will already be familiar with your case so they can prepare an effective defense.
Saves You Time
Finally, a good business attorney will handle the vast majority of the work involved with the audit. Hiring an attorney will help you get the audit taken care of while minimizing any disruption to your day to day business.
Contact Us Today
If you have gotten an audit notification from the IRS, it is absolutely essential that you contact the law firm of Ser & Associates right away. The IRS does not tolerate delays, and the sooner you retain an attorney, the better your position will be.
