Navigating The Audit Process For A Diverse, Nationwide Clientele
A tax audit is an intrusive, difficult experience. If you have received notice that you will be audited, your next step should be to contact a lawyer. Many individuals and businesses facing an audit will first retain an accountant or other tax professional. While these professionals can provide skilled guidance, they may also be forced to divulge financial information you believed to be confidential. When you hire a tax attorney in your audit defense, your information will be protected by attorney-client privilege.
At Goldburd McCone LLP, we guide individuals, businesses and nonprofit organizations through the audit process. Our straightforward, strategic approach to all areas of tax law has led to favorable outcomes time and again.
Your Ally In All Aspects Of An Audit
An audit is an extremely delicate matter. If the IRS or New York State Department of Taxation and Finance believes that you made erroneous deductions or failed to report income, it could substantially increase your tax bill while also levying penalties and interest. In the most serious cases, it could even bring criminal charges.
A tax lawyer will compile all the evidence and present your position in the most favorable light possible. We know that an audit is grueling, and we will work to ease your burden and make the process as painless as possible. If the IRS does claim that you or your business owes additional taxes, we can present an appeal to the IRS Appeals Office if necessary.
We dedicate our firm’s resources to helping clients mitigate risk in situations such as:
- Residency audits for people who have recently relocated out of New York to a low-tax state (and compliance consulting prior to moving from New York)
- IRS individual income tax audits in New York state, New Jersey and Connecticut
- IRS audits relating to personal expenses as business deductions
- Providing legal support and guidance during sales tax audits, defending vigorously based on evidence and case law
- Nexus audits with regard to Amazon or any other e-commerce situation
Additionally, our lawyers’ familiarity with tax planning strategies helps high net worth individuals take advantage of the legal loopholes designed to decrease tax obligations.
Answers To The Questions You Have About Audits
There are so many misconceptions surrounding tax audits that it is hard to know what is true and what is false. Fortunately, a tax audit attorney with our firm can provide the correct, accurate information that you need. Below, we have answered some of the questions that we hear most frequently.
What Triggers A Tax Audit?
A number of details can trigger an IRS tax audit, including:
- Differences between your declared income and the IRS’s calculations
- Substantial digital transactions
- Businesses that frequently handle cash
- Errors in your tax return
- Large foreign assets
Many audits involve more than one of the aforementioned factors.
How Far Back Can Your Taxes Be Audited?
In most cases, the IRS can go back up to six years for an audit. However, for suspected tax evasion or fraud, the period extends indefinitely.
What Are The Potential Penalties You Could Face After Being Audited?
Most penalties involve paying back taxes plus a civil fine of 20-40% of the unpaid taxes. High-asset individuals or corporations with substantial tax penalties face higher fines. However, if the IRS recommends a criminal investigation, the penalties could include years of prison time.
What Should You Do After Receiving A Notice Of A Tax Audit?
You must respond to the Internal Revenue Service within 30 days. Do not volunteer any information; instead, consult a lawyer who can advise you of your rights.
Why Hire Goldburd McCone LLP For Your Tax Audit Matters?
Our intelligent attorneys have in-depth, extensive experience representing individuals and corporate entities in audits and other tax controversies. We have offices in New York, New Jersey, Florida and California for your convenience. Most importantly, we have a proven track record of successful results.
Working With Nonprofits That Are Facing Audits
The IRS frequently audits charities and other nonprofit and tax-exempt organizations. These audits are complex and often time-consuming. Having successfully represented many nonprofit organizations in audits, our lawyers understand how the tax code relates to these organizations. We will prepare appropriate documentation, answer any questions and show the IRS that your organization is complying with applicable regulations.
Schedule Your Case Evaluation Today
Call our Manhattan law firm at 212-235-1817 or toll-free at 866-712-9505, or complete our email form to get our tax audit help.