Operating a business comes with highs and lows. However, it can be amazingly fulfilling once you start seeing results. You can’t forget all the responsibilities you have on your back, one of which is organizing your taxes. At some point, you could make a mistake or be selected randomly. Still, the truth is that facing an IRS audit happens to more people than you could imagine.
As a business owner, you know that being audited by the IRS can be intimidating. You may wonder what the outcome will be and if you’re actually in a bad position. Often, this can make you feel vulnerable and helpless, but there’s no need to panic when you have the right assistance.
At Nesso Tax, we understand how daunting the prospect of an IRS audit can be, so we offer a range of services designed to protect our clients during the process. We aim to provide our clients professional tax services in Meriden, CT, so you can get the help you need. Our financial advisors in Meriden will guide you through this complex step-by-step process to ensure your financial security. Contact us today and learn more about the solutions we offer!
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About IRS Audits
Many find the term “audit” frightening. However, you can become more at ease with an understanding of how such a process works and what the Internal Revenue Service (IRS) requires. There’s no need to start figuring out the worst-case scenarios!
An audit is simply an examination of your tax records or financial statements by the IRS to verify that they are accurate and compliant with applicable laws. You may be required to pay additional taxes or penalties if discrepancies are found.
How Likely Are You to Get Audited
Your odds of getting audited by the Internal Revenue Service are very low, with less than one-half of a percent of all filers seeing their returns audited in 2019, the most recently available data.
The IRS audit stats from May 2022 demonstrate that the likelihood of being audited is low – a mere 0.45% in 2019, down from 2018’s rate of 0.59%. This number is even much lower than what it was back in 2010 when 1.11% were investigated! So rest assured, knowing that you’re unlikely to be subjected to an audit if you file your taxes correctly and meet all requirements.
Without a doubt, there has been a dramatic reduction in audits over the past few years. This is due to IRS budget and personnel limitations which make it unlikely that getting audited will be an issue anytime soon.
The Appeal System
If there is a disagreement regarding tax matters, the Service offers an in-house appeal system to resolve without going through court. This internal dispute framework is limited only by what falls within the boundaries of taxation legislation.
For example, appeals cannot be based solely on moral, religious, political, constitutional, or conscientious reasons. Alternatively, taxpayers can take their case directly to tax court if they are dissatisfied with the outcome of the IRS’s decision and don’t want to appeal further.
Appeal within the IRS
If you disagree with the tax decision reached by an IRS examiner, don’t fret! You can take it to a local appeals office completely independent of the original examination. With conferences available through person-to-person, correspondence, or even telephone contact between yourself and/or your authorized representative – you have options when asserting your case at this appeal stage.
If you want to arrange a conference with an appeals officer, Letter 950 (normally used in FSLG for proposing adjustments to employment taxes) will provide instructions on how to do so. You have 2 options: submitting a small case request or filing a formal written protest directed at the contact person mentioned in the letter. Which one of these best suits your situation is contingent upon various elements.
About the IRS Office of Appeals
To ensure fairness for all taxpayers, the IRS has established an Office of Appeals staffed with approximately 2,000 experienced employees nationwide. These employees often have legal and/or accounting backgrounds since many of them were auditors themselves in the past. They can provide a balanced approach to resolving any problems associated with tax assessments or audits.
These people have to look over completed examination reports and give them an unbiased chance for taxpayers to appeal to a higher authority within the IRS. They try to prevent going to court by settling tax disagreements internally to promote future taxpayer compliance with the tax laws.
Advantages of Appealing an Audit
Appealing an audit can provide you with certain advantages, such as:
- You may be able to reduce the fines and penalties associated with an audit.
- Your appeal may result in no tax due if it’s found that you were wrongfully accused of owing taxes on your return.
- An appeals officer can provide a fair assessment of the situation rather than relying on the judgment of a single IRS examiner.
At Nesso Tax, You’ll Enjoy an Ecosystem of Services, All Under One Trusted Name
Owning a business can make you more vulnerable to tax audits. The IRS thoroughly examines your return for deductions and expenses that might appear questionable. This could lead to paying fees beyond what is actually owed without proper representation.
If you’re based in Meriden and undergoing an IRS audit, Nesso Tax is here to provide expert support. We have years of experience giving tax advice to small businesses and independent contractors, making the process stress-free with no unexpected costs.
Rather than dealing with the IRS yourself, let us take over those interactions so you can concentrate on what matters the most – running a profitable business!
Some of the services we provide include:
Contesting IRS Findings
Our team of professionals will help you form a compelling argument and raise your prospects for acquiring the desired outcomes.
Filing Court Petition
Our talented team is an expert in correctly filing your petition to guarantee it stands up in court.
We’ll assist you in uncovering the documents which will likely be requested by an auditor, such as budgets and financial statements, invoices, bills, canceled checks, and any other data required to validate reported expenses or deductions.
Nesso Tax is your perfect partner when it comes to audits. We have credentialed attorneys, CPAs, and enrolled agents who will represent you at the meeting and help you through the process should you need to appeal any findings.
The Vision and Values that Drive Our Company
At Nesso, we offer an expansive suite of finance and insurance services assembled by our professionals to provide ultimate convenience. We’re committed to providing a one-stop destination that can meet all your needs.
Some of the values that define us include:
- Be excited to be here – Be aware of the energy you bring.
- Be a good steward – Care for all that is entrusted to you.
- Supportive and positive – Connect and be part of the team.
- Be servant-minded – Serve people with empathy.
- Be humble and genuine – Encourage and strengthen those around you.
- Be passionate to grow – Contribute to a culture of continuous improvement.
Our Financial Advisors in Meriden Are Committed To You And Your Well-Being
At Nesso Tax, we strive to exceed expectations – getting you the best results possible while ensuring all your needs are met. Some benefits of choosing our company include:
We help you develop a long-term vision when running your business, having a holistic view of your taxes, investments, and insurance.
We provide in-depth advice on handling IRS audits – from filing appeals to contesting findings to preparing an audit presentation.
We assist with debt consolidation and retirement planning, providing you with a comprehensive financial plan for your long-term goals.
We have access to the latest tools & technologies to help you make informed decisions about your finances.
With Our IRS Representation Services, We Aim to Provide You with The Best Outcomes!
At Nesso Tax, you’re important to us. That’s why we go above and beyond to ensure you get the best outcomes when dealing with IRS audits.
Our goals are:
- Helping you achieve tax efficiency.
- Supporting you with risk analysis related to financial safety and growth.
- Helping you achieve your financial goals and sustainably grow your business.
- Providing financial guidance on their financial health & strategies such as assets & estate protection, reductions, investment strategies, and more.
Get the Help You Deserve in 3 Simple Steps
Here’s how to get in touch with us and start receiving our financial and tax services in Meriden:
Step 1: Schedule a free, confidential consultation with one of our IRS tax attorneys.
Step 2: Our attorneys will help you put together a plan.
Step 3: Resolve your tax issues with ease.
Our Financial Planners in Meriden, CT, Are Here to Help You Reach Financial Freedom
Regarding IRS audit representation in Meriden, you can rely on the Nesso Group to offer professional advice and services. Our experienced financial advisors in Meriden are dedicated to helping our clients with all their IRS-related audits and ensuring the best outcome possible.
Forget about the stress and confusion of dealing with the IRS. With extensive experience in tax compliance, we can provide tax services in Meriden that will meet your objectives and goals. You’re our priority, and we’re committed to helping you achieve financial success. Contact us today to learn more about our services.