When Facing the IRS Make Sure You Have A Qualified Tax Attorney

Exterior of the Internal Revenue Service office in midtown New York. (Photo credit: Wikipedia)

Literally dozens of questions can be asked of a tax attorney in Los Angeles. Some of the most important are included within the context of this article. A tax attorney can help you to avoid jail time for long-term tax evasion in some cases and can also help you to reduce payments, interest or even settle on a smaller amount for repayment. Getting in trouble with the IRS is not something you want to do as an individual or as a business owner. 

How to Make a Payment Plan with the IRS to Avoid Penalties and Tax Evasion

After preparing your taxes, you may not know quite how to go about working out a payment plan with the IRS when you owe a considerable amount. It is ideal to seek the help of an attorney as they better understand the policies, laws and restrictions that may be put in place in order to make a feasible payment plan. 

Penalties That Can be assessed

Penalties, mostly from interest, can be assessed when you do not adhere to the agreement with the IRS, are late filing or are late paying. Other penalties can be put into place depending on your situation; some serious penalties can include a wage garnishment or a bank account garnishment. The IRS can also put a lien on your vehicle and/or property until the monies owed are paid.

How to Avoid Penalties

You will want to ask your attorney how to avoid penalties. The attorney may suggest filing for an extension to give you more time to prepare your taxes. In most cases, this is a six month extension. At this time, you must at least have your return filed. The return does not have to include payment at this time. 

How to Keep Better Tax Records

An attorney may be able to help you better organize your tax files. You should ask how to organize receipts and expense reports in order to properly calculate these items into your itemized deductions better. You should also ask what items to disregard keeping records for as some items cannot be deducted.

What Items Need to Be Kept and for How Long?

Generally speaking, tax records should be kept for at least 5-years. This means that you will want to keep all items used to file taxes in a box in storage or in files on a computer for at least five years. This should be items such as W-2’s, 1099s and any other documents proving income or revenues. You should also keep utility reports, vehicle usage reports, business expenses, office supplies and equipment purchased to name a few items.

Keep these questions in mind when you seek the help of a tax attorney. It is also a good idea to keep a list of questions written down to take with you or bring up in a phone conversation. The only way that you are going to better understand what can get you in trouble and how to avoid making mistakes in the future is to ask.

Only Trust The Top Tax Firm For Your Serious Tax Issues

Any person who encounters tax problems should certainly consider consulting with a professional Canadian tax firm. With the intricacies of Canadian tax law being what they are, a taxpayer may be better served in hiring the services of a tax firm to ensure that they are on target with actions to resolve any issues. A tax firm works with taxpayers to resolve their problems with the Canada Revenue Agency (CRA). In fact, tax firms generally focus on tax-related problems and relief. If you are looking for help with Canadian tax problems, tax professionals provide a wide range of services that helps a taxpayer in trouble go through an audit successfully, have liens removed, fines reduced and navigate through the minefield of self-employment and business tax issues.

Tax-related problems, such as tax evasion and late tax filling, can be serious problems with very serious consequences. It is not a good idea to deal with the Canada Revenue Agency without legal assistance. It is crucial to hire a top tax firm, because they can provide you with the best tax professional. They employ some of the most knowledgeable and experienced tax experts available and handle both personal and business tax issues with ease. Most business owners consider tax firms to be as important as accountants, helping you to eliminate tax problems before they even show up. An experienced tax person can detect potential trouble spots and can advise you how to avoid the problems. Canadian tax law can change at any time, so make sure you hire someone who is informed on the latest changes and will advise clients accordingly. Any taxpayer who is looking for a tax specialist should research properly in order to find a good one. The taxpayer should find a representative with a lot of experience in providing help with Canadian tax problems like dealing with the tax department, resolving debt issues, and representing real live taxpayers. It is also important to make sure that they are a member of the professional association.

If you’re looking for a tax firm to help you with your tax problems, make sure that the firm is permitted to act on your behalf with the CRA. Find out what kinds of cases they have worked on previously and make sure that they have experience in handling your type of case. When it comes to tax issues Tax911 Now! is knowledgeable, experienced and makes you feel comfortable. Canadian tax fines tend to snowball and it's always advisable to take care of problems before they become big issues. Delaying in seeking help could be very costly and might lead to undesirable situations for you. The money you invest in getting tax help can certainly be considered a smart investment.

Author Bio:

As a taxpayer you can trust the blogs of Doug Mathly to provide sound advice on tax rules and seeking help with Canadian tax problems. Doug had the opportunity to work with the professional team at Tax911 Now! recently and he suggests that before you get in over your head you should contact them and find out how to approach your tax issues.

Tips on Finding the Right International Tax Accountant

It is critical to find the correct international tax accountant who will meet your tax obligations properly, provide great tax planning and avoid tax audits. This article, written by an international tax accountant in Toronto, provides useful guidelines on finding knowledgeable and experienced international tax expert.

1. Examine Your Needs

In order to find the right tax accountant, it is important to know which country’s tax laws will need to be complied with and what kind of services you require. Do you need to hire an international tax accountant in Toronto, Canada or in a different part of the world? Do you need an accountant to simply prepare your tax returns or do you need someone that is specialized in a specific area such as self-employed individuals, small businesses, and real estate? Given that different tax accountants have expertise in different tax fields, it is crucial that you select a tax accountant who will be best suitable for you. When you are aware of the services that you require, embark on your hunt. Get hold of reliable recommendations and create a list of prospective accountants. 

2. Enquire About Their Tax Field of Expertise

When considering potential accountants, you should inquire questions in-depth. It is crucial that you spend enough time and effort in selecting a tax accountant. Find out whether the services provided by the accountant fulfill your needs and whether they have the qualifications and experience necessary to accomplish the task effectively. It is important that you hire someone who is specialized in the area you need help with and has a lot of experience working with your kind of business or individuals in similar tax situations as you

3. Verify References

In order to ensure you obtain the right professional, you should always contact the references provided by the potential accountant. Speaking with a few of the candidate’s references, such as current clients, will generally able you to determine aptness of the candidate with a high degree of precision. The time and effort put into verifying the references will be rewarding in the long run.

4. Personal Relationship with the Accountant

When taking a tax accountant into service, think about whether you are comfortable with and trust this individual as they will be working with important financial data. As well, confirm if the candidate communicates well with you and completely answers all your questions. Easy and transparent communication is a must between the accountant and client!

5. Accounting Fees

Obtain an approximate fee for the services to be provided from the remaining candidates. Compare the different quotes and choose the accountant who has the qualifications and experience to accomplish the job effectively within your set budget!

Please visit madanca.com/Services/US-Canada-Tax-Accountant-Toronto to read more articles about international tax written by an accountant in Toronto.

About the Author

Allan Madan, CPA, CA, is an international tax accountant located in Toronto, Canada. Allan helps his clients with tax compliance, foreign reporting, withholding tax and inbound and outbound tax planning.