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Income Tax Preparation; a Serious Obligation

By: Kemble White

Date Added : September 22, 2011 Views : 733
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Income tax preparation is normally left to accountants. These are professionals who have studied taxation among other things. All you need to do is provide them with details of your income for the past year. If you are operating a company or a medium sized firm, then your accountant will solve all tax matters. However, a tax resolution lawyer may come in handy in case of disputes. You may have paid more tax than was required or the opposite. You may collude with the accountant to file a fraudulent return or fail to remit taxes. These actions are termed as IRS tax crimes.

Employees from IRS may be sent to investigate your business or company. If it is felt that you may have defaulted on tax payments, then you will be notified of possible IRS tax crimes. Accounting knowledge can come in handy during income tax preparation. That is why you need to hire a tax resolution lawyer to assist you handle all taxation disputes. Every year, it is mandatory for you to fill annual returns showing how much you earned and the taxes paid thereupon. You may yourself with arrears going back several years. Failure to submit an annual tax return constitutes an IRS tax crime.

IRS tax crimes are punishable through hefty fines or even a jail term. IRS takes these matters seriously and no defaulter is let off the hook. If you find yourself on the wrong side of the law accused of IRS tax crimes, the best thing to do is engage the services of a tax resolution lawyer. To avoid aggravating the problem further, you should take advantage of the grace period granted to defaulters as advised by your tax resolution lawyer. The IRS has up to 5 years before they can initiate criminal proceedings against you. The tax resolution lawyer will ensure that income tax preparation covering the period defaulted, takes place at the earliest.

Before you are accused of IRS tax crimes, the IRS will do their own income tax preparation estimate. You are supposed to hand over these estimates to your tax resolution lawyer for further analysis. You can also have taxation accountants reconcile your income tax preparation against what the authorities have indicated. The accountants will have to bring your records up to date with respect to each financial year. They will then apply the tax statutes that were in place during the period in question.

The government has its own revenue auditors whose work it is to examine all returns from individuals and companies. They are also entrusted with collection of arrears. These are the people your tax resolution lawyer will contact. You are not allowed to consult these auditors directly; doing so is an offense and can be seen to aggravate the IRS tax crimes. Once your case is with the tax attorney, you can only wait for the outcome of the income tax preparation dispute. A good attorney will always provide a watertight defense against IRS tax crimes. Do not do anything to compromise the revenue auditors.

Kemble White is the author of this article on Tax Lien and Levies. Find more information, about IRS Tax Crimes here

Article Source: Income Tax Preparation; a Serious Obligation

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