If you have had an unexpected problem with your taxes as a business owner, and the IRS has caught up with you, there is no need to panic. The problem is not uncommon, and there is a painless solution. You just need to hire a tax professional to carry out an internal audit and help you figure out the extent of your problem. Here are three pro tips and guidelines for a more comfortable IRS tax resolution experience.
Handling the Notification
The first thing the IRS does when they realize you have committed an irregularity is sending out a notice. The letter could be notifying you that you have a balance due. A lot of people make the mistake of putting aside the letter and hoping that the issue will go away if they don't understand the reason behind the notification. If you make this mistake, the problem will only get worse.
On the other hand, if the letter is notifying you that you have a refund due, the only action to take is to find out how to claim the refund. You can claim the refund by asking for a direct deposit or check. However, if you owe money, hire a tax consultant to help you follow up and find the cause.
Working With a Competent Tax Professional
A lot of business owners hire a tax professional when they realize they are in trouble, and then expect the professional to magically resolve their situation. If you want a quick and amicable resolution to your tax problem, you have to give total disclosure to the person you are dealing with.
Hiding some things that you think are too personal to be handled by a tax resolution service will land you with bigger issues. Additionally, when you hire a professional, you have to step back and allow them to do their job. Interfering will complicate the situation.
Filing All Missing Returns
Once the IRS has you on their radar, you have to make sure that you leave no stone unturned. They will analyze every transaction you have ever made to ensure your books are clean.
The tax professional will comb through all you unfiled returns and file them before it gets complicated.
You need the help of a professional in resolving tax issues with the IRS. Take time to pick a tax resolution service who will clear your books, because the future of your business depends on their skills and expertise. For more information about tax resolution services, contact a local office.