Different Attorneys for Different Audit Types

Tax law is a highly specialized area of expertise and there are many different types of taxes. Thus, not all lawyers have expertise in all types of tax issues or problems. As a result, it would be a good idea on your part to prepare a bit more in looking for a good tax lawyer than might be the case with other areas of legal expertise.

The IRS uses a multiplier to determine the future earning potential of a taxpayer seeking an Offer in Compromise. In short, the IRS calculates a taxpayer’s monthly net available income by comparing gross monthly income to his or her allowable monthly expenses. This monthly net available income is projected into the future for a set period of time, determined by the type of offer selected. For a lump sum cash offer, the IRS projects the net available income over the next forty-eight (48) months.

The words IRS audit strikes fear into even the bravest soul.The best way to strike back this fear is knowledge.Knowledge is power.I hope to give you a small piece of knowledge to help you understand the different types of IRS business audits.

Many Americans fear an audit from the IRS more than anything else. If you are targeted for any kind of audit, you need to have a knowledgeable tax lawyer on retainer. Some audits are less severe than others; the IRS employs three different kinds of audits. If any of them are happening to you, the tax attorney is in the best position to help you.

Criminal-Investigation Audit

If you are suspected of tax evasion, the IRS will conduct a criminal-investigation audit. If they prove that you have purposefully not paid your income taxes, you can face substantial fines and even jail time. Obviously, you should retain qualified legal counsel if you face this type of audit.

Get It Over With!

Unless your records are perfect, the IRS will probably disallow at least one deduction on your return or reclassify some deposit you cannot document (perhaps a gift) as income. Most people who get audited end up owing something. An audit isn’t fun, but the best thing you can do is to cooperate with the IRS agent. With any luck, the agent will check out a few basic items and wrap things up quickly.

You should choose a tax audit lawyer who will fight your case with high competence and nothing less. They say that the definition of wisdom is learning from your mistakes; however, this is not the time to allow for mistakes. Your lawyer should already possess said wisdom, and have at least seven years of experience in handling tax audits. You definitely want to avoid a situation in which an inexperienced lawyer is learning from his mistakes while defending you.

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