San Jose, California, got its nickname "Silicone Valley" due to the plethora of technological companies specializing in computers and engineering in the place. The city has the record for having one of the highest median household incomes in the US. Subsequently, the Internal Revenue Service comes knocking every now and then to carry out audit reviews, especially among high-income tax filers.
First things first
What must you do if you receive an IRS Audit Letter? Professionals propose that you must not proceed to any IRS audit without first getting dependable San Jose IRS audit representation. If you aren't well-versed in the intricacies of tax law, then that's all the more reason to get a tax audit representative. With their guidance, you should have no problem managing your documents and records to back the items that the IRS could possibly call into question.
Exactly how do you know if you or your businesses are at risk of an IRS audit? In addition to having high income rates, even miscalculations or inaccuracies in your records could catch the eagle eye of the IRS. Misappropriation or failure to divulge all taxable incomes is also a big aspect, as it could lead to charges of fraud. Even your charitable deductions, though noble in intent, might raise a flag, particularly when your deductions are considerably more than your earnings.
If you are caught guilty of underpaying your taxes, you could be subject to a penalty amounting to 20 % to 75 % of the underpayment amount, depending on the severity of the underpayment. Interest fees are filed in situations of negligence such as failure to submit your returns on time, among others. For the worst instances, like conviction tax evasion and other tax criminal activities, the penalty may be absolutely nothing less than imprisonment.
IRS audit representation in San Jose in addition to in other areas is a type of assistance many tax payers have found important. Do not hang around until it's too late. No matter if you own a business, work as a full-time employee, or are self-employed, be sure to constantly document precise information on all your tax returns.
The slightest error on your tax return might warrant a visit from the IRS. To avoid substantial losses on your part, exercise due diligence and accomplish your duty as a law-abiding citizen. To find out more on surviving the IRS audit, look at kiplinger.com/features/archives/12-audit-red-flags-the-irs-looks-for.html.
Find the Need of Effective San Jose IRS Audit Representation