JK Harris Says IRS Audit Notice Doesn?t Always Mean Doom
NORTH CHARLESTON, SC (ContentDesk) December 9, 2004 -- We've all heard the horror stories: Someone you know received an audit notice from the IRS and is afraid they'll lose everything.
Well, JK Harris, the nation's largest tax resolution firm, says an IRS audit notice does not always signal financial doom. Headquartered in North Charleston, S.C., JK Harris & Company (www.jkharris.com)represents hundreds of clients every year at IRS audits.
However, having to actually attend an audit is not always a requirement, according to JKH Executive Vice President of Operations Charlie Jones."Getting an audit notice from the IRS is not necessarily a death sentence," said Jones, a 33-year veteran of the IRS and an Enrolled Agent.
"It is true that many people have to meet in person with an IRS Revenue Officer, but many times the reason for an audit can be something as little as confirming an entry on one of your tax returns."Jones said that if you are notified that you will be audited, take it seriously but don't panic.
First, read the letter from the IRS carefully and figure out what you are being asked to do. It may be as simple as signing your return. Jones said there are three basic types of audits, and the letter will explain which one applies to you: (1) A Correspondence Audit is for minor mistakes. A letter from the IRS instructs the taxpayer what documentation to send them through the mail. Once the IRS is satisfied that it has the correct paperwork, the matter will be closed.
(2) A Field Audit is one in which the auditor pays a visit to your home or business to verify the accuracy of your return. This type of audit is usually performed if the return is complex and involves business operations. If your records are neat and in order, it will tell the auditor that you are a conscientious businessperson. (3) An Office Audit requires that you physically appear on a specific date and time at an IRS facility and bring your documentation. You should bring only the documents requested.
Otherwise, you will leave open the possibility of an examination of all your records, even if they are not in dispute. If you are unable to keep a scheduled audit appointment, phone and reschedule as soon as possible.Recent statistics from the IRS' National Media Relations Office bears out Jones' suggestion not to overreact at the site of an audit notice.
Over 80 percent of the more than 1 million audits in 2004 were correspondence audits.Besides tax resolution services, JK Harris provides support for those taxpayers who need support for an IRS audit.
Many may question the need of professional representation, but it is usually worth the investment to bring along a professional since taxation is very complicated and technical."If you receive a correspondence audit, just sending the information they need should take care of the issue," Jones said.
"But if you do need to meet with the IRS face-to-face, we highly recommend professional representation." JK Harris & Company, LLC (www.jkharris.com), based in North Charleston, S.C., is the nation's largest tax resolution company with over 470 satellite offices in 45 states and has serviced over 120,000 clients since its founding in 1997 by John Harris.
JK Harris also provides services for consumer and commercial debt, student loan debt, investment fraud, financial planning, mortgage services, tax return preparation, and assisting individuals who require support for an IRS audit..
Shorten Your Journey to Business and Personal Success
According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that companies with profits below ?10,000 willnot have to pay any corporation tax with effect from 1 April2002. The question to be asked is: does that announcementmake incorporation a more attractive option compared tobeing a sole trader?The answer is that from a tax point of view, it isadvantageous to trade through a limited company as longas the income is drawn from the company by the owners asdividends from their shares and the amount of dividendsdrawn is restricted below the 40% band rate (i.e. ?31,063for tax year 2002/03). That way, the owners have no furtherpersonal tax ("income tax") to pay.
Moreover, dividends arenot subject to national insurance contributions. This isexcellent news of course. But, if dividend income fallswithin the higher rate bracket of income tax (i.e. above?34,515),...
Shorten Your Journey to Business and Personal Success
Tax help > Shorten Your Journey to Business and Personal Success
Estate Planning for Financially Savvy Parents and Grandparents
College costs are escalating rapidly.
The parent or grandparent of a 3-year-old can expect that child's 4-year college education at a state school such as Florida State University to cost nearly $100,000 assuming only a 5% tuition inflation rate. Costs at an Ivy League university such as Yale are predicted to be nearly $350,000."Parents and grandparents have a variety of options in addition to the well publicized 529 plans that can fund a child's education," states Marc H. List, J.D., CPA, a shareholder at Goldstein Lewin & Co., Certified Public Accountants and Consultants.
"Depending upon the option selected, the funds placed in a particular account may provide tax-free accumulation.
In the case of certain properly structured insurance contracts, money may be borrowed for a variety of uses and the eventual death benefit collected with no tax effects.
One or more of these options can be used as an integral component of estate planning."An explanation...
Tax help > Estate Planning for Financially Savvy Parents and Grandparents
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A tax deed sale is simply where the county forecloses on the property owner for non payment of real estate taxes. The process for administering tax deed sales varies widely by state and even by county. In Ohio for example, tax deed sales are done as Sheriff Sales, which is the exact same department that does the mortgage foreclosures. In Arkansas, there is a state office called the Commissioner of State Lands that handles all tax deed sales. In other states, tax deeds sales are at the county level with either the Treasurer, the Circuit Clerk or the Auditor handling the sale.
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Tax help > Tax Deeds Are Some Of The Best Deals In Real Estate
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States are assessed on a scale of A-F for their management in the categories: Money, People, Infrastructure and Information. Alabama can be compared to the country's other 49 states at http://results.gpponline.org/Alabama and in the February issue of Governing magazine. The project is funded by The Pew Charitable Trusts.
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Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
Tax help > Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
Cafeteria Plan Employee Benefit Should be Another Feather in Your Benefit Program's Cap
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Cafeteria Plan Employee Benefit Should be Another Feather in Your Benefit Program's Cap
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JK Harris Says IRS Audit Notice Doesn?t Always Mean Doom Tax help
JK Harris Says IRS Audit Notice Doesn?t Always Mean Doom Tax help
Dr. Phil?s Potty Train in One Day Method - Tools Now Available
On September 22nd in prime-time, CBS will be airing "A Dr. Phil Primetime Special: Family First". On this show, for the second time in 2 years (first show aired in November of 2002), Dr. Phil will show America's Moms how to potty train their toddlers in one day. Narmin Parpia, a Houston Mom was inspired by his first show to create The Complete "Potty Train in One Day" Program, which is the only product that provides Moms with all the tools required to use Dr.
Phil's Potty Train in One...
JK Harris Says IRS Audit Notice Doesn?t Always Mean Doom Tax help Dr. Phil?s Potty Train in One Day Method - Tools Now Available potty training
Tax help > Dr. Phil?s Potty Train in One Day Method - Tools Now Available
JK Harris Says IRS Audit Notice Doesn?t Always Mean Doom Tax help
Dantel's WebMon Edge Protects DSL Service at RBOC's Network Perimeter
Fresno, CA (ContentDesk) August 15, 2006 -- Dantel Inc., a leader in the field of network surveillance and management, today announced the selection of its WebMon? Edge for nationwide deployment by yet another Regional Bell Operating Company (RBOC). The Edge will monitor remote digital equipment cabinets that power Digital Subscriber Line (DSL) equipment, thus protecting revenue generating DSL Voice and Internet services.The Edge will be deployed as an integrated component of new power cabinet...
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Tax help > Dantel's WebMon Edge Protects DSL Service at RBOC's Network Perimeter
JK Harris Says IRS Audit Notice Doesn?t Always Mean Doom
Project Management - How to Plan and Schedule More Complex Projects
Gantt charts are useful tools for analysing, planning and controlling complex multi stage projects.
Gantt Charts can;
Assist in identifying the tasks and sub tasks to be undertaken
Help you lay out the tasks that need to be completed
Assist in scheduling when these tasks will be carried out and in what order
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Tax help > Project Management - How to Plan and Schedule More Complex Projects
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