Millions of tax returns are filed annually with costly mistakes that result in potential audits. Every taxpayer (even with the help of a hired professionals) does his/her due diligence to accurately prepare their returns. Often, income is underreported because of missing important documents such as W2s, 1099s etc. Getting a letter from the IRS is one of the most unwelcomed notices at the end of a busy day. They either would say you didn’t report enough income or had too much expenses taken out to reduce your tax liabilities. They will ask you to substantiate any deductions taken on your return. If incorrectly done, that can potentially cost you thousands of dollars in penalties and interests. Hold times for the IRS are alarmingly high and nothing ever gets resolved after the first call. If you finally get through, the IRS auditor might request a face to face meeting with you. As a reminder, the IRS’ mission is to collect as much money as possible from you. The IRS can garnish your wages and seize your bank accounts—something even the President of the United States cannot do. Do you know your rights as a tax payer? If confronted with such a situation, will you know how to act? The Internal Revenue Code allows only CPAs, attorneys and enrolled agents (a person that has been accredited by the IRS) to legally represent you before the IRS. Some people try to represent themselves, but the outcome has always left a lot to be desired.
Having a seasoned CPA tax professional such as LGE Advisory Services at your side is critical if the IRS comes knocking. Once we file a Power of Attorney form, the IRS must deal directly with us. We handle all communications and correspondence on your behalf and, if necessary, meet with the IRS revenue agent so you don’t have to.