What to Do if You are Facing a Tax Audit

What to Do if You are Facing a Tax Audit

Tax Law
Unless you are receiving a refund or stimulus payment, no one wants to receive communications from the IRS. In many cases, such unexpected letters include notices of an audit for either your personal or business taxes. Some audits are random and could never be predicted, while others are triggered by discrepancies or suspected inaccuracies on your tax returns. If you receive notice of an audit, the coming weeks can be inconvenient, as you will need to gather a significant amount of information. It can be tempting to ignore the notice and hope the issue disappears, though it will not disappear, and failing to address and handle an audit properly can have serious consequences. You should contact an experienced tax audit attorney in San Francisco as soon as you learn about…
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As Per the “People First Initiative,” the IRS will Suspend Most Audits and the Collection of Most Back Tax Liabilities

As Per the “People First Initiative,” the IRS will Suspend Most Audits and the Collection of Most Back Tax Liabilities

Uncategorized
By Anthony Diosdi On March 18th, the Internal Revenue Service (“IRS”) promulgated Notice 2020-17 entitled “Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic.” The notice provided for an extension of time to pay federal income taxes originally due April 15, 2020 until July 15, 2020. This relief applied only to individual tax amounts up to $1,000,000, regardless of filing status or up to $10,000,000 for each consolidated group or each C corporation that does not file a consolidated tax return. On March 20th, Treasury Secretary Mnuchin announced on Twitter that the deadline to file tax returns has been extended to July 15th.  On March 25th, the IRS unveiled a new “People First Initiative.” This initiative was enacted by the IRS in an effort to “at least temporarily ease…
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