Everything You Wanted To Know About State & IRS Taxes
The IRS audits people each and every year after they file taxes. Audits happen for many reasons, including claiming charitable donations, not claiming income or simply for mistakes made when filing. If you are audited by the IRS, it’s best to hire an enrolled agent or tax attorney right away. The following guide provides insight on the many ways an enrolled agent in Arkansas can make getting tax relief with the IRS easier after an audit.
Many taxpayers make the mistake of thinking that they IRS is always right. If the IRS audits them and says that they owe money, they assume that they do. This isn’t always the case, though. Even IRS agents make mistakes. An enrolled agent is thoroughly trained in tax law to ensure that any issues can be identified and addressed when reviewing your filing. They can let you know if the IRS is right in their claims. They can also let you know if you missed credits or deductions available to you.
If the IRS has made a mistake with the audit, the enrolled agent will know how to contest their claims properly. They will know what information you need to provide to prove your claims and get tax relief. Dealing with the IRS directly can be overwhelming if you aren’t educated about tax law. The enrolled agent will be able to explain the tax law to you and what issues the IRS has with your filing. The agent knows what paperwork needs to be filled out and how to do it to make the process easier. The agents in Arkansas know the difference between the laws regarding state taxes and federal taxes, so they can handle any issues that arise.
If the IRS attaches fines or penalties to your filing, the agent can help you negotiate with the IRS agent. Just because the IRS claims you have to pay a certain amount, it doesn’t mean that it’s set in stone. The enrolled agent knows what reasonable amounts are for the negotiation because they have experience negotiating with the IRS in the past.
There are times when the fines and penalties can be quite large. Most people don’t have large amounts of money saved up to pay the fines and penalties in a lump sum. The enrolled agent can negotiate with the IRS to create a payment plan that is affordable and reasonable.
