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United States Taxpayers, both individuals and businesses, are required to self-report their taxable income to the Internal Revenue Service.  Because of our voluntary system, the Internal Review Service has implemented various systems and practices to ensure taxpayers accurately report and pay their taxes.  The process in its varied of forms is called an Audit.

What should taxpayers do if Audited??

The first step in resolving an IRS Audit is determining whether you Agree or Disagree with the position of the Internal Revenue Service.  Some audits or simply tax adjustments whereby a Taxpayer has performed a miss-calculation, merely forgets to report Income or mistakenly requested an inappropriate Deduction or Tax Credit.  Determining your position may, or may not, require legal representation.  Some Taxpayers immediately recognize a mistake or miscalculation; and therefore, have no desire to Protest the Audit.

When Taxpayers Agree with an IRS Audit, legal representation may, or may not, be required.  As in most circumstances, IT DEPENDS.  If you Agree with the IRS Audit, or if you are unsure whether you Agree with the IRS Audit, contact Davis Law at 404.901.2500 and 770.922.8500 for a free telephone consultation, or send us a message from our website - Contact Davis Law.

Now, if the Taxpayer Disagrees with the IRS, the appropriate and most reasonable next step is to obtain Legal Representation.  But make no doubt, some Disagreements can be resolved without Legal Representation, but consult an Attorney before making a final decision.

Situations of Agreement

When the Taxpayer and Internal Revenue Service come to an Agreement on the outcome of an Audit, the Taxpayer is responsible for paying any tax liabilities.

Situations of Disagreement

If the taxpayer disagrees with the Internal Revenue Service audit determination, the taxpayer will receive another notice commonly referred to as the 30-Day Letter.  Called the thirty (30) day letter because it gives the taxpayer thirty (30) days to formally appeal the Audit.  These 30-Day Letters are also mailed to taxpayers who ignore the IRS audit.  Please note, that because the 30-Day Letter is not a Statutory Letter, the IRS may grant extensions beyond the 30-Day Letter.  In order to Appeal the 30-Day Letter, the taxpayer should sent a Protest Letter requesting a conference with the Appeals Office to discuss the disputed issues.

When Taxpayers either do not respond to the 30-Day Letter, or do not prevail at the Appeals Conference, a Statutory Notice of Deficiency, commonly referred to as a 90-Day Letter will be mailed to the Taxpayer.  The 90-Day Letter gives the taxpayer ninety (90) days to file a Petition to the Tax Court.

Collections

The Collections process is too complex for a general discussion.  In short, Collections involves Liens, Levys and Garnishments.  If you are currently in Collections status with the Internal Revenue Service, please immediately contact Davis Law.

Installment Agreements

If you're financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement. As long as you pay your tax debt in full, you can reduce or eliminate your payment of penalties or interest, and avoid the fee associated with setting up the agreement.

Offer In Compromise

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. Taxpayers who can fully pay the liabilities through an installment agreement or other means, won't qualify for an OIC in most cases.

For a free telephone consultation about your business individual tax needs, please contact Davis Law at 404.901.2500 and 770.922.8500, or send us a message from our website - Contact Davis Law.

Other Useful Links:

Tax Forms

Internal Revenue Service

IRS Form 433-D - Installment Agreement

Required Minimum Distributions