Tax audits occur when the IRS believes that incorrect or incomplete tax returns have been filed and proceeds to examine an individual or business' tax information to ensure that the reported data is accurate. This can occur due to simple negligence, when untrained individuals including small business owners handle their own taxes and miss a few things. It shows the necessity of the services of professional tax advisors and tax consultants in order to avoid mistakes that will attract the IRS' unwanted attention.
Diamond Head Tax Group Tax Consulting Services Help Small Business Owners Avoid IRS Audits
Tax audits entail examining an individual or organization's tax return to verify that the financial information is being reported correctly. This can occur if income has not been fully reported or business operating losses seem unusual. Inconsistencies in tax returns, omissions of information, lavish business expense deductions for meals or entertainment, and sharp drops in reported income over the years can also warrant an IRS audit.
Tax consulting services including tax preparation for federal, state and municipal tax returns will ensure that experienced pros will handle the filing process to avoid inconsistencies and omissions in the information being reported. Part of these tax consulting services include investigating financial and tax concerns, creating solutions and giving recommendations to clients.
Whether it is for businesses or for individuals, tax counselors assist them in maximizing their tax status, so that they can take the wisest financial actions. Due to this, they can reduce their risk exposure, increase their tax savings, and have accurate tax returns that will avoid IRS attention.
Contact us and let our skilled Oahu Tax Experts offer their well-rounded tax advice and tailored tax solutions to help you file accurate tax reports and avoid unwanted IRS attention.
Diamond Head Tax Group
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