Tax compliance is a task that businesses must stay on top of year-round. From relatively simple and straight-forward filings, to highly complex and intricate controversies, clients can rely on us to help them get organized, comply with laws and regulations, help negotiate disputes, and work diligently in their best interest.
The IRS outlines three primary areas IRS auditors will examine when auditing a company or organization:
- Filing: do they comply with IRS regulations?
- Payments: do they satisfy IRS regulations?
- Reporting: are the numbers reported according to IRS regulations?
In an effort to ensure ongoing tax compliance, our law firm has identified five major aspects that should be addressed, monitored, and implemented.
Meeting Tax Deadlines for Tax Compliance
Getting all filings, deposits, and payments submitted to the IRS on time can be a challenge, but meeting those deadlines is crucial to a business’s conformity with federal laws and regulations. Deadlines are influenced by numerous factors, however, including busines type, previous tax liability reported, the company’s pay periods, and more. It is easy for one or more deadlines to disappear under the radar and be overlooked.
Our firm is committed to helping businesses determine the proper schedule for tax filings, deposits, and payments to ensure that important deadlines won’t be missed.
Submitting the Proper Documents
Between employee onboarding and hiring contractors, collecting copies of ID and social security numbers, or tax identification numbers, a mountain of paperwork piles up. W-2s must be sent out to employees, along with W-9s for contractors, 1099s, and potentially a variety of other documents. Keeping track can be difficult.
We can help organize your tax forms for partners, owners, employees, and contractors. Your IRS tax lawyer helps ensure that the proper documents are distributed to the right people, on time.
Unfortunately, it isn’t enough to collect the appropriate forms and distribute them accordingly. The IRS also checks for irregularities and omissions in the record-keeping process. Diligent record-keeping is also important so tax professionals know where to find documents needed to prepare filings and to ascertain that the correct information is submitted to the IRS. In addition, creating an accurate paper trail is crucial in the event of an IRS audit, as tax lawyers will need quick access to those documents to effectively argue on behalf of your business and deliver proof that no deliberate wrong-doing occurred.
Our attorneys are here for you in the event of an IRS audit. Consider contacting our consultants ahead of time for professional record-keeping advice that may help ward off red flags for taxing authorities.
Accurate Filing and Reporting
Businesses often find themselves part of the rush to ensure tax compliance by their particular deadlines. This time is often highly stressful for business owners and their accounting professionals as they hurry to close last year’s books and strive to submit the correct reports and filings on time.
Consider consulting a tax attorney to ensure your business’ tax debt owed to the IRS is kept to a minimum. Our firm delivers professional services to protect the best interest of your company or organization.
Correct, On-Time Payments
Yes, accurate record-keeping, reporting, and filing are extremely important. But perhaps the IRS’ top priority is payments. Underpaying is a common but costly mistake. Companies and organizations that fail to submit the proper payments are subject to penalties, at minimum. In addition, severe or deliberate breaches may result in fines and even criminal prosecution.
Even when underpayment is unintentional, the IRS may attempt to collect its dues in the form of wage garnishment, property liens, and bank account levies.
Our firm can help keep your IRS payments on track, with accuracy and timeliness. In other words: The best IRS audit is the one that never happens in the first place.
Tax compliance is one of the most important aspects of conducting business in the United States. Our attorneys stand ready to assist on all levels of tax compliance, from determining deadlines, deposits, payment amounts, and guidance in the collection and distribution of tax forms to business associates and employees.