Expert Tax Resolution in St. Petersburg
The complex and ever-changing tax code makes tax problems a constant possibility. By contracting a qualified tax preparer such as Raymond Moulton, CPA, you can focus on achieving your core business objectives. In addition to educating you on the best practices, our accountants help you avoid fines, penalties, and other problems with the IRS. We also provide you with support and guidance during IRS audits and tax settlement processes.
We proudly serve our community in St. Petersburg, with efficient, affordable, and discreet tax resolution services. If you're looking for trusted tax planning backed by decades of experience, contact us to schedule a consultation today!
What Types of Audits Could I Face?
If you receive an IRS audit notice, it doesn't necessarily mean you're in trouble. Sometimes the agency evaluates random tax accounts as a way of measuring general compliance. This type is known as a Taxpayer Compliance Measurement Program (TCMP) audit. Other types of audits include correspondence, office, and field audits.
This type accounts for over 70% of all audits. The IRS typically sends you a letter outlining your tax return discrepancies and requests you to mail back specific information. The tax agency expects you to send receipts and certain financial documents to substantiate your expenses and other claims when filing tax returns. Ensure you respond promptly to these requests to avoid further trouble with the IRS. Our accountants will help you identify and submit all the documents needed to clear your name.
The IRS will initiate an office audit if inquiries are too elaborate for a correspondence audit. You'll receive a letter asking you to visit the nearest IRS office, where agents will ask for details regarding some entries in your tax returns. Documents subject to discussion include itemized deductions, business profits or losses, and additional income and expenses.
You may also have to answer questions about your company structure, employee roles, and other financial aspects. Our CPAs are ready to represent you during these meetings since we have the expertise and know the exact information the IRS might need. If you represent yourself, you might unintentionally give the agency reason to expand the audit scope.
This type of audit is the most far-reaching because it involves a visit to your business premises by IRS agents. These agents will likely specialize in your industry, so their evaluation is more thorough than other audits. They can also ask questions outside the scope of your tax returns. Their tasks may include interviewing employees, reviewing financial records, and touring the premises.
The IRS agent's objectives are to understand your management structure, internal operations, and accounting method, and to identify any deviation from similar types of business. A field audit may last one day to a full week, depending on how complicated your tax returns are. Our accountants can communicate effectively with the IRS auditors to help your audit go smoothly.
How Raymond Moulton, CPA Can Help
We offer comprehensive solutions to various tax problems. Our expert CPAs start by researching your case. Besides reviewing your current financial standing, we go over the past three years of tax returns to identify the source of problems and determine the best solution. This process involves evaluating changes in your business expenses, capital gains, cash flow, and other factors that might impact your tax returns.
Once we understand the likely cause of your audit notice or tax debt, our experienced team will start the resolution process. We ensure you have all the necessary financial and business documents, review your options, and represent you at the local IRS office. If you must meet federal tax agents, we'll coach you on the best communication strategies to use. We'll also help you determine the best debt settlement option for your business. Popular payment plans include installment agreements and Offer-in-Compromise (OIC).
Offer In Compromise (OIC)
An OIC is an agreement between the IRS and your business in which the tax agency accepts an amount that's less than what you owe. Before submitting your application, we'll help you calculate the reasonable collection potential (RCP), gather relevant financial documents, and calculate business expenses. During your OIC application, the IRS expects a payment of either the first monthly installment or 20% of the total amount.
Your chances of success will rise if you've been tax compliant for at least two consecutive periods. Should the government accept your offer, you must exercise tax compliance for the next five years. It's harder for businesses to convince the IRS to consider their applications compared to individual taxpayers. However, Our CPAs will do a frank assessment of your options and give you the most suitable solution.
Resolve Your Tax Problems with Raymond Moulton, CPA in St. Petersburg
Raymond Moulton, CPA has all-inclusive answers to your financial problems. In addition to tax preparation, we also excel at customized tax planning and representation before the IRS. We can make your tax preparation and filing more efficient by providing a variety of related services. These include small business accounting, payroll, cash flow management, new business formation, succession planning, financing, business valuation, and part-time CFO services. If you reside in St. Petersburg and need to resolve tax problems, call today and schedule an appointment!