Tackling the Important Stuff Early

No matter the industry I study or research, it seems that taking care of business as soon as possible is a universal truth. Seriously, whether you are an international, Fortune 500 conglomerate or a small, “mom and pop” shop in your local town, business experts recommend that a company takes care of potentially impactful business as soon as possible.

However, the need for efficiency and timeliness manifests differently dependent upon a company’s particular context. For example, if you are a smaller company, the need to be timely might be because if a particular issue is ignored, customers will leave.

But for other businesses, the need for a quick response to an issue could result from sincere legal concerns. One example could be to respond to a lawsuit quickly, in order to prevent being forced by a judge to pay a hefty fine. Or another example: responding to letters from the Internal Revenue Service about a tax controversy.

According to the THEVOZ Attorneys, LLC, the Internal Revenue Service will send letters to your business if the agency finds a discrepancy or problem in your tax filings. These letters do not mean that the agency’s findings are correct, it is merely a warning to review their potential finding and react in some way.

Some businesses will immediately see that the Internal Revenue Service’s claim is incorrect. The next step would be to hire a qualified tax lawyer. This legal counsel, from places such as THEVOZ Attorneys, could then work with the accounting and financial records of your team to file a response to the initial IRS examination.

For many businesses, the problem could stop there; the Internal Revenue Service could see their error and end the process. However, for many others, the process could require an appeal. Again, a qualified tax lawyer will be your best bet in filing a response to the IRS Office of Appeals.

As you can imagine, the United States tax code is a pretty complex set of rules and regulations. Like it or not, the tax code was not designed so that the average layman can read it and be able to navigate the legal headache whilst still running a business.

And even if your business is large enough that you can delegate out matters and solely focus on figuring out the process of an appeal or response, it is simply not in your company’s best interest to be hard-headed. Hire an attorney that knows what they are doing with the IRS examination process that could include:

  • An initial examination or audit letter from the IRS
  • A response to the IRS from your company
  • A rejection or approval from the IRS
  • An appeal to the IRS Office of Appeals from your company, if applicable

Does that sound like it is difficult to navigate? That is because the IRS is a bureaucratic machine that could swallow up your company without hesitation. Play it safe and use professionals to handle your IRS tax issue.