Taxes are one of those things where if you have money, the man will come down and try to take as much as he can. You cannot avoid taxes, but you can manage them. Falling into that category where you make just enough to fall into the higher tax bracket but not enough to be able to disburse the income, is tough. The best thing you can do is hire a tax professional to mitigate the damage and hopefully leave you with some of the money you earned for yourself and your loved ones.
Many people hire a CPA to handle their finances and entrust them to do so ethically and within the confines of the tax code. Unfortunately, that trust can sometimes be misplaced and the next thing you know, the IRS is contacting you regarding some discrepancy they found during an audit. At that point, it would be prudent of you to look for a tax filings review, tax fraud detection attorney. Even though a federal agency monitors federal taxes, a local tax lawyer familiar with national regulations is a better option. In Dallas, TX, for example, the manner in which business is conducted differs from the way business is done in Lancaster, Pennsylvania and a local attorney would be more familiar with the surrounding business workings and have a better grasp as to how to approach the particular discrepancy IRS is concerned with. A local attorney is even more important when there is a tax disparity at the state level.
Being a business owner is tough enough, and when you find out that your partner is involved in monetary maneuvers involving the company’s taxes, you need to do something right away. Hiring a tax fraud detection attorney who also has a CPA certification should be your first step. After a lawyer reviews the tax filings and explains to you what is going on and the extent to which it has progressed, you will have the information you need to rectify the situation.
Bufkin Law Firm serves Dallas and the surrounding communities.