Corporations all around the world are prone to experience tax fraud, and the IRS in these countries respond in various manners. But our focus for the purpose of this article is corporations charged with tax fraud in the state of Atlanta, Ga, and how the IRS responds to the crime within the state. At Cumberland Law Firm, LLC, as an individual staying in the Atlanta region and facing tax fraud charges, our services are aimed to thoroughly satisfy you and provide you with all the basic information you need on the topic. To understand what exactly we do, it would be necessary first to understand what exactly tax fraud is and how serious an offense it is.
Tax fraud or income tax fraud is an attempt by an individual or an entity (company or corporation) to intentionally lower one`s tax returns. This does not refer to little mistakes one makes in order to calculate the tax liability but instead the use of wrong data to intentionally lower such tax liabilities. So simply put, any attempt to mislead the IRS could be considered as tax fraud. The IRS has a set of guidelines through which they determine if a case is a situation of negligence (due to their numerous rules) or an attempt to defraud them.
The government and the IRS take these cases of tax fraud very seriously. It is estimated that tens of millions of dollars are owed to the government each year by way of tax fraud. This is why the sentences for this charge could range from little as fines to as severe as prison time. Hence, serious research is carried out before a person or corporation is finally being convicted. Now that you are fully aware of how serious tax fraud cases could be, you should understand why an IRS notice should be highly unsettling. But do not despair, as soon as you get a tax fraud notice or a summon to review your tax returns, it would be wise to align yourself with a well-experienced law firm.
There are a few common notices that are regularly issued by the IRS with regard to having back taxes. We will now go through a few of them to determine how to respond in such cases. The IRS occasionally sends letters to people to make them aware of the reason for the summons, and in most situations, it is easy to avoid implicating yourself if you know what to do. A few of the notices and the necessary course of action include:
The LT11 Notice
The LT11 is usually sent if or when a person owes overdue taxes. When this notice is sent to a person, it would be wise for the person to contact the IRS immediately because, within the notice, the person would be warned about the intent of the IRS to seize a few of the person` property. In these situations, the best thing to do would be to simply clear the debts and pay your outstanding balance, but unfortunately, you might not be able to do so at the time of receiving the summon. If you are one of those unable to pay immediately, it would be best to contact the number indicated on the notice. But if you are in a situation whereby you have already paid but not yet credited, you could simply send proof of payment to the IRS, and you are good to go. These payments can be made online.
The CP501 Notice
The CP 501 notice, is one that is issued to you if or when the IRS aims to notify you of a balance that is due on your tax account. Such notice also comes with a deadline or due date for payment, the options available for payment and the amount to be paid, so one should endeavor to read it carefully. This way, you will be aware of all the options available to you and opt for the most conducive.
The CP503 Notice
The CP503 Notice is also another notice sent by the IRS to notify you of the fact that they have still not gotten feedback or a response from you with regard to the unpaid balances present in your account. Similar to the CP501 Notice, this CP503 Notice also contains a final deadline date, your available options of payment and amount to be paid. Hence it also needs to be carefully scrutinised, and the options weighed meticulously. This way, the most viable option for you would be selected, and you must endeavor to clear the amounts before the date of the deadline or at most, on that very day.
The CP91
The IRS sends the CP91 to you when there is a plan on the ground by them to levy as much as 15% of your social security benefits due to the need to account for your unpaid taxes. This notice or documents need to be read again and again in order to be completely understood, or you could ask your lawyer to explain its content to you. This is because it contains the IRS` actions against you, and it would be in your best interest to be aware of those actions. But when this document is received, it would be good to make full payment as soon as possible, or if you are unable to afford a full payment at the time, you could ask the IRS office for a payment plan.
The above a few notices issued by the IRS, the situations that elicited their issuance and the primary course of action by individuals receiving them. The actions suggested above in most cases is applicable only by individuals as corporations would find things to be a little more complicated (especially larger ones). In the case of corporations, there is a possibility of audits arising. In best case scenarios, the audits could be handled via mail (exchange of letters containing proof) and at most office audits would be carried out. This office audit involves a series of inquiries and questions of fact issues. Nevertheless, a field audit is also plausible (conducted by a revenue officer scrutinizing the taxpayer` records).
Generally, whether individual or corporation, it would not hurt at all, in fact, it would be in your best interest to get a lawyer on your side as soon as possible whenever these tax notices are documents are issued.
For those in the Atlanta area, the Cumberland Law Group, LLC is made up of a team of highly dedicated and experienced attorneys who are ready to come to your aid whenever you need their help. For corporations, the audits carried out should not be too unnerving as there are guides and restrictions provided by the law to protect taxpayers throughout the entire audit process.
At Cumberland Law Group, LLC, we strive to get the best possible result for our client. That result could be totally clearing of our client` name or minimizing to the barest minimum, the amount to be paid to the IRS. Quite a number of our clients in Atlanta have had satisfactory reports to make with regard to how IRS and other state tax-related issues were handled. Moreover, we offer a free consultation, so contact us as soon as possible.
