Nobody wants to hear that their personal or business returns will undergo a tax audit in Washington IL. However, you do not need to go through the stressful and time-consuming process of a tax audit alone. Martin Hood LLC can make sure you do not provide incorrect information to an auditor. Plus, our team can make sure your small business will not lose efficiency during the audit process.
Our local company features a diverse group of accomplished certified public accountants and business consultants. Consequently, we can offer you or your business several helpful services that will lead you to future financial success. For individuals, we can assist with tax planning, tax preparation, estate planning, and gift planning. For businesses, we handle everything from payroll to bookkeeping to accounting systems setups on up to handle the entire financial function as a virtual CFO.
Contact us now to schedule a consultation if you need assistance with a tax audit in Washington IL. Our company prides itself on providing practical advice and excellent service. We can help you reach your financial goals now and in the future.
The Internal Revenue Service (IRS) will attempt to verify income and expenses for individuals or a business with a tax audit in Washington IL. For small businesses, there are two kinds of tax audits. The first kind is known as a sales tax audit. Sales tax audits refer filing and paying sales and use taxes. Meanwhile, the second form of audit is an income tax audit. Those audits will attempt to verify the income claimed on your returns. Sales tax audits are much more common. Typically, businesses undergoing will have an auditor visit in person to physically go through your records to verify filings are correct.
Your business may just be subject to a random sales tax audit in Washington IL. Many sales tax audits occur at random. Usually, your business will not trigger a sales tax audit unless you are not paying taxes or doing something else incorrectly with filing information. Consequently, do not panic if you learn you will undergo a sales tax audit. The State has a goal of having every business undergo a sales tax audit every three years. Therefore, your business might not have done anything wrong. These types of audits are common.
There are two common triggers for an income tax audit in Washington IL. First, you may just get your named called in a random audit. So, do not automatically doubt your books if you are audited. Random audits do happen all the time. However, the second trigger involves some form of discrepancy between the numbers on your tax return and numbers provided to the IRS by third-party sources. In most cases, the IRS suspects you have underreported income. If that happens, it usually always results in an audit.
Martin Hood accountants can assist you whether we prepared your taxes or not when it comes to a tax audit in Washington IL. If you were a client with us before the audit, we can deal directly with the IRS agent if we were preparing your income and sales tax returns. If necessary, we can also work through the appeals process if we feel the IRS made an incorrect judgment. If you were not our client before the audit, we can clean up any mistakes with your books. That way, our accountants can ensure that you are providing accurate information to the IRS.
Do not panic if you need to undergo a tax audit in Washington IL. In fact, Martin Hood LLC can assist you through the process if you need assistance. Call our office at 309-220-5519 or contact us online to schedule a consultation. Our size allows us to provide you with dedicated services that get you on track for a brighter financial future.