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One of the most important tasks that should be Tax Problems Atlanta done prior to any tax audit is to prepare a tax resolution for the local government. An IRS tax resolution prepares the facts for the officials that are conducting the audit and allows them to determine if your situation is similar to theirs. It will also allow you to plan a strategy if you were audited in the past.
The initial tax resolution should be filed along with any other supporting documents to be provided to the government official. The documents that will be submitted include tax information, tax appeals and recent financial statements. They will need to know what types of tax issues you faced in the past, and how you resolved those issues.
When preparing a tax resolution, be sure to include information about any tax lien or mortgage overpayment issues that you may have had. This information should be based on a budget and should only be limited to past information. Any information beyond the past four years is not appropriate for inclusion. This is because of the complexity of these forms and the fact that they will be reviewed for accuracy by an audit specialist.
The state of Georgia has a local government that handles income tax audits. The local government's number one priority is to ensure that all taxpayers pay their fair share of taxes. The entire point of a state income tax is to take some of the burden off the local governments and put it onto the taxpayers.
The process of preparing a tax resolution for the local government starts with the first step: prepare a detailed income tax return. There are several things to consider when preparing this form. Include the following: yearly gross income, estimated gross income, etc. If you do not file an income tax return and do not show the government your current financial status, they may assume that you are bankrupt and will use a bankruptcy search to determine if you are financially responsible.
The next step is to obtain tax payments and financial statements. These can include bank statements, paycheck stubs, income tax returns, etc. Make sure to keep all supporting documents in order for the next step of preparing the tax resolution.
Prepare a tax resolution about the previous year's taxes with information from the earlier year's tax return. It is not a good idea to include the estimated income for the previous year; only the information from the previous year is required.
The next step is to prepare a financial statement from the prior year. You will need to create a financial statement based on the previous year's income and expenses as well as a debt list. A debt list consists of information such as credit card statements, bank statements, medical bills, etc.
Remember to include a statement from your accountant which gives details on your tax return from the prior year. This statement will give details on your tax liabilities, refund requests, etc. Include the following: date received, tax due, refund amount, etc.
The last step in preparing the financial statement is to send the financial statement to the government official in charge of the audit. They will review the financial statement to make sure that all of the information is accurate and will contact you for clarification.
The last step in preparing the financial statement is to submit it to the government. If you feel comfortable and prepared, you may want to consider submitting a single tax resolution rather than one with all of the necessary information.
Once you have prepared the tax resolution and your financial statement, you are ready to have the government officials to review them. Ask your accountant or any other professional to review your financial statement.