Unfortunately, the tax process is not always smooth. Audits and disputes can sprout up from unanticipated errors or risks, and the results can be costly. Controversy and dispute resolution services exist to help you prepare for this in a number of ways—including following certain steps before your audit, navigating tax litigation, and more.
Pre-Audit Plans
Before an audit, there are a number of steps to ensure that you’re prepared. Firstly, make sure that your process includes strategies which can assist your operation in an audit. These include pre-filing rulings such as unilateral agreements and advance pricing agreements.
Keeping contact with the proper tax authorities is also integral to get insights into the tax process so you can be more certain that you’re protected against penalties. In addition, internal reviews of audit and controversy risks are crucial to making sure an audit doesn’t take your operation by surprise. Once risks are identified, incorporate risk management into your processes.
Dispute Resolution
Attaining resolutions to disputes can be an intricate process, requiring a tax official to properly guide businesses to the most efficient conclusion. An accountant can analyze your business’ tax risks to anticipate and manage controversies and disputes in order to save you time and potentially money.
There are two types of disputes and controversy to account for— federal and state and local. The IRS, in charge of federal taxation, have a wide array of areas in which they can analyze for audit purposes. The state and local taxes, on the other hand, are subject to an increasing bevy of regulations.
For more information or assistance with handling your controversy and dispute resolution needs, contact Atherton & Associates, LLP.
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