Did You Get An IRS Letter Informing You That Your Business Taxes Have Errors? Hire A CPA Service Today
Posted on: 5 May 2023
If you attempted to file your small business taxes on your own and received an IRS notice for Incorrect Information Reported, you want to meet with a CPA. A CP207L notice indicates there are things missing, or flaws, and you want to get things right when you respond.
Find a licensed CPA that can help. Bring the following things for the CPA to look at when you have your consultation:
- Business EIN
- This year's filed taxes
- Financial records like bills and payroll for the year
- Tax deductions
- Payroll data
- Asset information
- Inventory details
- Last years taxes
- Loan details and information
With this information, the tax professional will be able to determine if made small flaws, or if there are major changes that need to be made to your taxes.
Taking care of this problem promptly is important because you don't want to have legal action taken against you. To find the best CPA for the job, look for professionals that offer the following.
Business CPA Experience
There is a big difference between personal and business taxes. Be sure to find a licensed CPA who has business experience and has a clientele of repeat businesses already. You can ask for references to talk with other business owners that have used them in the past. Talk about costs, immediate action that needs to be taken, and how you can move forward quickly with relieving this problem.
Legal Advice
If the CPA may think that you have some fraudulent claims in the first taxes that you filed and that you maybe should see a lawyer, make an appointment. Take all the information that you provided for the CPA and see if you will need legal representation for the errors that were made. This is a worst-case scenario, but you have to be prepared.
Although it will save you money, it is best to leave your business tax filing to a CPA. This can save you a lot of time, money, and the risk of repercussions if you have your taxes returned for mistakes, errors, or other problems.
Get opinions from a couple of different CPA professionals in your area to see what should be done about the letter that you got from the IRS, and to see how you can try to refile and fix the mistakes as fast as possible. From there on you should utilize the expertise and advice of a tax professional for all your business filing needs.
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