It has become important for a tax payer to know how to prevent or resolve tax audits and avoid financial debilitating levies. In United States of America, the IRS collected $56.4 billion tax revenue. The penalties are severe and it does not matter whether you are underreported or not. The IRS will consider you tax cheat in that case and you will be guilty of tax evasion for even the minimum amount of underreport income.
For the tax evaders, business owners tend to be the largest group especially during economic downturn and there are so many business owners looking over their shoulders in fear of the IRS. We can see many struggling businesses falling behind on payroll tax deposits during the current economic rundown.
Nowadays, business owners need experienced tax representation to protect the future of their companies. They need to avoid IRS levies on their wages, customer receivables and bank accounts. For instance; the IRS is offering provisional amnesty to those taxpayers hiding money overseas in a new voluntary disclosure process. You can also choose to have an irs payment plan. Taxpayers who come forward will face fines, penalties and interests – but the IRS will waive all criminal charges. Several states have already started putting more money and personnel into cracking down on tax cheats – large and small – to cut into their growing budget deficits.