When it comes to being audited, you’ll be hard-pressed to find someone who enjoys the process. The IRS or state authorities can put your income and tax deductions under close review to ensure that everything lines up. While proper bookkeeping practices are helpful in eliminating any future risks, businesses under scrutiny are put under a microscope. When this happens, it’s important to seek out professional tax advice to ensure that everything is done accurately to eliminate the risk of future problems, from tax evasion penalties to other tax fraud charges.

JDKatz is proud to be comprised of some of the best tax attorneys in Maryland, utilizing our comprehensive understanding of tax law to help clients in Bethesda and Washington D.C. optimize the outcome of any challenges they are facing. While our last couple blogs focused on helpful information for Maryland businesses facing a tax audit, today’s installment will cover how we approach audits to ensure the best outcome for our clients. With a proven system that works to dispel accounting discrepancies and correct any accounting errors, our tax lawyers will be able to guide you through this complex process.

Compliance Reviews

At the start of the audit process, our tax experts will document and review all of our client’s records to gain the materials needed to build a positive outcome. This first stage includes reviewing bookkeeping systems and business operations to create an accurate assessment of the client’s tax liability. Calculating whether or not a client has underpaid or overpaid, understanding their tax responsibilities will help us to lay the groundwork for the rest of your audit.

Minimizing Tax Discrepancies

Once our compliance review is completed, and we have determined that the client is deficient in their tax records or payments, we will begin to put in the effort to track down missing documents that will be needed for the audit process. This intensive process includes a plethora of tools, from data recovery technology to forensic services and more. Missing documents will be found or have replacements ordered to ensure that we have a comprehensive approach to the upcoming audit. At this stage, our professional tax attorneys will work with the clients to ensure ongoing compliance.

Audit Representation

The audit process can be very stressful for business owners, especially when it comes to daily operations. Certain auditors have been known to be very intrusive upon starting the audit, aggressively seeking results and harassing clients in the process. Our tax lawyers will actively guide you through this intimidating scenario, minimizing interruptions to daily operations while actively keeping the auditor at bay. As a team of knowledgeable attorneys, we will also ensure that your auditor is up to speed on the correct application of state and federal laws. JDKatz will work to keep you protected while ensuring that everything is completed by the book.

Audit Analyzation

Taking a comprehensive approach to your audit process helps our team to develop a strategy to optimize the outcome of your audit. Utilizing proven spreadsheets and formulas, our tax experts will be able to analyze each section of the audit results to check for inaccuracies and unverified figures. This complex task involves numerous methodologies to challenge any sales assumptions that cannot be independently confirmed. Every fact of the results will come under scrutiny here. When it comes to minimizing the risks of your audit, the JDKatz team will work hard with every tool at our disposal to help optimize the outcome.

Tax Assessment

If a tax is ultimately assessed to our client, we will begin to put in effort to minimize the total liability and interest charges. From abatement requests to the utilization of unused tax credits, our team will do everything within our ability to help offset to the burden placed on our clients.

Focusing on the Team Approach

When it comes to obtaining the best outcome for your case, it’s essential for everyone involved to work together. Our team will be sure to work with your accountants and tax experts throughout every stage of the audit process to create a uniform approach to the problem. Those that do not staff these speciality positions can rest easy, as the JDKatz team is able to provide CPAs, MBAs, and more to help you every step of the way. As a team of certified tax attorneys in Maryland, our professionals work hard to deliver optimal results to the best of our abilities. If you are currently facing a tax audit or tax fraud charges, be sure to contact our team today to get started.