Tax Law & Policy Blog » Audits

About www.sat.ly – Sultan for Accounting, Auditing and Tax consulting

Aidan — Sat, 22 Mar 2008 03:45:49 +0000

SAT was founded in the year 1978 . It specializes in a wide range of services to international companies wishing to do business in Libya . Since that time the firm has been providing a variety of accounting , auditing , taxation and financial services to meet the needs of local private and public companies and not- for- profit groups , as well as those from different countries .

SAT accounting , auditing and tax consulting teams are highly qualified and experienced who understand the needs of each clients and deliver consistently high quality services .

Appealing an Tax Audit

Malgorzata — Fri, 07 Dec 2007 12:16:48 +0000

If you can’t stomach the tax bill you receive after an IRS audit, you may want to appeal to the IRS for a second look. So many taxpayers are able to downsize the amount of taxes, interest and penalties owed by appealing that IRS agents grudgingly refer to the internal appeals process as the “gift shop.” A potential downside to appealing is that an appeals officer can uncover issues missed by the initial auditor, exposing you to a bigger tax bill than when you started. Although this rarely happens, if you’re worried about it, you might want to skip the internal IRS appeals process and go straight to federal Tax Court. IRS appeals agents are entirely independent of the opinions and conclusions of audit agents, and have a lot of discretion in looking over audits. Writing A Protest Letter To appeal an audit within the IRS, you must file what’s called a “protest letter” within 30 days of the date of the letter and examination report assessing the taxes due. The protest letter should include: Identifying information such as your name, address and phone number A statement that you wish to appeal the IRS findings A copy of the letter detailing the findings you’re appealing The tax years involved What specific conclusions you disagree with and why The facts supporting your position The tax law on the issue
If the amount the IRS says you owe is $25,000 or less for any particular tax year, you can make what’s called a “small case request” instead of filing a formal protest. This request, although processed more informally, still must be in writing and made with 30 days of the date of the letter determining you owe taxes. If you decide to hire a lawyer to represent you in the appeal process, your lawyer must be qualified to practice before the IRS and you must sign what’s called a “power of attorney” authorizing your lawyer to access confidential information at the IRS. What to Expect in Appeal Negotiations Appeal negotiations may occur in person or by mail, and are informal. An appeals officer is authorized to settle a dispute based on what the IRS calls the “hazards of litigation.” This means you’ll be more likely to get your tax bill lowered if you can convince the agent there’s a significant chance the IRS may lose if the matter goes to Tax Court. The IRS considers: The specific facts of your case The likelihood of both you and the IRS being able to prove the if acts at a trial The strength of your legal arguments The practical realities of litigating the particular issue in court
The agent looks at negotiating the specific issues involved, rather than entertaining a reduction of the overall tax bill. If you reach an agreement, the appeal agent will prepare an agreement called a “stipulation” and you can then discuss how you’ll pay whatever amounts are left owing. If you can’t reach an agreement with the appeals officer, you can appeal the audit results to the federal Tax Court. The Lawyer Store

Offshore Investment Is Beneficial To Investors For Reduced Taxes

koki — Fri, 31 Aug 2007 06:06:35 +0000

In the world of investments there are numerous types, styles and varieties of investments that range from the simple to the complex. You can decide upon using local investments, investments that are in the same country and even those investments that are across the ocean in a different country. Some countries have various rules and requirements governing the types of offshore investments that citizens can participate in, but these rules and guidelines are usually entirely possible to still actively make offshore investments without being restricted.

One benefit to an offshore investment is you are able to find new types of investments that are not normally available in the country where you reside. The exact definition of an offshore investment is investing in a country that is not the same country where you live. There are several benefits to using offshore investments and the exact reasons vary widely depending upon the exact needs and wishes of the investor.

Typically an offshore investment is good for investors because of the reduced taxes that can be charged on the profits from the investment. While of course the number of benefits you can find vary depending upon your exact tax status as well as the amount of money you are investing there are some ways you can reduce your overall tax burden by moving the investment to an offshore investment rather than keeping it at home.

It is important to ensure that you are careful in making sure all information is fully filled out before your tax process comes around. Many people use offshore investments to hide illegal money or to interact in less than ethical practices with money so the tax departments of many governments tend to look carefully into these transactions to ensure that they are perfectly legal and there is no illegal transactions taking place. You should use an accounting if you are working with offshore investments to ensure that you are adequately protected.

When using an accountant for your offshore investment it is a good idea to seek out an accountant who will offer audit protection in the event that they make a mistake so that you are not losing all of your potential profits to fines and penalties because your accountant has made a mistake. This is very important and most reputable accountants offer this service to help provide clients with reassurance. You can find out more about investment and hedge funds at http://www.vega-asset-management.com

There are several good reasons why offshore investments are good, with several of the reasons revolving around fewer regulations, tax savings and even greater privacy for the investor. These reasons along with asset protection help encourage more people to seek offshore investments each year. One of the most popular places to see offshore investments tend s to be the Cayman Islands because of the openness and flexibility of the investment and tax laws in the area.

Regardless of your reason for looking to offshore investments it is always a wise idea to ensure that you are looking for investments with a good financial professional who can help you ensure that you are making good decisions regarding investments before you spend your money. Careful planning will help you reap the best rewards for your offshore investments.