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Tax

Small Business Accountants Miami Corporate Tax Preparation

Small Business Accountants Miami Corporate Tax Preparation

The Internal Revenue Service has been doing a better job of financial audit of Corporate Tax Preparation in recent years, according to Small Business Accountants Miami CPA Gustavo A. Viera, but potential quality concerns remain. A government report, from the Treasury Inspector General for Tax Administration, reviewed whether IRS examiners followed the appropriate procedures and guidelines when they audited the corporate tax preparation of small companies with assets of less than $10 million.

Many Small Business Accountants providing Corporate Tax Preparation considered closely held because they are owned by one shareholder or a closely knit group of shareholders, TIGTA noted. These shareholders typically exercise significant control over accounting and managing and directing the day-to-day operations of the corporation, providing them with opportunities to improperly structure transactions that reduce the amount of income taxes owed when the corporate tax preparation is performed by Miami Accounting Firms and the small corporation or its shareholders.

TIGTA found that the IRS has established many key procedures and guidelines for financial audit of such Corporate Tax Preparation processes by Miami Accounting Firms. That may have contributed to the increasing amount of recommended additional taxes generated by the financial audit.

However, when TIGTA reviewed a non-statistical sample of 51 Miami Accounting Firms Corporate Tax Preparation processes and subsequent financial audit, it found potential quality concerns in 19 of them. For example, IRS financial audit examiners did not always document the steps taken to investigate significant differences between the labor costs deducted in the corporate tax preparation and the amounts reflected on employment tax returns filed with the IRS.

Many of the quality concerns involved issues between the corporate tax preparation and other tax returns that were or should have been filed by the corporation, such as information returns and employment tax returns, or which were related to it, such as the shareholder’s individual tax return.

“Miami CPA Firms, corporations and shareholders that understate their tax liabilities can create an unfair burden on honest taxpayers and diminish the public’s respect for the tax system,” said TIGTA Inspector General J. Russell George in a statement.

TIGTA recommended that the IRS provide additional guidance to first-line managers to improve the feedback provided to field financial audit examiners on using the IRS’s automated information systems to enhance the quality of their required filing checks for financial audit of small corporations, their small business Accountants and their corporate tax preparation procedures.

IRS officials agreed with the recommendation and plan to issue a memorandum to first-line managers concerning the use of automated information systems to enhance required filing checks and address feedback provided to field financial audit examiners.

“We believe ensuring compliance with the filing of all related returns is an important audit technique to enhance voluntary compliance and concur with your recommendation,” wrote Faris R. Fink, commissioner of the IRS’s Small Business/Self-Employed Division.

 

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Tax

Sweep Nets Hundreds of Tax Services Miami Violating Laws

Sweep Nets Hundreds of Tax Services Miami Violating Laws

Miami Department of Consumer Affairs conducted a two-week-long enforcement sweep of Tax services Miami, specifically corporate tax preparation, across the city and issued violations to one out of every three Tax Services Miami it inspected, mainly for violating laws governing refund anticipation loans and disclosure of their true qualifications and fees.

The department conducted close to 850 inspections citywide and issued over 1,000 violations to Tax services Miami, specifically corporate tax preparation, who misrepresented their qualifications, violated consumer rights, or illegally advertised refund anticipation loans as “instant” or “rapid” refunds. Total fines from the enforcement sweep could reach close to $1 million. The agency is encouraging taxpayers to instead take advantage of Tax Services Miami professional CPA Firms for preparing their taxes and claiming the Earned Income Tax Credit.

Tax Services Miami

“There are substantial tax refund dollars waiting, who have, since 2002, claimed almost $10 billion in Earned Income Tax Credits alone,” said Tax Services Miami Gustavo Viera CPA. “That’s why we’re making it as easy as possible for people to file their taxes and claim those refunds.  And since the IRS issues these refunds in such a short amount of time, there’s no reason for such expensive, often deceptively sold loans getting in between you and every dollar of your refund.” Similar issues also apply to corporate tax preparation.

Tax Services Miami have been charged with previous violations in 2011 and 2010, along with other Tax services Miami who are located in neighborhoods with large populations of immigrants and high usage of refund anticipation loans.

Tax Services Miami Firms found that 65 percent of businesses that received a violation last year and were inspected this year, were complying with the law. In Miami, Tax services Miami must post their qualifications, fees and charges, and whether or not they will represent consumers at a government audit. Tax Services Miami must sign every tax return, and provide their customers with a copy of their tax return and a receipt for their services.

Taxpayers with children who earn less than $50,000 or $18,000 for those who do not have children can visit a Volunteer Income Tax Assistance sites in the Tri-County where a certified volunteer will prepare their taxes for free, the agency noted. Those earning less than $57,000 can also file their taxes online for free at irs.gov/taxprep. The city is also partnering with Intuit and One Economy Corporation to offer access to free online tax preparation software. Miami tax payers can also have their tax returns prepared at a participating H&R Block office for free for very simple tax returns. To qualify for the H&R Block discount, residents must earn less than $41,000 with children or $31,000 if they have no children.