Coral Gables Tax Law FAQs From A Former IRS Agent

Coral Gables tax law

Receiving a notice from the IRS can be cause for concern. Get your questions answered about Coral Gables tax law from our tax law specialists.

Every year, we are expected to file an accurate tax return. The process can be confusing, however, and the IRS can find issues with your return that you may have missed. If you receive a notice of any kind from the IRS, you likely have questions. 

At Casais & Prias, our managing partner is a former IRS agent who has a unique perspective when it comes to Coral Gables tax law. These are a few of the most frequently asked questions we receive.

Why Am I Being Audited?

There are two ways you can receive a notice of an audit: random selection and related examinations

Random Selection – Your return may be selected for audit based on computer algorithms that compare your current return with past returns. The IRS’s statistical formula is used to update your information and note when there has been a change that it considers unusual. 

Related Examinations – The IRS can compare your tax return to the tax returns of other individuals and businesses listed on your return. If you have a business partner or investor included on your tax return that was selected for an audit, you may also be audited.

If you have been selected for an audit, you will be notified by mail. Keep these letters for your records and to show to your tax attorney.

Will I Owe Money If I Am Being Audited?Coral Gables tax law

You may assume that if you have been selected for an audit, it means that you will owe money. That is not necessarily true. An audit simply means that there was something in your tax return that raised a red flag. 

When you have received notice that you are being audited, you should contact a Coral Gables tax law attorney right away. Having a specialist in your corner who has insight into how the IRS operates will help you to navigate the audit process.

What Are The Possible Outcomes Of An IRS Tax Audit?

No Change Result – If the IRS reviews your tax return and determines that it was substantially correct, no changes will need to be made and you will owe no additional money.

Errors Found That Benefit The Taxpayer – If the IRS finds errors in your return that show that you overpaid for the year, you can be issued money back.

Errors Found That Affect Your Taxable Income – If the IRS determines that your taxable income is higher than you reported on your tax return, you could owe additional money.

If you would like to get our Coral Gables tax law team to look at your case, we offer a free case evaluation.

What Is A Final Notice Of Intent To Levy?

If you receive a Final Notice of Intent to Levy, it means that the IRS is potentially 30 days away from being able to seize your assets to recover the funds you owe. You have 30 days from the date of the notice to resolve your case or request a hearing. 

At this point in your case, if you have not hired a Coral Gables tax law attorney, you likely need to. Our tax law team at Casais & Prias can look at your case and we will do everything in our power to resolve your case quickly.

When Do I Need To Hire A Tax Attorney?

To be on the safe side, you should contact a tax attorney after receiving any type of communication from the IRS about an audit. Our founding partner, Rolando Casias, Jr. and our team can guide you through the process of working with the IRS to resolve your case. 

Contact the Coral Gables tax law team at Casais & Prias today to set up a free case evaluation.

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