Tax Audit in Jersey City, New Jersey

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Tax Audit Lawyers in Jersey City

A "tax audit" is a procedure in Jersey City, New Jersey where the tax authorities investigate a taxpayer's (whether the taxpayer is a person or corporation) filings when it looks like there's some kind of discrepancy. However, many state and federal tax audits are the result of random selection, when the authorities don't necessarily think that a taxpayer has deliberately evaded their taxes.

The actual process involved in a tax audit in Jersey City, New Jersey is typically fairly straightforward. If you hare chosen for an audit, you will receive a letter in the mail telling you as much. Before responding, it's essential for you to make sure that the letter is authentic, because there are scammers who send fake audit letters to innocent victims, in an attempt to extort money out of them. You should search the Internet for the name of the organization that the letter claims to represent, and call them using the contact information on their website, and confirm that you are truly being audited.

Once you receive the letter, and confirm its authenticity, you will have to meet with an auditor at the time and place stated in the letter, and subsequent communications with the auditor. The auditor will tell you what documents and records you need to bring to the meeting. They will then ask you some questions to clear up whatever discrepancy they found in your tax return.

Reasons For a Tax Audit in Jersey City, New Jersey

There are plethora of reasons why New Jersey's government, or the federal government, might conduct a tax audit.

A taxpayer can be chosen for an audit at random, even if the tax authorities don't suspect any wrongdoing. The idea behind these random audits is to keep taxpayers on their toes. So, if you are audited for this reason, and know that you've done everything thoroughly in filing your taxes, you will likely be fine.

But, some Jersey City, New Jersey tax audits happen for a particular reason. This is typically because the IRS or your local tax authority suspects that you have not reported all of your income on your tax return. For instance, suppose that, last year, you bought an expensive new luxury car. But say you only claimed ,000 in total income that year. As you might imagine, the IRS is going to be quite interested in finding out where the money for that car came from, and, if you have enough money to buy it, why you aren't paying taxes on that money.

Another typical reason for tax audits in Jersey City, New Jersey is when a taxpayer claims a large number of deductions. A deduction is just a legally-permitted subtraction from a person's taxable income. For example, charitable donations can be deducted from one's income in the full amount of the donation. Nonetheless, if a person claims a very large number of deductions, to the point that they claim little or no tax liability, the tax authorities are going to take a closer look.

How Can A Jersey City, New Jersey Tax Lawyer Help?

If you find yourself on the business end of a tax audit in Jersey City, New Jersey, and you are sure that you have reported all of your income, and not claimed any invalid deductions, chances are you were just chosen at random for an audit, and you likely don't have any cause for concern, other than the inconvenience that an audit represents. If you are deemed to owe any back taxes, and your failure to pay in the past was the result of an honest mistake, you'll likely be afforded a chance to pay any taxes you owe from past years, with the possible addition of interest.

However, there are times when an audit is conducted to investigate far more significant issues. If you find yourself facing allegations from the IRS of serious wrongdoing, and believe yourself to be innocent, you should pursue the advice of a Jersey City, New Jersey tax attorney immediately.

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Life in Jersey City

Jersey City is a place rich in culture, with something for everyone in the family to enjoy. Located between the Hudson River and Upper New York Bay, Jersey City is situated right across from Lower Manhattan. Although Manhattan is known for wonderful attractions and high tourism, Jersey City is filled with historic neighborhoods, museums, shopping malls, and beautiful city parks.

For all those history-lovers out there, you can book a cruise to Ellis Island, visit Harsimus Cemetery, or tour the Underground Railroad and experience the footsteps of many escaped slaves. If shopping is your forte, visitors can shop till they drop! Jersey City is home to ten major shopping districts filled with large department stores, contemporary boutiques, and specialty stores. For those who love museums, Jersey City has many museums that highlight the city's history and art. However if visitors would just like to relax and soak in the beauty, Jersey City has many beautiful city parks. Two of the most famous parks are Liberty State Park and Leonard Gordon Park.

Alongside the beautiful parks is the city's beautiful waterfront port of entry. The waterfront port runs about 11 miles long and truly is a site not to miss! Many major corporations and industries have found a home along this beautiful waterfront. In fact, the Goldman Sachs building stands at 238 meters and is one of the 200 tallest buildings in the world. Goldman Sachs is not the only Fortune 500 Company to be located in Jersey City. Major corporations such as Chase Manhattan Bank, Charles Schwab, and Merill Lynch have also found a home in Jersey City.

To top it off, Jersey City has one of the most diverse populations in the United States. Known as a "Tapestry of Nations," the city is home to Jewish, Italian, Cuban, Filipino, Polish, Indian, Irish, Puerto Rican, Dominican, African, Arab, and Asian communities. Therefore, visitors will be introduced to many cultures and ethnicities when visiting this wonderful place. Such a population, rich with many ethnicities and cultures, is also rich with a variety of different professionals. There are many attorneys who practice in all areas of law in Jersey City. Not only are many major law firms located in Jersey City, but the city also has a number of small to medium sized law firms. Undoubtedly, any legal issue that you have can be resolved by the many competent attorneys who call Jersey City their home.

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