Tax Audit Lawyers in Laurinburg
A "tax audit" is a procedure in Laurinburg, North Carolina 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 procedure of being audited in Laurinburg, North Carolina is normally pretty simple. If and when the tax authorities decide to audit you, they'll send you a letter in the mail detailing what's about to happen. If you receive such a letter, it's extremely important that you make sure it's authentic. Sometimes, scam artists will send fake audit notices to people, claiming that they owe the government money. They will then collect their "taxes" and disappear. You should do an internet search for the name of the tax authority that the letter claims to represent, and call them to verify that you are being audited.
Once you receive the letter, and confirm its authenticity, you will have to meet with an auditor at the time and place mentioned 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 Laurinburg, North Carolina
There are many different reasons why the federal government, or the tax authorities of North Carolina might decide that a tax audit is warranted in your case.
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 properly in filing your taxes, you will probably be fine.
However, some people in Laurinburg, North Carolina are audited because the government suspects that they are underreporting their income. For example, if you report that you only make ,000 per year, and then go out and buy an expensive sports car, the IRS and state tax authorities are going to want to know where the money to buy that car came from.
It is also common to be audited in Laurinburg, North Carolina if you claim a huge number of deductions. A tax deduction is simply a legal subtraction from one's taxable income. Many different expenses, including charitable donations, interest paid on mortgages, and others, are deductible from one's taxes. If you claim so many deductions that you have negated almost all of your tax liability, you can bet that the government is going to be suspicious.
How Can A Laurinburg, North Carolina Tax Lawyer Help?
If you find yourself on the business end of a tax audit in Laurinburg, North Carolina, 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 probably don't have any cause for concern, other than the inconvenience that an audit represents. If you are found 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, if the situation is more convoluted, you may need to hire a Laurinburg, North Carolina tax attorney. A tax attorney can help you through your audit, and make sure it goes as smoothly as possible.