Tax Audit in Memphis, Tennessee

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Tax Audit Lawyers in Memphis

An "audit" is an administrative proceeding in Memphis, Tennessee whereby the IRS, or a local tax-collection agency looks at a person's (or business's) tax filings in more detail than they do in ordinary cases. This is normally done when the tax return has a suspicious discrepancy on it, or if the taxpayer was simply picked at random. It's not uncommon for tax authorities to conduct random audits, providing people with an incentive to be honest on their taxes, knowing that they could be audited at random.

The process of a Memphis, Tennessee tax audit is normally pretty straightforward. If and when you are faced with a tax audit, you'll receive a letter from the IRS, or its state equivalent, telling you that you're being audited. Nonetheless, you should not assume that this letter is authentic, because con artists will sometimes send fake audit letters to squeeze money out of innocent taxpayers. You should obtain independent confirmation of the letter's authenticity by searching the Internet for the name of the government agency in question, and contact them for more information.

Once you have confirmed that your audit is authentic, you will be obligated to meet the auditor at an agreed-upon time and place. The auditor will normally inform you about what documents and other proof you need to take to the meeting. At the meeting, they will ask you a long series of questions about your taxes, to clear up the thing they're uncertain about.

Reasons For a Tax Audit in Memphis, Tennessee

A tax audit in Tennessee can be done for almost any reason at all

As mentioned above, an audit can happen simply because a person was chosen for an audit at random. If you are randomly chosen for a tax audit, and you have been straightforward and diligent in gathering your tax documents, it will probably be a quick, painless process, and you likely don't have anything to worry about.

Nonetheless if the IRS or other tax agency suspects actual wrongdoing by a Memphis, Tennessee taxpayer, that's a different matter. There are numerous different reasons why a government might determine to audit a taxpayer. The most frequent one is suspicion that they have underreported their income. If a taxpayer buys a massive number of expensive luxury items, but reports little or no income on their tax returns, the government will definitely want to discover where the money to buy all those things came from, and why it hasn't been declared as taxable income.

Another frequent reason for tax audits in Memphis, Tennessee is when a taxpayer claims a large number of deductions. A deduction is just a legally-authorized 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 Memphis, Tennessee Tax Lawyer Help?

If you find yourself being audited in Memphis, Tennessee, and are sure that you have done everything right in preparing your taxes, then the audit will likely be over rapidly, with no penalties imposed. In cases like this, if anything is found to be wrong with your tax return, it is likely the result of an honest mistake, and the auditor will be aware of this, and will likely give you an opportunity to correct your mistake, without suffering any penalties, with the possible exception of being made to pay interest on any back taxes you owe.

But, there are some tax audits that are far more perplexing and serious than a tax return having a few more deductions than usual. If this is the situation you're in, you should contact a Memphis, Tennessee tax attorney as soon as possible, to help make sure that your tax audit goes smoothly.

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Life in Memphis

Memphis, Tennessee has something for everyone. Popular family attractions include Graceland, Main Street Trolley, AutoZone Park, and the Gibson Factory. Memphis is also known as a city rich in history, so there are many museums to see! Some museums include the National Civil Rights Museum, Stax Museum of American Soul Music, Mississippi River Museum at Mud Island, and the Memphis Rock 'n' Soul Museum.

Amongst all the cities in the United States, Memphis is deemed the twentieth largest city in the U.S. Along with Nashville, Memphis is known to be one of Tennessee's most exciting and metropolitan cities with a population of around 1,316,100 people. Downtown Memphis lies along the Mississippi River and is home to many companies and law firms. Memphis attorneys have a reputation of being competent and client oriented, focusing on providing excellent legal services to Memphis residents.

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