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How The IRS Audits Attorneys

As attorneys are small business owners, it is necessary for them to have a trust account in which client funds are deposited and then transferred to pay for expenses and fees. Since attorneys have not always been great record keepers, the IRS and state governments often audit them, such as in New Jersey, where the bar can undertake audits. 

There are stringent laws and regulations regarding record keeping, and experienced professionals must be sure to have their bank accounts reconciled each month. When faced with an audit, the government will mainly focus on whether the attorney has correctly reported, calculated, and used all the funds they have received. Therefore, attorneys must ensure accurate and thorough records are kept to spare themselves any legal reprimand in the future.

Do you need help staying compliant with the necessary regulations? Reach out to us at 201-479-2572 or visit www.201tax.com. 

When you owe the IRS back taxes and fail to arrange payments, you risk the seizure of your property. The bureau typically collects payment through a levy or taking the money in your bank account, doing wage garnishments, levy retirement accounts, or Social Security benefits. The tax bureau can also seize your assets, including your home, in the worst circumstances.

The possibility of losing one's house to satisfy tax debts can be a scary thought. While the IRS can get a lien on your residence, they will be required to secure a court approval and foreclosure lawsuit before pursuing your home.

Therefore, it is smart and practical to resolve your obligations earlier and take caution to avoid the unnecessary seizure of your property.

When an IRS notice arrives, let tax professionals find your ideal payment options. Let us help you solve your complex tax problems with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.