National Leader in Federal & State Tax Information Reporting Filing, Services Consulting, & Training
Compliance Risk Assessments
Even some of the best-managed companies can find themselves liable for millions of dollars in Penalties and Backup Withholding costs. Ever changing Federal and State Regulations regarding withholding and reporting regulations consistently exposes your company to penalties, interest and withholding liabilities for failure to comply. New regulations apply to specific segments of the business community and government agencies with complex and burdensome requirements.
Now is the time to examine your risks for past non compliance, cure those risks and prepare your company to comply with current and new regulations. IRS Compliance can assist with a comprehensive Risk Assessment, curing failures and implementing compliant policies and procedures to ensure ongoing compliance.
Why would my company be audited?
The IRS and States routinely check for non-compliance with tax reporting. It is projected that a majority to 100% of companies in the United States will undergo either an audit or compliance review within the next 3 years.
The IRS has announced that audits will now include 1099 and 1042-S review for compliance with Payee TIN Certification, the implementation of backup withholding when required, filing correctly and timely and proper identification of payees as U.S. or foreign.
Has your company had the following?
Incorporated FACTA Policies & Procedures?
Are your business areas FATCA Compliant?
Ever filed annual Information Returns late with any tax authority?
Failed to file the proper state and local quarterly returns?
Received “B” Notices from IRS?
Failed to perform re solicitation in a timely manner?
Failed to begin backup withholding in a timely manner?
Received IRS 972CG Notices?
If you answered yes to any of these questions, you may have significant tax risk exposure.
Effective January 1, 2011, returns filed will be subject to new legislation that increased the penalty range to $100 per document to a max of $1,500,000.
How do I protect my company?
You can protect your company by being proactive. Waiting for the IRS or a state to raise the issue could be extremely costly.
Our goal at IRSCompliance is to help you avoid an audit, or at least be in a position to control the audit if selected.
► REVIEW OF COMPANY OPERATIONS
Determine types of information reporting required.
Review current policies and procedures
Review your vendor/payee TIN Solicitation process.
Review your TIN Matching process.
Review your “B” Notice process.
Review your TIN re-solicitation process.
Review your backup withholding practice.
Review your IRS 972CG Penalty Notice process.
Identify previous penalties paid and determine if they may be recoverable.
► VOLUNTARY COMPLIANCE
By employing our extensive knowledge of protocol and procedures, we clean up your company’s compliance history with IRS and/or state tax authorities.
► POLICY & PROCEDURES
Application of best practices from our experience for policies and procedures in all industries
► AUDIT DEFENSE & MANAGEMENT
Negotiate with IRS and states to resolve audits or past due filing requirements.
► COMPLIANCE REPORTING & PROCESSING
Perform due diligence
Prepare and submit Information Reporting Documents and reports to IRS and states accurately and timely
IRS Compliance, Inc. is not affiliated with the United States Internal Revenue Service or any State Revenue or Taxing Agency.
IRS Circular 230 Disclaimer: To ensure compliance with IRS Circular 230, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer: (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein.