If you’re running a small business, the IRS sees you as a target. Which means they’ll pounce whenever they get the chance.
For example, in an audit they’ll try to impose stiff “accuracy related” penalties on top of any unpaid taxes they turn up.
But these penalties are not automatic and you can defend yourself against them if you know the law’s provisions.
We’ll show you three proven strategies you can use
to take on the IRS and win when you read my new article titled:
Three Ways to Defeat Audit Penalties and Save Thousands
Strategy #1: Claim you relied on your tax advisor. Yes. In some cases you can successfully pass the buck and blame your tax advisor for your problems. And if the tax court buys your argument, you won’t have to pay a penalty. BUT … and this is important, there’s a three-prong test the court uses to determine whether or not your claim has merit. We’ll tell you what you have to prove when you read the full article.
Strategy #2: Proactively disclose any tax position the IRS might question. If you know that a position you’ve taken on your tax return is likely to invite an audit, or involves a lot of money, consider filing Form 8275 or Form 8275R. When you do, you can possibly avoid big penalties. You’ll get the whole story when you read the full article.
Strategy #3: Show that your position is backed by “substantial authority.” If you can show that there’s substantial authority for a position that led to an understatement of tax, the IRS can’t penalize you. We’ll provide eleven examples of what the IRS accepts as “substantial authority” when you read the full article.