A Brief Guide To IRS Tax Investigations

February 21, 2020
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There are many reasons why the IRS might start a tax investigation. Anything from tax fraud to a simple mistake on your return can result in an audit. Depending on the findings, the situation may evolve into a criminal investigation. Many people don’t even realize they’re at fault pertaining to their taxes until they are informed about an ongoing IRS tax investigation. If you find yourself in such a situation, seeking help from a tax resolution attorney is key to pulling yourself out of the situation. The best way to approach an IRS tax investigation is with the help of an attorney that is experienced in IRS problem resolutions. In this post, we share a brief guide on IRS criminal investigations and tax problem resolution.

What is the purpose of an IRS Tax Investigation?

The IRS initiates tax investigations of taxpayers that are suspected of taking part in a tax crime. Through the investigation, the IRS can gather evidence that either exonerate the subject or leads to the initiation of criminal prosecution. When an IRS tax investigation indicates wrongdoing, the consequences can be huge fines and even jail time. This is why it is important to avoid an investigation altogether or make sure that it is carefully managed. Working with a tax law attorney is crucial for your IRS problem’s resolution.

How does an IRS investigation differ from an audit?

During an audit, the IRS simply verifies that you have correctly determined your tax liability. However, when an investigation takes place, the IRS works to build a case against you in respect of your tax crimes. Evidence gathered can later be used for prosecution. An IRS investigation is far more serious and should be handled carefully with the help of tax law professionals, such as tax resolution attorneys.

Are you at risk of an IRS Tax investigation?

There are several reasons why the IRS might choose to investigate a taxpayer. A suspicion that any tax crime has been committed such as fraud or tax evasion is reason enough for the IRS to start gathering evidence against you. Some of the signs that you are on the IRS’s radar include having your bank records summoned or your accountant contacted by the CID. If you have been under audit and your agent suddenly goes MIA, they might also be getting ready to pass on your case to the CID.

What to do if you are being investigated

If you are already under investigation, it is important that you take action as quickly as possible. The most beneficial thing you can do is consult with a tax resolution attorney. Getting your case managed by a tax pro boosts your chances of getting the desired IRS problem resolution. You will also prevent making any mistakes that could worsen your situation. Inform your accountant about the investigation and cease communication thereafter. This is very important because, unlike attorney-client privilege, conversations with an accountant are not protected.

In Conclusion

IRS tax investigations can lead to dire consequences. If you are at risk of or already being investigated, contact a tax law attorney immediately. You can start working on your case through a free consultation with Nick Nemeth’s Law Offices. Simply call us at (972) 426-2553 to learn how we can help you get out of the predicament.

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06:55 19 Jan 24

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20:53 21 Dec 23

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What is the purpose of an IRS Tax Investigation?

How does an IRS investigation differ from an audit?

Are you at risk of an IRS Tax investigation?

What to do if you are being investigated

In Conclusion

What Our Clients Have to Say

Proud to have received
“IRS Tax Lawyer of The Year, USA"
at FM Taxation Awards 2024

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Email

What is the purpose of an IRS Tax Investigation?

How does an IRS investigation differ from an audit?

Are you at risk of an IRS Tax investigation?

What to do if you are being investigated

In Conclusion

What Our Clients Have to Say

Proud to have received “IRS Tax Lawyer of The Year, USA" at FM Taxation Awards 2024

Proud to have received
“IRS Tax Lawyer of The Year, USA"
at FM Taxation Awards 2024