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Tax

Tax law and the internal revenue code rarely change right? 

Maybe on another planet, but not here. 

Every year, no every month, or maybe every week, the US or state governments change something. 

It may be only a few pennies on your paycheck or it may be to tax all sales on the internet. 

Regardless, keeping up with how the tax law changes affect you is quite the task – even for CPAs!

taxes

Whether you have to file your personal or business taxes or you’re wondering if the new health-care legislation will affect you, we are here to help. 

Not only to prepare tax returns, but to help you navigate the ever-changing tax laws of the land.

Here is a list of the types of tax aspects we have helped hundreds of clients with:

  • Tax Preparation and Planning
  • Catch-up Tax Filings
  • Tax Negotiations & Inquiries (IDRs)
  • Audit Representation

To find out more about these and many other tax related services, click on the links above or go right to the getting started button to schedule your initial consultation.

Tax Preparation and Planning

When preparing your own tax returns, questions come up and finding the answers can be overwhelming.

It’s common knowledge that having a trusted tax expert takes the pressure off and increases the confidence in making sure the returns are prepared right.

Like it or not, today's tax laws are very complicated that even filing a relatively simple return can be confusing and troublesome.

For example:

  • This deduction is used only in this situation
  • That credit only applies in certain situations, but not the following 7 situations.
  • Where do I put that expense or is it even a deduction?
  • It is just too easy to overlook deductions and credits to which you are entitled to reduce your tax obligations. Even if you use a software program like Turbo Tax or Tax
  • Cut, there's no substitute for the assistance of an experienced tax professional.

What You Get:

  • Your tax return is checked and re-checked by a second set of eyes and analytical software.
  • We search for and identify any potential problems the IRS may look at more closely.
  • By filing your tax return electronically, any refund may be received in a timelier manner.

If you're a new client of our firm, we will do a complimentary review of your personal tax return from the last couple of years – just to make sure it was prepared right

In both our preparation of your current year return and reviewing your prior returns, we will identify potential deductions that could limit your tax liability for the years in question.

Our analytical software will even provide you with deductions that are commonly overlooked to limit the following year's tax liability.

Catch-Up Tax Filing

Each and every day, the IRS automated tax assessment center prepares thousands of letters for taxpayers and business owners. Everything from misfiled payroll returns to conflicting W-2 forms are flagged, a letter requesting information or assessing penalties and interest is sent for immediate response. As the IRS and State Tax Authorities are updating their computers, assessment tools, and cross-checking software, more and more of these letters are sent out. Eventually they will catch-up to your situation. And it may not be too long before you receive one of these letters.

This is serious, whether you are an individual or business owner and should not be taken lightly. Failing to file your tax returns is considered a criminal offense. If you do not file as required by law, you can be prosecuted and punished with potential prison time. Why risk it? Get started now and call us to assist with filing those past due returns!

Let us give you the peace of mind you deserve by helping you get in compliance with the law. By voluntarily filing your delinquent returns, you may be able to avoid further problems other than having to pay the interest and penalties. But if you wait for the IRS to catch-up with you, they may file your returns on your behalf – in the government's best interest, usually with little or none of the deductions you may entitled to.
Please make sure you are in compliance. That's the first step before we can help you with back taxes owed.

Tax Negotiations & IDRs

Occasionally you may receive a notice from the Internal Revenue Service or other tax regulatory agency. After you calm down from the initial fear from receiving the tax "Love Letter" give us a call at (952) 878-8798. You may need representation to bring your issue to completion at a fast as possible pace. Whether you need to negotiate an Offer in Compromise, penalty abatement, or an installment agreement implemented, no matter what the issues, you can rely on our professionals to assist in the process.

If you are having problems with the IRS, we're here to help. We can help you resolve your tax problems and put an end to the difficult process the IRS can put you through. We are efficient, affordable, and of course, extremely discrete in helping you with any troublesome IRS issue. If you know the IRS, the problems will not just go away by themselves. The problem will keep getting worse with penalties and interest being added each day nothing is done.

Audit Representation

Well, you just got the letter – you’re being audited! Tax audits take a significant amount of time away from your business and family, often requiring you to gather stacks of records to substantiate each and every item reported on the tax return.

The IRS or State Taxing Authority will leave no stone unturned in finding ways to increase your liability or at least to prove what you listed on your returns. If you don't comply with the Auditors' request, they will recalculate your tax, pressuring you to sign their tax order, and you will find yourself with a large tax amount due, with penalties and interest that may double what you should have owed.

If you're return is simple, you may decide to handle a tax audit yourself. Hopefully that will be a good decision on your part. Tax auditors historically are trained very well in extracting information from you far beyond what you have to provide. Why not have a tax audit professional by your side, so you don't have to worry about fearing them or not knowing your tax rights?

If you've received an audit notice from the IRS, State Revenue Department, or your State Unemployment Agency, don't hesitate to call right away. Let us help you decide on your next course of action. That step may lead to a large tax savings or unintended errors and higher liabilities. Remember, the initial consultation is Free!

Our Firm

Our firm takes a distinctly “real world” approach to providing you accounting, tax, and advisory services. Haugen Binion & Co. CPAs is a small business and operates very similar to your business. We wear the same “hats” as you. Your account is not a number to us, but real people making a living or running a small business.
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Contact Us

11995 County Road 11 • Suite 230
Burnsville, MN, 55337