The Internal Revenue Service currently investigates businesses and employers to ensure that they withhold the correct amount of taxes and pay what they owe to the government. This initiative is known as the Employment Tax Audit Initiative.
Businesses of all sizes are being targeted, and the IRS is looking for any revenue that may still need to be withheld or paid. To gather information, the IRS has been studying different types of businesses and learning more about their cash flow channels, compliance practices, and potential gaps and loopholes in their tax liabilities.
The IRS believes employers are underreporting and underpaying taxes by around $14 billion annually. In the IRS' view, businesses may owe more money to the government than they currently pay.
The Wilson Firm has tax lawyers who can help your business face employment tax audit initiatives by the IRS. Our team will work hard to minimize any negative impact the audit may have on your business. The Wilson Firm’s experienced tax attorneys can help minimize any negative impact the IRS’ employment tax audit initiatives may have on your business.