A business tax audit requires an immense amount of work. It requires assembling documents in order to prove certain deductions, a review of the IRS notice to determine what exactly they are looking for, and a thorough understanding of tax law. For a business owner, such an audit can be an incredibly daunting endeavor. By working with an experienced Tennessee Business Tax Audit Attorney, you can be sure your matter is being given the attention and defense it deserves.
The consequences of an audit depend on exactly what the IRS and the Tennessee Department of Revenue are looking for. In cases of negligence (such as an accounting error or incorrectly applying certain deductions) a person may be responsible for back taxes and penalties. If a business owner is accused of fraud, however, the consequences are much more serious. Instances of fraud can include intentionally hiding income or intentionally taking deductions they knew were not lawful. These intentional acts can result in jail time in addition to back taxes and penalties. A Tennessee Business Tax Audit Attorney can examine your situation and work to provide a strong defense to any accusations of fraud or other malfeasance.
Attorney Ted “Tab” Burkhalter is also a Tennessee licensed CPA with an MBA in business management. Coupled with his real-world experience as CFO and controller of his own manufacturing and consulting businesses and other public and privately held Tennessee corporations, his background translates to insightful and sound advice on taxation, business and personal financial matters.
Our clients are business owners, professionals and individuals in Blount County, Knox County and throughout eastern Tennessee. Mr. Burkhalter also advises clients nationwide on tax law matters. We value a long-term, ongoing relationship with our clients, helping them meet new challenges as their businesses grow and personal circumstances change.