The IRS, part of the United States Treasury Department, is one of the most feared and loathed government agencies. Charged with collecting tax revenues for the United States, the Internal Revenue Service is the US Government’s in-house collection authority. Your Federal taxes and tax forms are sent to the IRS. Even many fees owed to specific departments of the Federal Government will throw through the IRS, as it is the revenue service for the United States, not just the tax collection agency.
Almost all United States citizens and residents are required to comply with the regulations and reporting requirements of the Internal Revenue Service, reporting income and certain assets on an annual basis. If you have foreign investments, you have additional reporting requirements to avoid onerous penalties and interest.
We help clients with common and uncommon IRS matters. We help them file the appropriate business returns, the 1120, 1120S, or 1065, as well as their personal 1040 tax returns. By staying in compliance, the IRS will generally ignore you, and allow you to pursue your personal and financial affairs without too much involvement with this powerful and fearful government agency.
If you have a business, be certain to make your tax filings in a timely manner. Business owners and some high income wage earners may need to file quarterly estimated taxes. By engaging in regular tax planning and tax compliance, you can avoid complications and penalties that come from non-compliance, while arranging your affairs in a way most advantageous to you and building and preserving your wealth.