Written By: MB Group
What is worse than an IRS audit? An IRS audit that you didn’t see coming! We recently launched our IRS Account Monitoring Service that allows us to pull transcripts and receive notification of exams up to six months in advance (95% of the time).
IRS Account Monitoring also allows us to identify potential penalty abatement opportunities going back to 2001. If you or your business paid a penalty due to failure to file, failure to pay or failure to deposit, and you were compliant for the three prior tax years, you might be eligible to get a refund with a penalty abatement request. As a part of this service, we follow a quarterly cadence where we send you a report letting you know if we see anything of concern on your account. This report will also make sure that expected estimated tax payments were applied as intended.
With an expected uptick in IRS examinations over the next few years, we are advising clients with complex tax situations or those who have taken advantage of the Employee Retention Credit to sign up for this service. We’ve also bundled IRS Account Monitoring into our comprehensive business and individual tax packages that will be available starting January 1, 2023.
Our fee for this service is $199 per month per EIN/SSN. The monitoring service fee includes an initial phone call by us to the IRS to determine what actions are required to remedy any notices or issues identified. If we can resolve the matter easily, then no additional fees will be assessed. If the IRS notice or alert results in a project requiring a significant amount of time, we will scope out the work and provide a fixed fee proposal for you to approve before we get started.
With IRS Account Monitoring, you can rest easy knowing that we’re checking your account to make sure everything is squeaky clean.
Tags: Taxes tax planning Business Tax Tax Preparation Businesses Accounting Business Accounting
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