The Ultimate Guide to IRS Audits
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The Taxpayer Advocate is impartial and acts as an intermediary between the IRS and the taxpayer. Working on issues such as collections matters, the group also provides checks and balances to make sure that the IRS is following proper procedure.
If you fail to adequately respond to the IRS’ letters or fail to amend improperly filed virtual currency earnings, it is likely that the IRS will initiate an audit.
Since the cannabis industry is a high-impact compliance area, it is highly likely that the IRS will want to conduct the audit in person, especially given the IRS’ interest in the cash portions of the business.
There are always issues that accompany the decision to file for bankruptcy such as tax consequences. The debtor must try to satisfy not just the creditors, but often federal and/or state tax collectors.