A tax compliance review examines prior filings and supporting records to identify errors, missed elections, inconsistent positions, documentation gaps, and potential audit or penalty exposure.
Identifying Filing Gaps and Missing Returns
A compliance review can also identify returns or filings that may never have been submitted, including prior income tax returns, quarterly filings, payroll tax returns such as Form 940, information returns, and other federal or state filing obligations. Identifying these gaps before they develop into notices, penalties, collection problems, or an examination can provide additional options for correcting them.
Potential Scope
- filing history and prior business and individual returns;
- IRS transcripts and account records when authorized and appropriate;
- missing, late, or inconsistent returns and filings;
- Schedule K-1 reporting;
- basis and capital accounts;
- payroll and compensation;
- depreciation;
- estimated payments;
- state obligations;
- information returns;
- foreign reporting;
- open notices or collection issues;
- risk assessment; and
- recommended next steps.
Related Tax Compliance Resources
A compliance review focuses on inconsistencies, substantiation, reporting gaps, and issues that may attract IRS scrutiny.
Discuss Your Tax Preparation and Planning Needs
Work with a Colorado attorney and CPA for coordinated business, individual, rental, and planning services.