(203) 248-8600

Laura@ccotax.com

Caiafa & Company, LLC

Professionals Who Account for You

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Tax planning & preparation can be challenging for everyone. Let us handle that work for you. Read more here.

375 Mather St. Ste. 6
Hamden, CT 06514

 

tel: 203-248-8600

fax: 203-774-1151

Tax and Accounting Services

We offer a full spectrum of services aimed at making your life easy.Learn more today.

Tax Preparation Services

at Caiafa & Company, LLC

The Source for CPA Services throughout the Milford, New Haven & Branford, CT Areas

 

At Caiafa & Company, LLC, we specialize in CPA services, tax services, business tax planning, business accounting, and more. Our professional team can offer you both personal and business services. Just ask us how we can help you today.

Besides traditional tax preparation, we also specialize in IRS audit-representation, wage garnishment, back taxes and more. Explore our website today to learn more about our available services and our client-focused team.

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What You Need To Know About IRS Audits
The IRS recently released its 2018 Data Book, including information on its audit activities for the last fiscal year. This details what you need to know regarding your audit risk, how to prepare for and what to expect in an IRS audit.
Know the facts
• An IRS audit is a review to ensure your tax filings are reported correctly according to tax laws.
• Both individual and business tax returns can be audited.
• The IRS won’t initiate an audit by telephone.
What are your chances of being audited?
It depends. But for most taxpayers, LOW.
Approximately 1 in 198 tax returns were audited in 2018.
The IRS audited 0.6% of all individual income tax returns filed in 2018, and 0.91% of corporation tax returns (excluding S corporations)
There are two types of audits:
• Field audit: An in-person interview and review of records. It often happens at taxpayer’s home, business or accountant’s office.
• Correspondence audit: A written request for more info about a specific tax return item or issue handled via mail.
Did you know? Approximately 2/3 of audits are handled through the mail.
Reasons you may be audited
Although the IRS uses random selection as one method to choose tax returns to audit, it may also flag returns because:
1. You’re in a higher income tax bracket.
2. You have math errors on your tax return.
3. You report no income or not all of your income.
4. Your tax return involves issues with other taxpayers whose returns are being audited.
Other reasons: reporting too many losses, deducting too many work expenses and claiming too many charitable contributions may also trigger an audit.
What to do if you’re audited
Your tax return may never be audited. But if it happens, here are a few tips to make the process go more smoothly:
• Respond to the IRS in a timely manner. If you don’t, an in-person meeting may happen.
• Ask for help. NEVER tackle the IRS alone!
• Know what is being asked. Get a clear understanding of the core questions.
• Understand how the auditor has been trained. IRS auditors are trained in certain areas. These are published in the ATGs.
The bright side: If you are audited, you may end up with a refund. In FY 2018, approximately 30,000 audits resulted in refunds, totaling $6 million.
Sources: IRS.gov, Kiplinger.com, Forbes.com, Nerdwallet.com
... See MoreSee Less

What You Need To Know About IRS Audits
The IRS recently released its 2018 Data Book, including information on its audit activities for the last fiscal year. This details what you need to know regarding your audit risk, how to prepare for and what to expect in an IRS audit.
Know the facts
• An IRS audit is a review to ensure your tax filings are reported correctly according to tax laws.
• Both individual and business tax returns can be audited.
• The IRS won’t initiate an audit by telephone.
What are your chances of being audited?
It depends. But for most taxpayers, LOW.
Approximately 1 in 198 tax returns were audited in 2018.
The IRS audited 0.6% of all individual income tax returns filed in 2018, and 0.91% of corporation tax returns (excluding S corporations)
There are two types of audits:
• Field audit: An in-person interview and review of records. It often happens at taxpayer’s home, business or accountant’s office.
• Correspondence audit: A written request for more info about a specific tax return item or issue handled via mail.
Did you know? Approximately 2/3 of audits are handled through the mail.
Reasons you may be audited
Although the IRS uses random selection as one method to choose tax returns to audit, it may also flag returns because:
1. You’re in a higher income tax bracket.
2. You have math errors on your tax return.
3. You report no income or not all of your income.
4. Your tax return involves issues with other taxpayers whose returns are being audited.
Other reasons: reporting too many losses, deducting too many work expenses and claiming too many charitable contributions may also trigger an audit.
What to do if you’re audited
Your tax return may never be audited. But if it happens, here are a few tips to make the process go more smoothly:
• Respond to the IRS in a timely manner. If you don’t, an in-person meeting may happen.
• Ask for help. NEVER tackle the IRS alone!
• Know what is being asked. Get a clear understanding of the core questions.
• Understand how the auditor has been trained. IRS auditors are trained in certain areas. These are published in the ATGs.
The bright side: If you are audited, you may end up with a refund. In FY 2018, approximately 30,000 audits resulted in refunds, totaling $6 million.
Sources: IRS.gov, Kiplinger.com, Forbes.com, Nerdwallet.com

Professionals Who Account For You

Although we provide a wide range of traditional services for both business and individual clients, we specialize in negotiating with the IRS on your behalf and navigating through complicated IRS correspondence, estate and gift tax services, as well as financial planning.

  • Individual Tax Services

    We can offer you personal tax preparation services including individual filing and tax planning. The advisers at our Hamden, CT and Madison offices will recommend the best practices for filing your individual tax return and help assist you through every step of the process. Filing your taxes will be smooth sailing with the help of our certified professionals!

  • Business Tax and
    Accounting Services

    Our certified business accounting team provides resources for businesses such as tax preparation services, tax planning, small business accounting, financial statements, strategic business planning, and new business formation. We also offer QuickBooks services including setup and training. With the help of our business tax advisers, your business will be ready for quarterly reports, year-end taxes, and you will stay financially informed.

  • Specialized Tax Services

    Besides traditional tax preparation services we can also help you with several other services to help make financial planning easier for you or your business. We are prepared to negotiate with the IRS on your behalf regarding IRS audits, liens and levies, wage garnishment, offers in compromise, innocent spouse relief, and installment plans. Our expert team can also be of assistance with non-filed tax returns, owed back taxes, and payroll tax problems. Don’t be intimidated by that dreaded IRS letter. Let our team make things easy for you.

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Planning Today

Check out our Resource Library to begin your tax preparations today. Then, give us a call to begin securing a wealthier financial future for you or your business.

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Each month, we will give you tips and useful information to help you protect your finances, begin planning on ways to save for your future, or how to begin preparing your taxes. Our goal is to help you get the information you need for a financially savvy today and tomorrow. So sign up for our monthly client newsletter today to stay up-to-date with news from our office and to receive special offers from our team.

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