IRS Tax Audit

One of the partners of a two-partner venture capital firm was examined by the IRS for a misfiling of various corporate returns. We represented the various companies in the IRS examination which was conducted entirely by telephone, fax and mail. Upon review of the documentation, we advised both partners that the worst case scenario could result in over $15,000 of penalties and interest.

After hours of telephone conversations and many pages of documents including completed sample returns to substantiate our claim, we presented our case to the Appeals Officer. About six weeks later the partners received an abatement of all penalties and interest previously proposed. We won!