PBJ Financial Services Tax Resolution
We understand that dealing with the Revenue Audit or Tax Audit can be a very time consuming and stressful experience, especially if you’re negotiating a payment plan. Our goal is to not only achieve tax debt relief and tax debt settlement at the lowest amount allowed by law, or a payment schedule that least disrupts your economic life, but also to reduce your anxiety and stress by having PBJ Financial Services deal and speak directly with the DRC and Regional Revenue & Custom Office. We communicate and meet with them professionally, so you don’t have to.
If you call us, we will explain to you the nature of your tax problem and the strategies you can use to resolve it permanently so it no longer threatens your economic life.
You may decide to ask us to resolve your problem for you; to deal with the Tax personnel so you don’t have to – but that will be your decision to make after you clearly understand what we will do to help you, how we will do it and how much it will cost.
Whether or not you hire us, we will still give you a free consultation to frame your tax problem and suggest methods for resolving it permanently. Any and all conversations we have with you are confidential, whether or not we end up working together.
You have nothing to lose. Give us a call to unload some of your worry.
Income Tax Trouble does not solve itself. With interest and penalties it only gets worse.
Who Should Call PBJ Financial Services Immediately?
Taxpayers who are receiving notices from the REGIONAL REVENUE & CUSTOM- TAX ADMINISTRATION.; taxpayers whose wages are being encircled; taxpayers with unfiled tax returns; and businesses that owe payroll taxes. Clients compensate PBJ FINANCIAL SERVICES on a fixed-fee basis determined up front, scaled to the service components PBJ FINANCIAL SERVICES must invoke to properly represent the client before the tax authorities to permanently solve the client’s tax problem.
REGIONAL REVENUE & CUSTOM- TAX ADMINISTRATION. Problems Are More Common Than You Think
1 in 10, or approximately 20000 of 80000 over individual taxpayers across the country either disagree over what they owe the Regional Revenue and Custom-Tax Authority. or conversely, agree with the amount, but simply can’t afford to pay it in full gets the money, the interest and penalties grow and the Regional Revenue and Custom-Tax Authority. becomes ever more intrusive on household finances. If you have tax problems – you are NOT alone.
Regional Revenue and Custom-Tax Authority. Is an Unforgiving Creditor
Regional Revenue and Custom-Tax Authority. is the most powerful Tax collecting authority on the planet. Regional Revenue & Custom- Income Tax Authority collects tax debt by a variety of extremely intrusive means, and the taxpayer is always playing defense. To collect its money, Regional Revenue & Custom- Income Tax Authority. will completely disrupt the economic life of a taxpayer, without regard to future consequence for the taxpayer. PBJ Financial Services takes over all charges of its expertise services and communicate on your behalf once you become a client.
Stopping Regional Revenue & Custom- Income Tax authority collection Process
There are procedures taxpayers can use to prevent the seizure of their assets, and if they are eligible, to negotiate the amount they rightfully owe to a discounted rate or to work out a payment plan that the taxpayer can afford so they can stay afloat. But the procedures are obscured, they are not well-publicized – and like anything else, there are competent and incompetent ways to use them.
PBJ Financial Services goes to work immediately to obtain tax relief. PBJ FINANCIAL SERVICES takes action to stop Regional Revenue and Custom-Tax Authority levies on bank accounts and seizure of assets. Then the PBJ FINANCIAL SERVICES professionals will assess the situation and negotiates with Regional Revenue & Custom- Income Tax Authority. to arrive at a tax debt settlement or payment plan, whatever is the best outcome allowed by law.
Payroll Tax Problems
If you own a small business it can be difficult to set up payroll properly without help from an accountant. The best way to set up payroll is by having an accountant set up an efficient system for you. If you are someone who hasn’t set up payroll correctly and are now facing Revenue & Custom Payroll Tax Problems we at PBJ Financial Tax & Accounting can help!
As an employer it is your responsibility to manage taxes for your employees and turn them over to the Income Tax Authority. Employers must make quarterly tax deposits to the Tax Department and complete a series of quarterly and annual filings.
The Income Tax Act is very serious when collecting payroll tax and will come after your assets without hesitation. If you are a business owner facing Payroll Tax Problems call the specialists at PBJ Financial Tax & Accounting to help resolve.
The sooner you take action to negotiate with the RRCO the better your situation will be when paying back your owed taxes.
Revised Tax Returns
If you have already filed your Personal/ Business/Corporate Income Tax Returns the only way to make changes in errors is to return file an amended tax return. Tax Payer may correct the tax return within fifteen (15) days on the genuine grounds and reason acceptable to the Tax Authorities. Whether you received an intimation from the Tax Authority but to return file the amended Tax return purely lies on you. At PBJ Financial Services we will review your return and all your documents and then discuss with you whether or not it’s necessary to file an amended return. We will work to make the process as smooth as possible and prepare all the necessary filings. You may postpone your Tax Filing, however, postponement of filing shall not postpone the payment of tax. Therefore, request for postponement of Tax Return or time extension beyond 1st May shall be forwarded by the RRCO to the DRCHQ, then DRCHQ may extend the time limit up to 1st August, in exceptional cases.
RRCO Scheduled BIT Assessment
Businesses that operate as a sole proprietorship or as a single-member limited liability company need to file a FORM BIT-1 on their individual income tax return. This schedule shows the revenue and deductions for your business for the year while calculating its net taxable income. When filing a Schedule BIT-1 for your taxes it is best to be prepared for the possibility of an audit. The experienced professionals at Financial Tax & Accounting will work with you so you can better understand and learn about the auditing process.
WHAT IS A Form BIT-1 schedule TAX AUDIT?
The Tax collector from Revenue & Custom will perform a Schedule BIT-1 audit if they suspect a discrepancy on a business owner’s tax return. If the Tax Auditor requests for a BIT-1Tax audit you will then be require to hand over all your bank reconciliation and Financial Statements, receipts and explanations of all travel and entertainment expenses. It is important to keep any and all documents that pertain to your tax returns for a least five prior years so that you can clearly verify what you claimed on the return.
Scheduled Tax Audit have become more common. The Tax collector from Tax Department are finding that many profit and loss statements do not reflect the actual business done by a Owner. The common culprit for a Tax assessment audit is the co-mingling of personal and business spending. If your expenses are properly categorized and you have retained all receipts of your transactions, you can navigate the FORM BIT-1 audit without hassle.
WHO DOES A SCHEDULE BIT AUDIT APPLY TO?
If you are the owner of the business you will be the only person responsible of the Schedule BIT audit. The Income Tax Auditor takes an interest in businesses that show significant loss on a BIT filed. If your business shows a loss for 3 years in a row the RRCO- Tax Administration will most likely audit. The RRCO- Income Tax Department will audit to be sure that the business is trying to make a profit.
HOW CAN I AVOID A SCHEDULE C AUDIT OF MY TAX RETURN?
If you’re a business owner and you file a BIT Return it is important to be truthful about your income and expenses. It is important to keep your finances in order but most specifically, keeping your individual and business expenses separate. Even when owning multiple businesses, it’s best to keep your income and deductions separate by entity.
RRCO Tax Audit Help
The Revenue & Custom Department of Taxation can choose to review your income tax return for accuracy if it believes some or all of your return is incorrect or on rare occasions the audit can be completely random. Although the audit may strike fear in most people, it does not necessarily mean you have broken any tax laws or that your return was filed incorrectly. It may mean you need audit representation from a PBJ Financial Services, Thimphu tax Audit that is experienced in working with the Income Tax Department, Regional & Department of Revenue.
Many times, an individual that is subject to an audit immediately assumes that they will need an attorney. This is not always the case – in fact, many times a Financial Experts is a great choice for audit representation and much more reasonably priced than a tax attorney.
How Returns Are Chosen
Large, unusual, and suspicious items reported on a tax return increase the odds that the Tax Authority will choose to analyze your return. Several years in a row of BIT Return filing losses is another reason. If the Income Tax Department suspects that you or your tax preparer made mistakes on your return, it may choose to audit. In general, the Income Tax Department searches for extra revenue by seeking individuals who underreport or fail to report – or who inflate deductions to reduce total tax owed.
What to Bring to Your Initial Consultation
When you meet with PBJ Financial Tax Audit for your initial consultation, you will need to bring all documents that pertain to your case including the notice or notices sent by the Revenue Department, an accurate and complete copy of the return you submitted, and any supporting documentation.
These supporting documents can include:
- Expense Receipts
- Mortgage interest and Property Tax statements
- Financial Statements
- Bank Reconciliation Statements
- Documents pertaining to your business if you are Self-Employed
- Any other important documents that are relevant to the year being audited
It is much better to hire an accountant to defend your case early in the audit process rather than wait until the Tax Department insists to levy or collect on the tax debt it thinks you owe. You have rights during the tax audit process, and many taxpayers answer questions during Tax Appeal hearings they are not legally required to answer.
What to Expect During the Audit Process
If you are worried about meeting an Tax Auditor or Inspector face-to-face, the accountants at PBJ Financial Service can handle it for you. In fact, we usually recommend that you cease contact with the Tax Department and allow us to defend your case for you. To get started, our tax accountants will take the time to understand your story and will thoroughly explain the audit process to you. Following our analysis, we will identify probable outcomes and recommend a strategy. If you get additional notices from the Tax Department, it is important to share those notices with PBJ Financial Tax Services immediately. Many notices highlight important deadlines, dates, and instructions. Do not expect the audit to resolve itself in a few weeks – dealing with certain departments of the Regional Revenue Offices, Department of Revenue & Customs usually takes at least a couple of months.
Unfiled Tax Returns
There is nothing more pressing than having unfiled tax returns. The RRCO gets more and more sophisticated each year, it’s only a matter of time before they catch up to you. This is not a situation that you want to see yourself in. The sooner you get help the better and easier the process will be!
Let the tax professionals at PBJ Financial Tax & Accounting Services give you peace of mind by helping you get in compliance with the law. If you file your delinquent returns voluntarily you will likely avoid further problems other than having to pay interests and penalties.
If you wait for the RRCO to file your returns you run the risk of not getting all the deductions that you are entitled to. The RRCO will file your returns in the best interest of the government.
All returns must be processed and filed before setting a plan of action. In most cases, after all returns are filed, there will be taxes owed, interest, and penalties from withheld filings.
Let us help you through this process so that you can lift this weight off your shoulders!
Offer In Compromise
If you owe more in income taxes than you can afford to repay, you may be able to negotiate your outstanding tax debt using a Department Of Revenue & Customs Offer in Compromise. Let us give you a comprehensive evaluation to determine whether or not you will be a suitable candidate for our Offer in Compromise service.
A successful offer in compromise satisfies your tax debts for less than your outstanding balance. Not everyone can be considered for a Department of Revenue & Customs Offer In Compromise. PBJ Tax expert must evaluate your circumstances according to the Income Tax Act guidelines, such as, your ability to pay tax debt, current income and living expenses and current value of assets.
Here at PBJ Financial Tax & Accounting we will take all of your information into account and upon reviewing your finances we will make the best recommendations for you and your situation. We will review if you are a suitable candidate and if so we will complete the required paperwork and negotiate with the Income Tax Authority if necessary.
Call PBJ Financial Tax expert for a solution today!
TAX Payment Plan
If you owe money to the Tax Authority- Department of Revenue (DRC) pr RRCO you may be eligible to repay your debt over time through an income tax payment plan. Filing of Taxes deadline:
Personal Income Tax-1 January to 28 February.
Business Income Tax-1 January to 31 March
Corporate Income Tax- 1 January to 31 March
PBJ Financial Services can review your information to see if you qualify for such installment payment. The payback period usually allowed by RRCO is 12 months.
PBJ Financial Services will review your documents to assure that you are in compliance with the Income Tax Act of the Kingdom of Bhutan 2001, while confidently representing you. After reviewing your status we will recommend you best course of action, whether it be a payment plan or negotiate a reduced balance.
Depending on the amount you owe, you may be required to do a full financial disclosure, which can be very complicated and time consuming. PBJ Financial Services can walk you through the process and make sure you are doing everything possible to get the best payment plan for you.