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Protection Plus:  Audit Protection For Your Tax Practice

Protection Plus:  Audit Protection For Your Tax Practice

By James Stork
VP of Education, Drake Software

The IRS has increased its audits of professional tax preparation firms, attempting to stem a perceived increase in both preparer fraud and taxpayer fraud related to such issues as identity theft, false claims of dependent children, and inflated deductions on tax returns.

While it is true that careful and honest tax preparers can withstand an audit, the process itself can be time-consuming and stressful.  What’s worse, even the most scrupulous preparer can make an honest mistake – bringing penalties and interest, plus a settlement with the taxpayer for whom the return was prepared.

That’s why Drake Software is proud to partner with Protection Plus, one of the most comprehensive audit assistance companies available to you.  Protection Plus excels in protecting tax preparers and their clients in five critical areas:

  • $2,500 for Tax Liability.  The taxpayer can rest easy knowing that if a legitimate preparer error has been made on their tax return, the liability to the IRS for taxes, penalties, and interest will be assumed by Protection Plus up to the first $2,500.
  • Relief of Audit Headaches.  Protection Plus Audit Assistance will work aggressively with clients to resolve their audit issues with the IRS, helping them receive the refund they are due. After just one phone call to the Protection Plus Claims Division, the client will know that they truly have a team of dedicated professionals ready to assist them. Protection Plus relieves tax professionals from the arduous and time-consuming task of analyzing IRS correspondence and clients’ records and documents. All claims are handled in a prompt, courteous, and professional manner.
  • Unique Coverage.  Protection Plus Audit Assistance reaches out in ways other audit assistance plans do not. When credits, such as Earned Income Credit, Child Tax Credit, and Education Credit are denied, Protection Plus will assist clients even if the return is yet unfunded by the IRS. In addition, the Protection Plus Audit Assistance plan includes Schedule A and Schedule C at no additional charge.
  • Tax Debt Relief.  The Protection Plus team will work with the taxpayer for a resolution to their debt. Tax Debt Relief includes, but is not limited to:
    • Guaranteed Installment Agreements
    • Offer in Compromise
    • Tax Penalty Abatement
    • Streamline Installment Agreements
    • Tax Liens
    • Wage Garnishment Relief
    • Innocent Spouse Relief
    • Rejected ITIN (W-7) Applications.  The Internal Revenue Service announced changes to strengthen its procedures for issuing Individual Taxpayer Identification Numbers (ITINs). Protection Plus knows the latest rules and document requirements in order to work with taxpayers whose ITIN (W-7) Applications have been rejected by the IRS. Protection Plus will work diligently with these clients in obtaining the needed tax identification number for the taxpayer, spouse, and each dependent listed on the 1040 return.

 

Protection Plus relieves the burden of you having to deal with IRS audits.  I invite you to learn more about this program, and why Drake Software is proud to be one of their partners, at https://myprotectionplus.com/what-is-protection-plus/.

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The Taxing Subjects staff is proud to cover the latest in tax-industry-related news, from tax law and IRS updates to technology and business strategies. If you have questions about an article or just want to reach out to the Taxing Subjects staff, email comments@taxingsubjects.com.

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