Legal Intellectual

I suddenly received notice of a tax investigation of a sole proprietor. How should I respond?

I run a restaurant as a sole proprietor. As my revenue has gradually grown, I have mostly entrusted my tax filings to a certified tax accountant, but I recently received notice from the tax office that it will conduct a tax investigation of my sole proprietorship. I am worried because I hear that a tax investigation of a sole proprietor often results in large additional tax assessments... I would like to know whether a sole proprietor, like a corporation, can be subject to a tax investigation, and what materials I should prepare during the investigation.

Is the gift tax exemption limit for children applied anew every 10 years?

In the past, I used the gift tax exemption limit for children when gifting a certain amount to my child. I am considering an additional gift, and I would like to know whether the limit is applied anew after 10 years pass. I would also like to know the criteria for aggregation with the previous gift and methods for reducing taxes. Is it correct that the gift tax exemption limit for children is applied anew every 10 years?

I would like specific guidance on the method for filing withholding tax, the procedures, the place of tax payment, and the submission deadlines.

Hello. I run a sole proprietorship, and I recently need to pay a freelancer who provided outside services. Because the freelancer is an individual without a business registration certificate, I was told that I must file the withholding tax on their behalf. However, I am confused about exactly when and in what manner I must file and pay the withholding tax, and whether I must also handle the local income tax. I would like specific guidance on the method for filing withholding tax, the procedures, the place of tax payment, and the submission deadlines.

How should I respond to a tax investigation? Would it be good to get a tax consultation?

I recently received a sudden notice of a tax investigation, and since it is my first tax investigation, I am quite flustered. I am not sure what I should check on the first day of the investigation, or how much of the material the investigating officials request I must submit. I have also heard that in some cases they come to investigate directly without prior notice, and since I received notice in the normal way, I am curious about that difference as well. Because I am increasingly worried by talk that the scope of the investigation could expand further, I am considering whether I should get a tax consultation in advance and prepare a response strategy. How would it be best to respond? Would it be good to get a tax consultation?

How severe is the punishment for tax evasion? I would also like to know whether there are cases in which it can be mitigated.

During a recent tax investigation, I was told that some of my past filings could be treated as tax evasion. I did not intentionally try to conceal taxes; the delay in payment was largely because my finances were poor, yet I am worried that this could even lead to criminal punishment. I heard that if the evaded amount exceeds a certain threshold, the punishment is greatly aggravated, so I would like to know what the criteria for punishment of tax evasion are and what circumstances may allow for leniency or mitigation.

As my sales have recently increased, I am worried about a tax investigation; can a case like this also amount to a suspicion of tax evasion?

I run a small corporation, and as my sales have recently increased rapidly, I am worried about whether my tax management is being handled properly. Some transactions include a mix of cash sales, and there have been times when I treated as expenses parts that family members helped with. It was not intentional, but I would like to know whether a situation like this can also become a problem as a suspicion of tax evasion, and what kinds of acts are actually judged to be a suspicion of tax evasion.

Is there a way to reduce the gift tax burden when succeeding to a family business?

There is a small and medium-sized enterprise that my father has run for more than 20 years. Because he is now advanced in age, he is considering transferring the company to me in advance through a lifetime gift rather than by inheritance. However, I am quite worried because I have heard that the gift tax burden is considerable when family business shares are received as a gift. I would like to know in detail whether I too can be granted the special taxation system and what the requirements for its application are.

Regarding a prior notice of additional taxation by customs, can I contest it through a pre-assessment review?

Recently, I received a written notice from customs to the effect that the customs duty on imported goods appears to have been underreported. Although a tax notice has not yet been issued, I feel a great burden because I was told that additional customs duties and penalty taxes may be imposed later. I am curious whether I must pay the tax immediately at this stage, or whether there is a procedure through which I can submit my opinion or contest the matter before the taxation becomes final. I heard that there is a system called a pre-assessment review, and I would also like to hear a tax attorney's explanation of how to apply for it and what effect it has.

Tax attorney, is a tax reduction for foreign-invested companies still possible now?

As a foreign corporation with its headquarters abroad, I am reviewing options to establish a corporation in Korea or to conduct business through foreign investment. I heard that there used to be a system granting reductions in corporate tax, acquisition tax, and the like for foreign-invested companies, and I would like to know whether such tax reduction benefits can still be received now. In particular, I would like to hear the tax attorney's explanation of whether a business related to advanced technology or one located in a free economic zone qualifies for reductions, and what tax benefits can be expected.