Archive for tax audit
You are browsing the archives of tax audit.
You are browsing the archives of tax audit.
An IRS audit is painful.
Even if your return is 100% accurate and the IRS compliments you on your diligence and honesty, it will require a lot of your time and cause you a lot of stress.
But there are things you can do to minimize the pain and the stress.
Here are our top 5
Don’t take it [...]
If you have received a notice that the IRS wants to audit your tax returns, contact us for a free assessment of your areas of risk.
If you choose to hire our firm to represent you in connection with an IRS audit, here is how we begin the process:
What We Need from You Before the Audit [...]
If you receive an IRS audit notice, print this checklist out as a guide to help you through the process.
Tax Return, Tax Preparer and Tax Records
Carefully read the IRS Audit Notice and locate the list of items the IRS intends to examine
Locate your copy of the tax return for the year that has been selected for Audit
If had [...]
The IRS is required to following specific, detailed procedures in choosing tax returns to audit and conducting the audit examinations of those returns.
The following chart describes the IRS audit process and gives tips for you to follow at each stage of that process.
Audit Process Step
Description
Advice
Scoring of Returns
The IRS computers assign what is known as a [...]
The Notice of Deficiency
If you are audited and cannot come to an agreement with the examining agent, the IRS will issue what is known as a Notice of Deficiency (sometimes also called the 90 Day Letter).
The Notice of Deficiency contains a calculation of the additional tax, interest and penalties the IRS believes you owe and [...]