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Is the IRS auditing your tax return? Here’s what you need to know:
The Purpose of an IRS Audit
The IRS examines (audits) tax returns to verify that the tax reported is correct.
When a return is selected for examination it does not necessarily mean that the taxpayer has made an error or committed tax fraud.
Many audits result in a refund to the taxpayer or acceptance of the return as filed.
What To Do if You Get an Audit Notice?
Everyone dreads getting a notice from the IRS saying that their tax return has been selected for audit.
Even if you have kept meticulous books and records, followed the letter of the law and filed and paid your taxes on time, an IRS audit can be a daunting and stressful process.
If you get an IRS audit notice, follow this list of Do’s and Don’ts:
- Contact the IRS agent and let him know you intend to cooperate
- Locate a copy of the tax return that has been selected for audit
- Contact the tax preparer who prepared your return and let him or her know you’re being audited
- Seek the advice of a tax attorney or CPA experienced in handling audits
- Get angry at the IRS agent
- Get angry at your tax preparer (not yet, anyway)
- Try to handle the audit alone before seeking professional advice
Learn more about the IRS and Tax Audit services provided by The Pappas Group by clicking on the following topics: