Things To Know Before You Get IRS Audit Assistance
Posted by Tony Burton on September 19th, 2016
Many people are completely unaware about the fact that how an IRS Audit can completely change their lives. Well, they are the lucky ones! Instead of going into a state of shock and panic at the first knock of an IRS notice or CP41 notice, here are few suggestions you can follow when the IRS finally decides to pick your income for tax audit.
A tax audit is done to ensure your personal or business financial records are in legal limits and the tax returns are filed solely based on them. After receiving the tax audit notice, one simple way (only if you have not done anything wrong) is to prove the tax authorities that the previous return submitted by you is correct and complete. And if the tax authorities are convinced, you case is settled here right away.
But this article is about what if you have to face an audit eventually. Here are a few things you must keep in mind while talking to the tax audit team.
Hire A Tax Lawyer
The first and foremost thing you have to do after getting a tax audit notice is to hire a good tax lawyer. A professional tax lawyer can always explain you about the process making you well informed and it is always good to have a lawyer by side during the side to avoid confusions.
Know The Reason
You have the right to know the reason behind IRS audit. Authority may cite reasons like automatic flags, random selection or for any specific activity depending on the situation.
Find Out How Audit Is Being Done
There are many of audits and each one has its own requirements and paper work. Knowing your type of audit will help in preparing the relevant paperwork in advance to avoid any hassles at the time of audit for IRS Audit Assistance.
For instance, in correspondence audit, is majorly about presenting more receipts, check and other bills to reconsider a part of your return. On the other hand if you are being called to IRS office for an audit, you need to carry all of your required documents to the office. And in field audit, a team of IRS will visit your home or business to conduct the audit. So knowing the next move can help you wonders in making the right preparations.
Collate Your Documents
Getting all your documents is always advisable to avoid any hitches later. Make sure to have at least 4-5 copies of your document and never send or present the original or your only copy to the IRS department.
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About the AuthorTony Burton
Joined: August 24th, 2016
Articles Posted: 9
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