I represent taxpayers with tax issues in New Orleans, Louisiana before the IRS, Department of Justice Tax Division and State Departments of Revenue. I write about tax issues here.
Taxpayers can expect a certain level of scrutiny when filing their tax returns. However, some may face an Internal Revenue Service (IRS) audit. An audit is a thorough review of a taxpayer’s financial records to ensure accuracy and compliance with tax laws. Taxpayers need to know what an audit entails and how best to prepare for one in case they ever face one.
The best advice is to have a tax attorney experienced in handling audits represent you so that you do not need to deal with the examiner directly and can get professional advice on responding appropriately and obtaining missing information.
The first step in the IRS audit process is notification from the IRS that your taxes are being audited. This notification will include information about why the audit is taking place and how you should proceed. You will then need to provide documentation and evidence that supports your tax return, such as receipts, bank statements, Form W-2s, or any other forms related to income or deductions claimed on the return.
Once the IRS receives the information, it will start its review process, which typically takes 4-6 weeks but could take longer, depending on the complexity of your return. During this time, it may also request additional items or contact you directly with questions regarding your financial records.
At the end of the audit process, you will either be notified that no changes have been made or that adjustments must be made to your return based on their findings. If changes or additional taxes are due, they must be paid immediately, or arrangements will be made for payment over time.
It is always best to ensure accuracy when preparing your taxes so that you do not incur penalties for mistakes or misrepresenting information on returns filed with the IRS.
However, suppose you do find yourself facing an IRS audit. In that case, it is essential to remain calm and organized while providing all requested documentation to successfully complete the audit process without incurring further penalties or interest payments due to delinquent taxes owed. It is also best not to deal with the agency itself directly but to hire a competent tax attorney to handle the exam and help you through the process.
Feel free to contact me at (504) 680-6057 or ian@semmlaw.com if you have a tax issue with the IRS and want professional help.
Comments(0)