Audits and You
55The Internal Revenue Service (IRS) has given you the head's up that you're going to be audited. That's a bit of a problem. Now your private finances are going to be scrutinized.
Your first step is to read the notice. You'll know exactly what the IRS wants, the period they're auditing, what type of audit they are doing, and what papers they want you to bring to the audit. Remember the date when you have to respond to the bureau. You're typically given 30 days to respond.
In an audit, it's in your best interest not to provide extra information. You might be further investigated by them. Stick to your goal of disclosing information related to the specific period and documentation on audit.
Documentation can support your tax return information, so gather these papers for the year on audit:
- Bank statements
- Your cancelled checks
- Receipts for the deductions claimed on the tax return
- Income statement report
- Payment verifications for your mortgage, property tax, donations, etc.
As soon as you get the notice, start getting organized right away. The documents may take a long time to gather, as you may have to request for them from multiple institutions.
The auditor's questions must be answered honestly while being audited. Auditors know how to look for evidences of nervousness and lying, so don't talk too much. Employ benign statements during questioning, like Yes, No, I don't recall, I'll have to check on that, What exactly do you want to see?, and why would you like to know? Bring only documents specified on the IRS notice you received. Additional documentation is irrelevant and might only cause more harm than good. If the auditor asks you about a different tax year or a document that wasn't specified on the notice, simply say that the information is not on hand at the moment.
Settle the extra taxes and consider your IRS issues solved if you agree with the results of the audit. If you do not agree with the outcome, you have a right to request an appeal.
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Please feel free to contact us at getirshelp.com or by all means call us tollfree at (888) GETMISH 438-6474 We're here to help with all of your problems with the IRS! It's not your fault so call us now!
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