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Many people believe that an audit means they are in trouble. The US tax system is complicated and no matter how confident you are that your taxes are accurate and your finances are in line, an audit notice from the IRS might still make you break out in a cold sweat.
You may think, “What did I do wrong? Why are they coming after me?” However, many taxpayers are selected for audit by random computer screening, and there is a good chance you have nothing to worry about. But the IRS may also have noticed some red flags in your taxes so make sure you always thoroughly prepare yourself for an audit ahead of time.
If you’ve been notified by the IRS that you’re going to be audited, there are several steps you can take to ready yourself, protect yourself, and help make the process as painless as possible. The first is to not panic. The next is to move quickly. The audit is not going to go away and the longer you wait to take action the higher your fines or penalties could be.
Next, hire an experienced and knowledgeable representative like Weisberg Kainen Mark, PL to defend your interests. A good tax attorney will help you navigate the turbulent waters of an IRS tax audit and coach you through the process. They can help you prepare and get organized and help you avoid unnecessary taxes, penalties and interest.
Once you’ve consulted with your professional representation, start getting organized. Gather all the documents and information the IRS has requested for the audit. You or your attorney may be able to find any errors or mistakes yourself and quickly correct them. Plus, the faster you get everything together and the more organized it is, the more smoothly and efficiently the audit process will go. If you are missing any of the documents or info that the IRS requested, it can take longer than you think to get new copies of what you need so it’s important to start gathering everything as soon as possible after you receive the audit notice.
However, do not provide more than what the IRS requested. You should always be forthright and honest with the IRS, but that does not mean you have to volunteer extra information that could lead to more questions and a more complicated audit. Stick to what the IRS asks for unless your tax attorney tells you otherwise.
Audits should not be feared. They should be handled. The next time you are faced with an IRS audit, let experienced tax attorneys like those from Weisberg Kainen Mark, PL fight for your rights and interests.
Weisberg Kainen Mark, PL
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