Getting mail from the Internal Revenue Service typically means one of three things. You either had a bigger return than you had calculated, you owe more than you had calculated or you are being audited. When the latter is the case, it is very stressful. Have you been keeping your receipts?? However, if you meet the audit head on and work with the IRS, it can be over quickly and painlessly. Oh and you know that annual filing with LLC.NET for your limited liability company is a deduction.
1. Take the Initiative
You may be tempted to throw that audit notice in a junk drawer and try to pretend it never happened. Try not to handle it this way. The audit notice will contain the information you need to take the initiative. It will tell you whom to call to get the IRS the information they need or to set up a meeting. It will also contain a deadline, which must be abided by, lest things get more complicated.
Sometimes the IRS does random audits. Sometimes audits are regarding information that did not compute with the IRS, but that can be explained and/or verified by you. If you let it go, the Internal Revenue Service may decide to dig further, increasing the time spent on the audit and your stress. As with most important issues, it is better to get it out of the way on your own steam than to be forced through it.
2. Inform Your Tax Preparer
Your tax preparer probably understands your tax returns better than you do. Contact the person or company that handled your return for the year for which you are being audited. Let the preparer know exactly what was in the audit notice, what year it pertains to and your deadline for response. Find your records and go over the information you have and the information in the possession of the preparer. Go over the tax return for that year, item by item. Cross check all of your records with the information on the tax forms. It is the preparer’s job to verify that the return was done properly, but you will suffer the consequences if it is not. Work with your preparer until everything is there and double-checked.
3. Get Help with Your Audit
Whether or not your tax preparer is going to help you through your audit, he or she should help you with the initial steps. If, during that time, you determine that your tax preparer should not act as your representative during the Internal Revenue Service audit. Is he or she experienced in dealing with audits? If they are inexperienced or you lack confidence in them in any way, you should find better representation.
When dealing with an audit, it is important that you look professional. That includes having people who are trustworthy and knowledgeable on your team. Someone who understands tax law and has helped others get through audits is the ideal candidate. Barring the chance that you are an experienced tax lawyer, you do not want to go through an audit alone. You may find that he or she does all of the hard work for you.
It is possible to get through an audit unscathed. Most of the time, no change is needed on the tax return, meaning most audits do not result in any problems. Get your end of the audit done fast so you can find out the result as soon as possible.
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