So you are getting audited, eh? Being audited by the IRS surely ranks up there with getting a root canal on the list of things Americans dread the most. Unfortunately, that dread is not unfounded as the examination process can be lengthy, frustrating, and costly.
Whether your audit is being conducted in person or via correspondence, the best decision you can possibly make is to hire a qualified representative. Many taxpayers will try to represent themselves in these audits, only to realize too late that they were being “penny wise, but pound foolish.” Auditors know that a taxpayer is uninformed about both the tax regulations and their rights in the audit process, and they will routinely exploit this at your expense. Unknowingly, taxpayers may make statements that open a can of worms and lead to more in-depth audits of additional tax returns. Additionally, taxpayers may accept unfounded changes to their tax return in an audit, just to get the process resolved, only to realize they have made themselves more vulnerable to future audits.
Our approach to audits is all about PREPARATION. Preparing extensively for audits allows us to identify areas of vulnerability with the audited return and collect relevant support for these and other items. Additionally, being prepared helps us to establish a positive rapport and respect with the examiner. By making their job a little easier, we can often obtain a better and quicker resolution for our client.
Contact our firm today to discuss your tax audit and how we can assist you.