The auditing process can seem scary. Most people worry that they are going to lose everything if the IRS ever audits them. They may hope and pray that they will never need to go through an audit and could break out in a cold sweat when they do receive this letter. While an audit is a serious matter, rest assured that most of them are solved simply by sending in the paperwork that is requested. Just by sending in a few forms, you are finishing up a random audit or showing proof for one that may have sent up some red flags with the IRS.
When you are facing an audit, don’t do it all on your own. You may be confused about the whole process and not understand what is going on. When an audit is in your future, make sure to find the professionals who will be on your side and make this process easier.
Read the Letter
When the IRS needs to get ahold of you, they are going to do so by snail mail. You are always more than welcome to give them a call, but you are not going to get a call from them discussing your audit or anything else tax related and you will not receive an email. If you do receive an email or a call from someone claiming to be the IRS, ignore it right away. This is someone else just trying to get ahold of your information and use it against you. The IRS will only use mail so any other option is a scam.
Once you get the letter, make sure to read it through. This letter is going to have all the steps that you need to take in order to finish up that audit. Look and see what forms are needed and go on from there. If you need help finding the forms or understanding what is in your letter, make sure to contact a tax professional who can help you right away.
Submit the Proper Paperwork
Once you are done reading the letter, it is time to submit the paperwork. Whether it is a routine audit just to check up on things or you are asked to submit paperwork because something raised a red flag with the IRS, make sure that you get that paperwork done as soon as possible. You should hold onto all the paperwork that you need for at least three years in case the IRS does contact you asking for the information. If you happen to lose some of the paper, you can find the right forms and ask for copies right away.
You need to make sure that you are submitting this paperwork as soon as possible. You do not want to miss out on the deadlines or you could end up with a lot of trouble on your hands. As soon as you receive everything, send them out right away. The sooner you get this done, the easier it is to push it to the side and not have to worry about it any longer.
Go In Person if Requested
In some cases, the IRS is going to ask you to come to one of your local offices in order to take a look at the paperwork that they require. This may seem scary, but it usually just expedites the process and ensures that the letter or paperwork doesn’t get lost in the mail. Make sure to gather all of your paperwork ahead of time and be on time to your meeting to avoid arousing suspicion. In most cases, the representative will be able to check your file, look at the forms that you are submitting, and then you can be on your way. Keep in mind that you should keep quiet during these meetings. The more information you give out, the easier it is for the IRS to find out about other information that could get you in trouble. Just go and drop off the forms and be done with the process.
Hire a Professional to Help
In some cases, the auditing process is going to get more complicated than what is listed above. Sometimes the auditing team decides they need to come and take a look at your home and business and make sure there isn’t any money that is hidden or that you aren’t hiding something else from them. If the IRS is coming to your home or business, they are serious and feel that you left out information that will cost you a lot of money.
If this does happen to you, make sure to get the tax professionals on your side. They will be able to prepare you for this audit and will walk you through all the steps. No matter what the audit is looking for, they will take the time to explain the whole process for you, help you to gather the necessary paperwork, and even speak on your behalf. Remember, even when the auditing team is in your home or business, only give them the information that they need and nothing else or you could end up in worse trouble than before.
Whenever you are facing an audit, it is important to have someone on your side. Contact our offices for the audit support that you deserve to get your finances and life back on track after the audit.
Precision Financial Services