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During an IRS audit, an individual or organization's financial accounts and transactions are thoroughly examined. The purpose is to check for accuracy, investigate suspicious activity, and ensure compliance with tax laws. The IRS uses audits to maintain the tax system's integrity and ensure fairness among taxpayers.
Tax Resolution Plus, a leading tax resolution services company, specializes in helping taxpayers navigate through IRS audits. With a team of experienced tax professionals, they provide necessary guidance and representation throughout the internal revenue service audit, assuring the protection of your rights and striving for the best possible results.
Understanding IRS Audit Resolution?
The IRS audit resolution process begins when the IRS sends a notice to the taxpayer. This notice outlines the issues identified by the IRS and requests additional information. The taxpayer then has the opportunity to provide this information and resolve the issues.
If the taxpayer disagrees with the IRS's findings, they have the option to appeal the decision. The IRS Office of Appeals is an autonomous division of the IRS where this appeal can be submitted. If the appeal is unsuccessful, the taxpayer can further pursue the case in court.
How much would I qualify for?
Up To $5,000 Per Employee Per Year
Up To $5,000 Per Employee Per Year
The Process of an IRS Audit
The process of an Internal Revenue Service (IRS) audit can be complex and intimidating for many taxpayers. However, understanding the steps involved can help alleviate some of the stress and uncertainty.
Selection for Audit
The first step in the audit process is the selection of a tax return for review, which can happen in one of two ways:
• Random Selection: The IRS uses statistical algorithms to select returns that may have errors, comparing them against "norms" for similar returns.
• Document Matching: Your return may be audited if the information does not match the data provided to the IRS by employers, banks, and other third parties.
Notification of Audit
Types of Audits
1. Correspondence Audits: These are the most common types of audits, conducted entirely through mail. The IRS will request more details on specific items on your tax return. Tax Resolution Plus can help you respond to these requests and provide all necessary information.
2. Office Audits: An office audit is a face-to-face audit conducted at a local IRS office. These audits are typically more in-depth and may require additional documentation. With Tax Resolution Plus, you can confidently face an office audit.
3. Field Audits: Field audits are the most comprehensive type, conducted at your home, business, or accountant's office. An IRS agent may interview you, review your records, and speak with your accountant during a field audit. Tax Resolution Plus provides representation during a field audit, protecting your rights and ensuring a fair examination.
The Audit Examination
• No Change: The IRS concludes that all the information on your tax return is correct, and you owe no additional tax.
• Agreed: The IRS proposes changes to your tax return, and you agree with the adjustments.
• Disagreed: The IRS proposes changes to your tax return, but you disagree with the findings.
If you agree with the audit results, you'll sign an agreement form and pay any additional tax owed. If you disagree, you can file an appeal if there is still time before the statute of limitations expires, request a meeting with IRS management, or seek to resolve the situation amicably.
TheImpact of an IRS Audit
Alongside the extra tax liability, you may also face penalties and interest. Penalties can be imposed for reasons such as late payment, underpayment, or negligence. Interest is typically charged on both the additional tax and penalties from the date the tax should have been paid.
In cases where the IRS uncovers fraud or tax evasion, the financial penalties can be even more severe, and criminal consequences may follow.
The fear of potential penalties, audits, or further investigations can create anxiety and uncertainty. It's essential to remain calm, seek professional assistance, and maintain open communication with the IRS to address any questions that may arise during the audit process.
Impact on Future Tax Filings
This may require dedicating moretime to your taxes or enlisting the help of a professional tax advisor.
Impact on Reputation and Business Relationships
Maintaining trust and credibility during and after the audit is crucial, and timely, transparent communication with stakeholders can help mitigate any negative perceptions.
Navigating the Audit Process with Tax Resolution Plus by your side, you don't have to face an IRS audit alone. Our team of experienced tax professionals is equipped to guide you through the complexities of the audit process, providing expert representation and protecting your rights.
We understand the potential impacts an audit can have, and we are committed to helping you achieve the best possible outcome. Let us be your trusted partner in navigating the IRS audit with confidence.
Contact us today for a complimentary consultation and take the first step towards securing your financial future.