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List: Posted: 03/09/11
The IRS seems to be making more audits each year. They want to be able to close the tax gap – the amount owed versus the amount they received. Even though the possibility of an audit is still remote for most people, you want to know what to do in case you are one of the unlucky ones chosen.
First, you need to know what type of audit they are going to do on your taxes. Will it be a paper audit or an in person audit?
The paper audits are more common than the in person audits. In these cases, the IRS sends notification of problems with your taxes, and they will recalculate them for you. Most of the time, this is simply because of a mathematical error on your part when you were completing the taxes.
An in person audit for your taxes will take place at your place of business or at your home. They won’t just show up at your house. They will set up an appointment with you first.
If you have an in person audit for your taxes, you might want to have a tax attorney come to the meeting to help you understand everything that is happening. Make sure that you have all of the paperwork and information the IRS requests prior to the meeting. Organize your paperwork and taxes by year so it is easier to go through during the meeting.
Try to relax and remain calm while you are going over the taxes with the auditor. As long as you are honest and cooperative, you should be fine.
H&R Block is your single source for tax preparation and online tax services. File income taxes online or using our great tax preparation software to e-file taxes. Enjoy hassle free tax filing with the help of tax professionals.
The material in this article is for informational purposes only. The views expressed in this article are those of the author and do not necessarily reflect the views or opinions of Local.com. See Additional Information