How Do You Prepare For An IRS Audit?
The words “tax audit” strike fear and dread in most taxpayers, conjuring up images of dark-suited IRS agents scrutinizing every receipt, every worksheet and every line of a tax return, all while adding up additional taxes and penalties. But in some cases, IRS audits are merely letters requesting additional documents or explanations of specific items on an individual or corporate income-tax return. Other audits are more comprehensive, involving face-to-face meetings with an IRS representative who will audit your entire tax return. Whatever the case, some advance preparation and professional assistance can make an audit less intimidating. Examine the audit notification letter closely to determine the nature and extent of the audit. The IRS may want to audit your entire tax return or only a portion of it. In some cases, it may question only a deduction or tax credit that you claimed. Contact your tax professional for assistance. He can advise you during the audit process and help you prep
