Three Tips to Keep in Mind When Preparing for IRS Audits
It is common for the IRS or Internal Revenue Service to conduct audits. Although an IRS audit, unfortunately, has a negative connotation, it is not always an indicator of wrongdoings. The IRS chooses audits after going through random statistical methods that evaluate a tax return and then compare it with other returns. You can breathe a bit easier knowing that only 1% of businesses are audited every year. While the chances of IRS audits are slim, they still do happen. The following write-up specifies ways to prepare for an audit. Please check them out right now. Contact a Tax Professional After receiving the audit notification, the first step to undertake is to consult or appoint tax experts (whom include licensed IRS tax debt attorney ). You may also depend on a public accountant or a registered agent. Even if you wish to deal with matters on your own, it is highly recommended to seek third-party assistance. A simple mail from the Internal Revenue Service asking for speci