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The IRS is auditing me, so what do I do now?

| Jun 1, 2016 | Audits |

If you are being audited, it is highly unlikely the audit would be in relation to your most recent tax filing in April of this year. Usually it takes the Internal Revenue Service some time before they take action on a filing. If they do take action, though, you need to be prepared for what will come. The process for dealing with an audit can be complex and difficult, but if you know what to do, you can complete the process in a compliant and efficient manner.

The first thing you should do is take a deep breath. Panicking after receiving notice of an audit can lead to poor decisions. Just take the moment in and get ready to handle it. “Handling it” in this scenario is gathering up as much evidence, paperwork and documentation about the tax filing in question. You don’t have to volunteer information that they don’t ask for — so if the IRS doesn’t request specific information, don’t give it to them!

If this task becomes too daunting, don’t be afraid to consult with an attorney. The legal support will help you feel confident as you deal with the IRS, and your attorney can advise you about specific details and aspects of tax law that could be advantageous to you.

Also, when dealing with the IRS during an audit, don’t procrastinate with communication. Effectively communicating with the IRS will protect you from further penalties associated with late action or procrastination, plus it will speed up the process to completing the audit.

Source: FindLaw, “What to Do if the IRS Audits You,” Accessed June 1, 2016

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