How to Survive an IRS Audit!
Audio version available here:
Length: approx. 1 min. 30 sec.
Imagine receiving a letter in the mail from the IRS informing you about an IRS audit. Many immediately fear that they are in trouble. Do not panic! Being selected for an IRS audit does not automatically mean you’ve committed a crime. Occasionally, the IRS will select accounts for audits based on random samples, meaning that your return can be completely valid, just an unlucky victim of chance. After reviewing your audit letter and understanding why the IRS has selected you, gather the necessary supporting documents. If the audit is to be conducted by mail, you will need to organize and mail all the required financial records to the designated IRS office. There is the possibility that the audit may be done in-person, either at an IRS office or at your business premise i.e. your home, place of business, or accountant’s office. In these situations, it is important to keep your records organized and handy. If you are a business owner and this audit is stressing you out, getting help from an experienced tax attorney or a tax accountant for IRS representation should be considered. A knowledgeable tax professional is able to assist you and provide the right guidance. Don’t have one? We would love to talk to you! It is never too late to start a professional relationship with an accountant, not just for IRS audits but for many advantages including tax planning. At XQ CPA, we are dedicated to keeping your financial records tidy and your tax return in compliance with all IRS regulations. Give us a call at 832-295-3353, or reach out to us on our website www.xqcpahouston.com.
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