The typical response to an official IRS audit notice is panic and concern. In our last blog, we helped identify two key steps that you should take when you receive a notice, instead of panicking: namely, determining why and how you are being audited.
Once you have completed both of these tasks, begin gathering the documents you will need for your audit. Understand that you don’t need to share everything if it is not relevant to the audit. You have a right to keep certain information that is unrelated, private, even though the IRS agent may tell you that you have to share all of your information.
Also, make sure you copy all of your original forms and have them organized. Organization will show responsibility, and making sure you hand over copies of your original documents will help ensure that you don’t find yourself without important papers, later, should you need them again.
Finally, make sure you have a tax attorney or a tax lawyer you can trust. Tax help is one of the most important aspects of successfully navigating an audit, so make sure you have a lawyer who is experienced in dealing with the type of audit notice you are facing. They can help in many different ways, from attending the audit with you, to explaining the process and helping you gather the necessary documents.
The main key to a successful audit is keeping your cool, staying organized, and presenting a professional, relaxed front. Make sure you have the help and documents that you need, and you should be able to stay calm.
Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.
There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.