Audit

Avoiding an IRS Tax Audit

Just 0.45 percent of taxpayers were audited in the fiscal year 2019. Still, with taxes becoming more complicated every year, there is an even greater possibility of confusion turning into a tax mistake and an IRS audit. Avoiding “red flags” like the ones listed below could help.

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What to Do If You’re Faced with an IRS Audit (8 Tips)

“I hoped this day wouldn’t come…but I need help with an IRS audit.”

Picture this: you own a small business. You just sent out invoices a week ago, and the checks are rolling in. As you walk to the mailbox, you have a smile on your face. You pull out the mail and see a half dozen checks…and an envelope from the IRS?

Worried, you open the envelope. Panic sets in. Yes, you’ve been selected for an audit. You don’t know who can help with an IRS audit. What should you do?

Keep calm and call Robert P. Russo CPA, PC.

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Taxpayer Rights: Audits and the Right to Finality – Tax Tip

An IRS audit is a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. IRS audits are conducted either by mail (e.g., you receive a letter in the mail that you must respond to) or through an in-person interview.

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