Oh no, it happened. You received the dreaded Audit Notice from the Internal Revenue Service (IRS). You are not alone. In fact, nearly 1 out of 15 taxpayers will owe the IRS. These types of tax matters can cost you in the form of anxiety, loss of money and time. Not to mention that tax laws and legalities can be overly complicated to understand without correct guidance. Don’t scream or go off running for the hills just yet. Take a breath, think objectively and find a helpful resource–in this case, a Tax professional hero.
Here are Three Ways a Tax Professional can Help
Will Explain Your Notice to You in the Simplest Way
Most tax disputes present themselves in the form of an audit. If your audit issue is significant and overly complicated, your tax professional will be able to discuss what the issue is and suggest next steps. Having an experienced tax accountant can ensure that you don’t overpay as a result of your audit.
Help you Locate and Organize Documents Your trusted accountant will help you understand what documents the IRS needs to receive. If you cannot locate a document, your account will advise you on next steps on how to receive duplicate copies. Having the proper documents will help the audit process move along more smoothly and quickly. The method of getting everything in order will also help ensure that you are not missing any necessary documents.
Communicate and Negotiate a Settlement of your Behalf Your tax accountant can help you communicate with the IRS and negotiate a settlement, if necessary. An audit notice sent by the IRS typically allows you 30 days to respond. Failure to respond in the allotted timeframe may increase your tax bill, not to mention possible loss of your right(s) to appeal any decisions made by the IRS.
Have Questions? If you’ve recently received an audit notification or have questions about your individual or business taxes, contact our office today for a consultation.