Did you know that the IRS did around 770,000 audits in the year 2019? There aren’t many things that strike fear into the heart as quickly as getting audited by the IRS for your taxes. If you’re getting audited then there are certain things that you’ll want to know about the auditing process and how it works.
In addition to knowing the important tips for getting audited, it is also a wise move to learn the reasons why the auditing could be happening. The good news is that you’re in the perfect place to learn about how to get an audit and what to do once the audit starts.
Keep reading this article to learn more.
- Knowing What Causes an Audit
There are a number of methods that the IRS chooses to use when it comes to picking people to audit. Some people fall under scrutiny from the IRS because of simple math errors when it comes to their tax returns. If you’re a small business owner then you’re more likely to get audited.
These odds go up even more if a known business associate of yours gets audited since you have connections to that person and that business. With all that being said, the most common reason why you’ll get audited is if your tax returns don’t match up with your other financial information.
- Understanding the Process of Getting Audited
You’ll find out that you’re the subject of an audit either through a phone call from the IRS or through a letter in the mail. From there, the audit will proceed either through mail correspondence or with in-person interviews. They’ll let you know what the records and documents are that you’ll need to move forward with the process.
Working with companies like grc security will make the audit process move along smoothly. Audits will take different amounts of time depending on how complex the issues are with your taxes.
- Stay On Track for Getting Audited
There is a certain timeline that you need to stick with when it comes to getting audited. You’ll have an appointment with the IRS auditor and there you’ll talk about proposed changes and the timeline for which those changes need to get completed. You’ll have until that date to make the required changes for the auditing process.
Doing a great job of getting the changes completed and the necessary information to the IRS will ensure a quick and smooth auditing process. You’ll find that the audit goes by quicker and with less pain when you stay on track with the audit.
Now You’re Ready for Getting Audited
Getting audited is intimidating and scary because it makes you feel like you’ve done something wrong when it could all be the result of a simple mathematical mistake. Still, it is wise to know tips for getting audited and the things that you need to know in order to get through the process. Make sure you stay on track with the process and understand what caused the audit in the first place.
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