IRS Audit Letter: What Do I Do If I Receive an Audit Notice?
So, you received an IRS audit letter? This is not the type of letter that you want to receive from the IRS. Simply put, it means that you are being audited and any mistakes could possibly come back to bite you. Did you know audits can actually go both ways? You can be audited and have the IRS owe you money after it is over. Say they catch one error, but you find two other errors that go in your favor. That being said, you don’t have to be scared of an IRS audit letter. In fact, if you take the right steps you can get past this part of your tax life in no time at all.
Here are some recommended steps to take if you receive an IRS audit letter:
- Stay Calm. Although your instinct may be to panic, keeping a clear head and retaining your composure will enable you to handle this situation in the best manner possible..
yourself in a tax audit case. A professional, such as an enrolled agent, will have extensive tax code knowledge and can act as a liaison between you and the IRS so that you will never have to communicate with them directly.
If you receive an audit letter, these steps provide a useful guideline for resolving your situation with the IRS. If you are unsure of what to do or know that you have made an error, be sure to contact a tax professional to assist you with your audit. A tax professional may be able to minimize the penalties that you’ll face and can typically find a way to lawfully dismiss certain aspects of the audit.