An IRS audit can be a stressful experience for many individuals and businesses. Facing the IRS alone with no experience surrounding tax laws and regulations can be daunting for most folks. This is where we come in to save the day! Our CPAs are licensed, experienced, and ready to help make sure your rights are protected during this tumultuous time.
What is an IRS Audit?
According to the IRS, 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.
Although it may seem like otherwise, selection for an audit does not necessarily mean you’ve done something wrong. On the contrary, the IRS has multiple methods of selecting individuals and businesses for an audit. They use random selection and computer screenings for a number of cases, choosing returns “based solely on a statistical formula,” comparing thousands of tax returns and selecting the outliers for audits. Another method commonly used by the IRS in audit selection is through related examinations, where they “select your returns when they involve issues or transactions with other taxpayer, such as business partners or investors, whose returns were selected for audit.
If you are selected for an IRS audit, you will be notified through mail. The IRS does not initiate audits by telephone, so if you receive a notification by phone, it is not legitimate and could be a scam.
What are IRS Representation Services?
IRS representation services involves having a qualified CPA, such as ourselves, or Tax Attorney act on behalf of a taxpayer when dealing with the IRS. This service includes helping the taxpayer gather requested documents, managing correspondence, attending IRS meetings, and providing support throughout the audit process.
According to the Bill of Rights, taxpayers are entitled to choose an authorized representative to assist them in their interactions with the IRS. Your chosen representative will guide you through the audit, address any inquiries you may have, and safeguard your rights throughout the proceedings. They can offer insights on the audit process, advise on the best approach, and provide strategies for handling challenging issues.Even if you feel capable of managing the audit independently, it is strongly advised to seek professional representation. An experienced tax attorney or certified public accountant can adeptly steer you through the intricacies of the audit, ensuring that your interests are well-represented and protected.
Benefits of IRS Audit Representatives
Engaging IRS tax audit representation services offers numerous advantages for individuals and businesses. These services play a crucial role in safeguarding your rights during an audit, ensuring you don’t overpay, and effectively representing your best interests. Key benefits of utilizing IRS tax audit representation services include:
- Professional Knowledge: These services are delivered by professionals well-versed in tax laws and regulations. Their expertise enables them to understand the intricacies of the audit process and navigate it with precision.
- Time Efficiency: IRS audits are notorious for consuming time, and having professional representation can significantly expedite the process. Your representative can manage a substantial portion of paperwork and communication with the IRS, freeing up your time to concentrate on other essential tasks.
- Stress Alleviation: Audits often bring about stress for a client, but don’t worry! Having a professional to represent you can alleviate this burden by taking charge of communication with the IRS. This allows you to experience relief, knowing that a capable expert is handling the intricacies of the audit on your behalf.
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All Businesses Can Benefit In Having A Reliable And Forward-Thinking Financial Partnership Offered By Trippon Group Of CPAs, Houston’s Premier CPA Firm For Business Owners.
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