Dealing with the Internal Revenue Service can be a daunting task, and many people have issues completing their taxes correctly. Mistakes with taxes, filing a return late or discrepancies in forms can result in the IRS wanting to take a closer look at your taxes to determine whether you’ve paid the full amount you owe. An audit can be intimidating, and you might wonder how you can protect yourself during this complicated and stressful process.
An audit is an inspection of your records, including your income, assets and more, to determine if you have been paying the correct amount of taxes. It could be a paper audit, which is a thorough examination of your records, or it could be an in-person audit. Regardless, you will benefit from knowing what to do next and how you could defend your interests if you receive notice of an audit.
What happens next
It is important not to panic. An audit is stressful, but there are ways you can navigate this process in a way that will allow you to prepare for what is ahead and seek the best possible outcome. After receiving a notice from the IRS, you may be able to expect the following:
- You will receive notification of whether you need to send in paperwork or if in-person meetings will be a requirement.
- Gather your tax records of the years that will be audited, and do your own review to ensure nothing is missing.
- Seek help regarding your legal rights during this process, or secure a person to go to the audit in your place.
- Show up for any appointments thoroughly prepared, including having important documents with you.
At the conclusion of the audit, you may learn whether or not you owe more taxes. You do not have to accept the conclusion reached by the auditor, but instead, you have the right to object to certain findings. A compromise may be possible between the two parties.
Fighting for your financial interests
Tax matters are complex, but you do not have to navigate them on your own. You will benefit from seeking the support and guidance of a Georgia professional who can help you seek the best possible outcome to your audit. With the right help, you can fight for a reasonable conclusion to your ongoing tax concerns, whether that is settlement, relief or another option.