We understand that an audit can be a stressful experience, especially if a taxpayer’s return has omissions or mistakes.
We represent individuals and businesses under an IRS audit with respect to all types of taxes, including income tax, withholding tax and more.
The IRS audited approximately 0.7 percent, or nearly 1.4 million, of the nearly 192 million personal and business tax returns filed in calendar year 2014. This resulted in an additional $25 billion in taxes owed for that year. Although the chance of being audited is small, once a taxpayer has been flagged for an audit, the right response is critical. Taxpayers facing an IRS audit must respond appropriately and promptly in order to present the best case for resolving the dispute.
Audits can also be invasive, time-consuming and frustrating. A wide variety of detailed documentation can be requested relating to the tax matter, such as invoices, receipts, bank statements, company ledgers, past tax returns, W-2s, 1099s and other evidence of income. The type of evidence required depends on the nature of the tax dispute, however, IRS auditors may ask for more information from taxpayers than they have a legal obligation to provide.
The IRS has an arsenal of remedies available to collect back taxes, such as filing a lien against the taxpayer’s property, levying bank accounts, garnishing wages and imposing stiff penalties. As a result, it is important to understand the applicable rules as the consequences can be severe. Obtaining skilled representation in a tax audit is crucial. We advocate for our clients to minimize or eliminate any possible liability and reach a resolution quickly and efficiently.
Do not hesitate to call us to discuss your IRS audit.