You must be in a state of panic, if you have received notice of audit from IRS. However, this is not the solution to survive brutal audit from cruel collection agency IRS. First thing that needs to be done after receiving the notice is that you should check if you have received the letter for correct reasons. If you are not sure about tax thing, hiring IRS tax attorney is recommendable as he is the person who would be able to make you aware of the work ethics of the tax authority. It will make your life easy to plan your strategies if you have received the letter for right reasons. Tax attorney will assist you in preparing your for the audit. But if you are looking for few tips to survive the tax audit, read on…
During audit one thing that remains at the top of the auditors list is to check the income and credits that you have reported while filing your tax return. The reason behind this is that most of the taxpayers try to play with the IRS to reduce their tax responsibility by claiming fake deductions, tax credits and tax exemptions. Employing experienced tax attorney would have deep knowledge of tax law. If there would be any kind of error in claims that you have filed, he will find out alternatives to prove them genuine. Many a times, taxpayers tend to commit calculation errors. Even this thing can be handled however, you must have employed qualified tax attorney.
One of the most used tricks to deal with the tax audit used by the professionals is to delay the tax audit process. Every year taxpayers survive the tax audit in large numbers by postponing the audit process. You can delay the process by giving an excuse that you need some more time to organize your records. Another way you can delay the process of auditing is by informing the auditors that you want the audit to take place neither at IRS office nor at your home rather it everything will be taken care of by tax professional so IRS would decide after consulting him. Missing receipts and invoices can be another good excuse to delay the process. Ask for more time stating that you need more time to arrange receipts, invoices and bill of expenses. In majority of cases, IRS would say yes as it allows you to create more organized records.
In case, you’re going to get a field audit, make sure you are not giving out any extra information to the auditor. It could put you into great trouble. Therefore, listen to the questions clearly and give apt answer in as less words as you can.