IRS Audit Help When You Need It Most
An IRS audit is a review/examination of a business’s or individual’s records and financial information to ensure that information is reported accurately in accordance with tax laws and that the tax amount reported is accurate. While IRS audits can seem overwhelming, getting the right professional help early on can help you better respond to audit requests. We are based in Lansdale and serve Montgomery Country and wider PA.
* complimentary 30 minute consultation
What does the IRS ask for in an audit?
In most mail audits, the IRS will ask you to clarify or check a simple item on your return, like dependents on the filing status, deductions for specific items, unreported earnings, credited eligibility.
Many things can trigger an audit, having the right professional helping you through the process will help you reduce your liabilities where applicable and generally reduce the stress involved in dealing with your audit.
Why am I being selected for an audit?
The IRS uses different selection methods for an audit:
– Random selection and computer screening, when returns are selected based solely on a statistical formula.
– Related examinations, when your returns involve issues or transactions with other taxpayers, such as business partners or investors, whose returns were selected for audit.
How far back can the IRS go to audit my return?
An audit by the IRS will include returns filed within the last three years. If they find a significant mistake, they will add more years. Typically, the IRS does not go back more than six years. If you fail to respond to your IRS audit letter within the allotted 30 days, in most cases, the IRS will disallow the items in question on your tax return and send you a bill – plus penalties and interest accrued from the date of filing.
How long does it take to resolve an IRS audit?
You’ll get the best outcome in the shortest time if you answer efficiently with one complete letter that describes your situation and includes supporting documentation. If you follow this guideline, a mail audit can be completed in about three months.
If you want the best results, respond well ahead of the deadline with a well-organized and detailed answer that describes the items in question. More warnings are sent as a result of missed deadlines and insufficient answers, and the IRS is more likely to close your audit and assess you extra taxes.
If you are unsure of what you need to file or if you have missing information then we are here to help you. Far from being a negative process, engaging with a professional enrolled agent when faced with an IRS audit can be just as likely to result in a refund than a bill, especially if you have filed taxes with a volume tax return provider that doesn’t go through your past returns with the same amount of diligence and care as a professional and smaller tax specialist may do.
Which documents do you need for an IRS audit?
You need to make sure that all the transaction papers, like check books, payment invoices, sales receipts, journal vouchers, bank statements, tax reports and inventory records, are in order when preparing for an audit
You should also verify that all of the filed documents have the required authentication markings, such as transaction dates, document numbers, letterheads, rubber stamps, VAT tax slips, and approval signatures. Importantly if you are holding crypto assets then you may need a specialised crypto accountant to help you calculate your liabilities.
Why do you need an expert to help you with the IRS audit?
Failing to respond to the IRS audit letter, responding late or not responding at all, will make the IRS disallow the items in question on your tax return and send you a bill with fines and interest accrued from the date of filing.
Having an expert by your side will help you to avoid mistakes and fill all the information you need at the right time.
Unless you know IRS language and can clearly express your tax return status to the IRS, you shouldn’t try to do the audit by yourself. We have been through IRS audits, we know it first hand and have the experience to provide you with the information you need to clearly communicate your tax situation. We will assist you in addressing any proposed fines if there is a change.
We understand that each client is special. We’ll talk about your situation with you so we can develop a solution that meets your needs, saves you money, and ensures your IRS audit is done correctly.
Working with Advanced Accounting and Tax Services
Unlike many traditional accountants, our team at Advanced Accounting and Tax Solutions has broad experience in tax and IRS audits. We know that IRS audits might seem difficult to handle, you don’t have to do it by yourself, we are here to help you. We are based in Lansdale PA but we can assist you if you are located in Montgomery County or further afield if you are connected online.
For more help on advice on planning, managing and preparing for taxation, contact our team; we provide a complimentary first consultation that helps you reduce your liabilities and gain tax efficiencies with savvy planning.
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To help us best serve your inquiry, we recommend that you first describe the issue you’re having and telling me what you want to achieve. You may also email or call us to make an appointment.
Complimentary initial consultations are provided by Advanced Accounting and Tax Solutions to discuss the scope of your cryptocurrency project. We are based in Lansdale, Montgomery country, PA but work with clients from anywhere in the United States.
Our general response time is just one business day.
(267) 421 9602
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2293 Locust Dr, Lansdale, PA 19446.
At this time, we do not accept walk-in appointments.