Receiving a letter, with the Internal Revenue Service’s return address on it, is no less than a nightmare for taxpayers who did their tax returns Celebrations, FL. Each year the IRS chooses 1% of the taxpayers randomly for a tax audit, which is a closer examination of the financial information that they provided in their tax returns Celebrations, FL.
If you too have received such a letter, informing you about you being audited, then don’t panic! There are ways to survive a tax audit, without enduring much pain. In this post we will be highlighting some important tips that you should follow to deal with a tax returns Celebrations, FL tax audit.
Don’t ignore the audit
Putting the tax returns Celebrations, FL audit letter away and pretending as if you never received one is not the right escape from a tax audit. Instead, this can get you in serious trouble. So, as soon as you get to know that you are being audited, write back to the IRS and inquire about any document they wish to see.
Gather your documents
An audit can easily be handled, if you have a record of all the documents used to prepare the tax returns Celebrations, FL It is for these times that the safe keeping of important documents is emphasized so much.
If you are responsible enough to have kept all your relevant tax returns Celebrations, FL papers together, then just organize them, for the tax auditors to check. But if you have no record, then look for the sources from where you might easily get a copy of that document- as for your income statement, you can request your employer to issue you a copy again.
Contact your tax preparer
If you consulted a tax service to prepare your tax returns Celebrations, FL, then the first thing you should, even before writing back to the IRS is to contact your tax preparer. This is because they are the professionals- CPA, EA or tax attorney, who are well experienced to deal with such situations.
Since they have prepared your tax returns Celebrations, FL they know all the critical and legal aspects of your case that might cause an issue during the audit. However, through their extensive knowledge of tax laws, they can guide you with the way outs as well.
Think before you speak
Usually through mails a tax audit is resolved, but at times, you even have to meet the auditing officer. The meeting is a crucial one and therefore you must act professionally. Don’t keep the officer waiting and stay calm through the meeting.
Moreover, you should know what you are supposed to speak. Be precise and talk relevant. No need to tell long entire stories, rather just answer what is being asked to you. You can even ask your tax returns Celebrations, FL preparer to represent you in the tax audit.
If the audit proves that you owe more than what was mentioned, even then you don’t need to get worried, as you can ask the authorities to allow you pay in installments. But if you disagree with the audit’s outcome then you can appeal in U.S. Tax Court for a recheck.
If you need more information about our Celebration, FL accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt.