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Being singled out for a tax audit can be terrifying, especially if you’ve never had IRS problems before. You might be worried about having a stern auditor poring through your financial records, finding small, overlooked mistakes, and issuing thousands of dollars in fines. Fortunately, an IRS audit can be relatively easy to navigate if you take the following steps.

3 Tips for Handling an Audit

1. Don’t Panic

Upon receiving a letter from the IRS, take a deep breath and try not to panic. In most cases, they need some clarification on a point or two, most of which you can send through the mail. Read the notice carefully to find out what they want. Chances are, all you’ll have to do is send in a copy of a receipt or earning statement.

2. Get Your Documents in Order

As soon as you receive an audit notice from the IRS, locate your tax return and all supporting documents, including 1099s, W-2s, and receipts for deductible expenses. Even if the IRS doesn’t need to see them, having that information available can help your tax professional satisfy the auditor’s requirements.

3. Hire a Professional

irs problemsHaving an accountant or tax pro will make your IRS problems much less stressful. They can tell what the auditor is looking for, avoid opening other lines of inquiry, and dramatically streamline the process. If you already have an accountant, talk to them before contacting the IRS, and hire a professional immediately if you prepared your returns.

 

For over 30 years, the skilled accounting team at Selph and Friday, CPA, have been resolving IRS problems for taxpayers throughout Texarkana, TX. They know how stressful being chosen for an audit can be, which is why they strive to provide attentive, personalized service to every client. For more on how they can help with your IRS problems, visit their website and follow them on Facebook for tips and financial advice. To discuss your issues and make an appointment, call their offices at (903) 792-0281 today.

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