Being subject to an IRS audit is rarely a pleasant experience. Even if you’re faced with a relatively minor issue, chances are you’re going to experience quite a bit of stress during the process. Along with ensuring skilled IRS representation, the following are a few key points to consider in the event you are audited by the IRS.

What Is an Audit?

An audit is a review of personal or business financial history. This review is performed when there is a discrepancy between what’s reported on a tax return and the information the IRS has on file. If an interview is requested, it can occur at an IRS office or your home or business. You’ll be asked to provide supplemental information that will hopefully explain the discrepancy.

Audits can happen for a few reasons. You may be randomly selected, which entails comparing your return to one that the IRS considers representing a normal tax return. You can also be selected because of issues with your tax return, as explained above. Lastly, an audit may be spurred by a business partner or spouse’s own audit.

Which Documents Will Be Requested?

The IRS usually asks for things like receipts, medical records, divorce decrees, bills, information on financial accounts, pay stubs, loan documents, and any other information pertinent to your case. Only send copies of your original documents and make sure they’re well organized. For instance, group like documents for easier processing for your reviewer.

Why Is IRS Representation Important?

While you can choose to represent yourself, you do have the right to authorized IRS representation. This includes attorneys, certified public accountants, and licensed agents. IRS representation is urged for a few different reasons. First, you can rest assured that you’ll comply with the IRS’s requests when you have professional assistance. Also, if your case enters into mediation, an authorized representative is crucial. This is especially true when the IRS is requesting payback of a large amount of money.

If you need IRS representation in La Crosse, WI, Gillette & Associates LLC CPA is here to help. Thanks to more than two decades of experience, these accountants have the tools and knowledge to navigate even the most complex financial situations. They can also help you avoid audits in the first place thanks to their tax return preparation. They’ll verify any deduction or credits you’re claiming, while also helping you find methods of decreasing your overall tax burden. Businesses and individuals can call (608) 784-8355 to schedule a consultation today. You can also learn more about their complete list of services by visiting them online.