If you receive a notice stating that the IRS is auditing you, do not panic. Many people have been audited in the past and they have survived it successfully so you can too. Today, we are covering what to expect during an IRS audit.
Refer the Auditor to Huddleston Tax CPAs
If you have an accountant or paid tax professionals such as Seattle CPA firm Huddleston Tax CPAs to file your return, you should direct the auditor to them. More than likely, you are paying them to fight your case in the event that an audit occurs so now is the time for you to put that money to use. Never give the auditor any other information besides your accountant/ tax professional information.
What Flagged You
You can be audited for a number of reasons such as a low profit margin, high traveling and business deductions and more. However, the good news is they are required to tell you why your return has been audited so you know what to do next year.
During the audit your tax professional/accountant Huddleston Tax CPAs will be handling everything for you the majority of the time. However, if you have to deal with the audits by yourself just respond promptly to the notice, answer all questions honestly, and give them copies of the documents requested. Lastly, being audited is not always a bad thing, especially if you have done nothing wrong on your return. The key is to make sure that you are honest and keep originals of all of your documents. Give us a call at (425) 483-6600 for more help.