IRS Audit Tips And Advice
Everyone dread's the thought of one day opening up a letter from the IRS to find out that they're being audited. So now what? How should you reply to a letter like this?
Although a lot of folks break down because they understand that the IRS will be demanding to view their books and expense receipts, the reality of the situation is that the best audit advice is to remain calm and get together the data that you need. You should be thorough and as accurate as possible without worrying.
Prior to you deciding to put it to the side for a later date, take a few moments and start planning how you're going to respond to it. Get on the phone with the IRS and determine what is happening and at what time are they wanting to review your paperwork. This is an easy phone call that may assist you in determining what information you will need to get together before the meeting.
Also keep in mind not to blame the person on the other line. It's not their fault and they are just doing their job. It's also not your fault either and as long as you were honest and be forthright with the auditor, everything should be ok.
If you need some additional time to get all your information together, you can ask for a postponement. A postponement can be asked for and granted in many circumstances. Also, if you have be upfront with the IRS you stand a better chance of getting the postponement granted. Now this is very important: do not postpone calling until the last minute either! Get on the phone and get your request in early. Explain to them that you need more time to get the information together.
Closing Comments
Finally, it's important to recognize that just about all audits are merely called for because of small mistakes. You probably added up or deducted incorrectly, or wrote down the information on the wrong line. That type of matter happens daily. This audit advice is to not be afraid, be honest about what is going on, and then fix the mistake. By approaching the situation with a positive attitude, the IRS auditor will be willing to work with you. Despite popular belief they are human too.
Hubert Miles is a free lance writer and webmaster for several financial websites. For more information on Finance News and Financial News.
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