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Help In Dealing With IRS Auditors
By Darrin Mish
The taxpayer's worst fear is an IRS audit. You'll start to doubt if you did your taxes right, even if you did them honestly. The thought of penalties, levies, and even prison are brought to mind. However, understand that you're safeguarded by laws in an Internal Revenue Service audit before you fret. After the Congress was lobbied by many Americans complaining about the IRS agents' abusive behavior, the third installment of the TaBOR (Taxpayer Bill of Rights) was passed in 1998. This bill requires the taxpayers to be truthfully told of the type of action they can expect from the IRS and their rights by the IRS. While the audit is a process that's normally pictured by people as a regular meeting between the taxpayer and an agent working for the IRS, this is normally not the situation. What occurs generally is that a notice will be sent to the taxpayer in the mail, requesting for clarification and further documentation that substantiates or supports any of the claims in question which were filed on the tax return. Many of these audits are resolved quickly if the taxpayer has records that are organized. The IRS can audit the whole or part of your tax return. If the IRS just audits a portion of your return, be sure that you only provide documentation pertaining to that section. Giving excessive documentation enables the IRS to examine closer and request for even more documentation. In an IRS audit, it's always recommended to enlist the help of a CPA, tax attorney, or other tax advisors because you're not qualified to deal with the IRS. It is also recommended to ask for help from the actual persons who prepared your tax returns as they will understand the specific issues regarding your return and can handle the IRS more effectively. You'll be told of the irregularities determined on your tax return as the audit is resolved. You'll then be notified of any financial adjustments, usually in the form of fines or debts, or, very rarely, refunds.
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February, 2012
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