This time of year is always busy with back to back holidays. On top of that, tax season goes into full swing quickly after the beginning of the new year. That means getting together with your accountant becomes a priority.
This can be a headache, but with the right professional help, you'll hopefully be ready for tax season without too much trouble. If you're in need of quality Continental Girbau dealers in North Carolina, be sure to make T & L your top choice for savings!
Tax Audit Tips
Are you already preparing for 2017’s tax filings and returns? If so, you might be worried about a tax audit. If that’s the case, you’ll want to get prepared for what’s to come. Working with the IRS during an audit can be stressful. However, you can work with a tax professional to get ready. Below, you’ll find a few tips and suggestions that might also help you get ready for an audit.
Get prepped for the audit. Read about legal issues that can come up during tax audits. Go to the IRS website and read the tax guidelines for commercial businesses. The more prepared you are, the better this will go. Your tax professional can also help you better understand what’s happening and why.
Read about the Taxpayers' Bill of Rights so that you’ll know what your rights are during the audit. Consult with a tax expert to better understand these rights. If you aren’t happy with the way things go or feel you’ve been treated unfairly, talk with the auditor’s manager.
The audit must be completed within three years from the time the tax return is filed. If something happens to cause this case to go longer, it might be thrown out. Unless there are fraud issues or significant issues with under-reporting income, you may find that the audit will be dismissed because it timed out.
If you don’t understand or agree with the results of your report once the audit is complete you may file an appeal. This is something your tax expert can help with. Filing an appeal might result in the IRS resolving the issue or the case could go to tax court.
We hope this information helps you better understand a tax audit, why it might happen and how to handle it. If you have questions, consulting with a tax professional is best. These tips are just suggestions to help you along the way should you end up in this situation.
If you missed our previous blog post, be sure to visit back with us soon. You’ll find more tips that can help you get ready for a potential 2017 tax audit.
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