You pick up your mail and there, among the bills and junk mail, is the letter you’ve always hoped would never arrive… a notification from the IRS informing you that you’re being audited.
Sure this comes as a shock, but don’t panic. There are tried and true strategies you can use to come out of an audit unscathed.
My advice?
Before you reach for a bottle of Scotch or Pepto Bismol, take a deep breath and read my new article titled…
Tax Tips: Five Tried-and-True Strategies for an IRS Audit!
Strategy #1: Know who you’ll be meeting with. If you’re going to be facing a tax auditor, consider going alone. If a revenue agent is coming to visit you, make sure your tax advisor is present. You’ll get the whole story when you read the full article.
Strategy #2: Create a separate IRS workpaper file and include only the items listed in the audit notification letter. Bringing additional records may just open a can of worms. All will be explained when you read the full article.
Strategy #3. Never give the revenue agent free access to your copy machine. You make copies of the requested documents and keep a set for yourself. We’ll show you how to stay out of trouble when you read the full article.
Strategy #4: Know which laws are on your side. The tax code is always the last word in any tax dispute and will beat any argument to the contrary. If the code is on your side, you’re golden. We’ll tell you how to come out a winner when you read the full article.
Strategy #5. If you lose, you may be able to pay in installments. If you step into the ring with Uncle Sam and he beats you, consider paying in installments instead of coming up with all the cash at once. The less you owe, the easier it is to get an installment plan approved as you’ll learn when you read the full article.