"Very few people enjoy getting a notice of an Internal Revenue Service audit. IRS Form 4564 – Information Document Request – labeled “Request Number 0001” – may be the first of several requests that will require you and your accountant to gather records for review by the IRS revenue agent. The accompanying statement of “Your Rights As A Taxpayer” is not likely to calm your nerves.
First, your return may have been selected for audit on a random basis, so you should not be concerned. Second, even if your return was selected for a reason, e.g., you are part of an industry the IRS is targeting or one of your deductions was judged by the IRS’s computers this year to be “too big,” competent representation will probably minimize both your anguish and the financial problem. Third, the negative image of the IRS portrayed by so-called “tax relief” agencies - the IRS is “the most aggressive” collection agency – has nothing to do with the audit process. The average IRS examiner is a thoughtful, courteous college graduate with 5 years’ of experience. Fourth, if you understand the auditor’s goals and job, you will know when you need to “just say `No’ ” And that can make a big difference in the result of your audit."
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Tax Law Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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