| There are two words that can send sheer terror | | | | form of URS audit is the field audit. That is the one |
| through most people and those words are IRS audit. | | | | that is responsible for striking fear in the hearts of |
| You probably just shuddered. The good news is the | | | | taxpayers. A field audit is when the IRS comes to your |
| chances of getting audited are not in your favor. About | | | | home or office and conducts an investigation into your |
| 1 in 75 people get audited and audits are not | | | | taxes. This one is serious and you need a professional |
| necessarily random. The IRS is pretty good at | | | | to protect your rights. |
| identifying returns that have actual mistakes. If you do | | | | Whatever kind of IRS audit you may be subject to the |
| get selected it doesn't mean that the IRS thinks you | | | | main thing to remember is to not panic. Even though |
| are a tax cheat. It just means that there appear to be | | | | you make mistakes the IRS does too and most audits |
| some irregularities with your return and you shouldn't | | | | go off fine and sometimes you may even get money |
| panic. | | | | back! There are a few things to remember. First of all, |
| There are three types of audits and each carries a | | | | don't blow off an audit. No response will bring serious |
| different level of severity. The first is the | | | | repercussions. Second, have all you ducks in a row. |
| correspondence audit where you communicate with | | | | Scare up any documentation that may be relevant |
| the IRS on your return via mail. This is the most | | | | even it includes register tape receipts kept in the |
| common of audits and usually only is meant to verify | | | | proverbial show box. Being prepared will really help. |
| certain documents involving a third party. Next is an | | | | What you really should do in the face of any IRS audit |
| office audit in which you visit the IRS on their turf and | | | | is consult a professional who can make sure your |
| usually are asked in advance to bring certain | | | | rights are adhere to during the audit process. Not only |
| documentation to verify information on your return. | | | | will this give you peace of mind, tax experts know |
| This is a good time to consult a tax professional as | | | | exactly how to handle all three audits best. |
| you will be subject to somewhat of a grilling. The third | | | | |