Hyden, Miron & Foster, PLLC Law Blog

Friday, August 8, 2014

IRS Audits

The Internal Revenue Service (IRS) conducts audits to ensure that taxpayers are complying with the tax code.  Audits are not random.  In order to decide who to audit, the IRS (or their computers) look for red flags (items that are suspicious or abnormal).  

If you are chosen for an audit, the IRS will send you a letter to notify you.  If you receive an audit letter, you should contact an experienced tax professional such as an accountant, attorney, CPA or enrolled agent as soon as possible to schedule a consultation.  Audits can have serious financial consequences and the representation of a qualified attorney can reduce the chances that you will face these penalties.  A tax attorney can represent you before the IRS and assist in demystifying the process in the initial consultation.  This will minimize the stress and apprehension that often comes along with being audited. 

After you schedule a consultation, you should thoroughly review your tax return(s) for the years selected for audit.  Look for anything that might be a red flag and make note of it so you can discuss it with you attorney.  You should then begin gathering any and all documents you have relating to your tax return.  You want to be able to prove that the deductions and credits on your return by having sufficient documentation.  Gather documents relating to everything on your tax return, not just red flags, and make copies for your attorney.   If you do not have these documents, do not panic.  Your attorney may be able to assist you in gathering the required evidence from other sources.  Do not contact the IRS or send them any information.  It is best to allow the attorney to handle these correspondences.  

If you have received an audit letter from the IRS, the experienced tax attorneys at Hyden, Miron & Foster, PLLC can help you.  Call us at (501)376-8222 to schedule a consultation.


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