When you file your taxes each year, you probably breathe a sigh of relief that they’re done. What do you do, then, if you get a letter from the IRS notifying you that they are auditing your return?
First of all, don’t panic! There are many reasons why the IRS may flag your return for an audit. Receiving an audit notice does not automatically mean that you’re in trouble or even that you’ve done anything wrong. It just means there’s something about your return that the IRS wants to check.
If you have made a mistake on your taxes, it’s not the end of the world. It may take some time to unravel, but, with consistent effort and communication between you and the IRS, most tax problems are solvable!
Typically, when the IRS audits your tax return they’ll ask for additional documentation to clarify or verify the details of your return. The audit notice will specify the deadline by which you need to provide this information. This means you have a window of time in which to review your records, gather any necessary information, and seek professional tax counsel as needed.
The team at Taxation Solutions, Inc. is available in Arlington to help you navigate the audit process. Our tax experts will be able to walk you through your options, offer advice, and even act on your behalf in communications with the IRS. The most important thing to remember is that you’re not alone. If you receive an IRS audit notice, don’t panic—reach out to Taxation Solutions, Inc. to find out how we can help!