HOW WE CAN HELP YOU NAVIGATE YOUR IRS AUDIT
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EXPERTISE - we have extensive knowledge of the tax laws and IRS procedures. We can help you understand the tax issues involved and the best way for preparing for an IRS tax examination.
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PREPARATION - we can gather and organize all the necessary documents and information needed for the audit, ensuring that you are thoroughly prepared.
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REPRESENTATION - You do not have to face the IRS alone. Our tax professionals can attend meetings and correspond with the IRS on your behalf, which can be especially helpful if you find the process too intimidating or overwhelming.
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NEGOTIATION - we can help negotiate with the IRS on your behalf to reach a favorable resolution, such as reducing penalties, setting up a payment plan, or negotiating a settlement.
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STRESS REDUCTION - knowing that you have a professional on your side who understands the process and can advocate on your behalf will greatly reduce the stress associated with an IRS audit.
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EFFICIENCY - we can help the audit process go smoothly and efficiently by ensuring that all documents are correctly prepared and submitted on time, and by addressing any issues that may arise promptly.
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MINIMIZING FINANCIAL IMPACT - we will work to minimize the financial impact of the audit by identifying potential deductions and credits that may have been overlooked and by negotiating for the lowest possible penalties and interest.
Please tell us about the IRS or state matter you are experiencing using the contact button below or give us a call (330) 237-9369.
TOP 1O THINGS THAT CAN TRIGGER AN IRS AUDIT
- High income. The higher your income, the more likely you are to be audited. Taxpayers with higher incomes are more likely to have more complex tax situations, and the IRS may scrutinize their returns more closely.
- Large deductions. Claiming significantly larger deductions than others in your income bracket can trigger an IRS audit. The IRS may question whether the deductions are legitimate and may ask for documentation to support them.
- Self-Employment Income. Being self-employed or earning income from a side business can increase your chances of being audited. The IRS often scrutinizes self-employment income and related deductions more closely.
- Foreign Income or Assets. Failing to report foreign income or assets can trigger an IRS audit. The IRS has been cracking down on offshore tax evasion, and they may scrutinize taxpayers with foreign income or assets more closely.
- Rental Property Losses. Reporting large losses from rental properties can be a red flag for the IRS, especially if you are also reporting a high income.
- Errors or Inconsistencies. Mistakes or inconsistencies on your tax return, such as math errors or discrepancies between your return and the information reported by your employer or financial institutions, can trigger an audit.
- Round numbers. Reporting too many round numbers on your tax return can be a red flag for the IRS. It may indicate you are estimating rather than using actual amounts.
- Home Office Deduction. Claiming the home office dedication can be a red flag, especially if the deduction is large. The IRS may question whether the space is used exclusively for business purposes. Check out a video on home office deductions (https://youtube.com/shorts/515LKFyE-Yk) .
- Failing to Report Income. Failing to report all of your income can trigger a tax audit. The IRS receives copies of all of your W-2S and 1099s and will know if you have not reported all of your income.
- Participating in Tax Shelters. Participating in tax shelters or other aggressive tax avoidance schemes can trigger a tax audit.
It is important to note, however, that just because your tax return has one or more of these red flags does not mean you will definitely be audited. The IRS selects a relatively small percentage of returns for audit, and many are selected randomly. However, it’s always important to be thorough and accurate on your tax return and keep good records to support all of the income, deductions and credits that have been claimed on your return.