An IRS audit is a comprehensive inspection of an individual or a company’s financial information, accounts, expenses, income, and tax returns. IRS stands for the International Revenue Service. It’s an organization responsible for ensuring every person meets and abides by financial regulations and tax laws.
To put simply, IRS ensures that there are no discrepancies in what you’re earning and spending based on the return you’ve filed.
In this blog, we’ll dig deeper to understand the IRS tax audit and its implications.
Reasons IRS Might Audit You
IRS audits are carried out to ensure there are no tax gaps in the earning and expenditure in any personal or business accounts. The IRS reviews the accounts if it notices a glitch in what has been received and what was actually owed.
Sometimes, IRS might also conduct an audit if it speculates a suspicious activity being conducted in an account. During the tax season, i.e. from January to April, people are extremely cautious about falling victim to the IRS hunt.
Unfortunately, oftentimes, people are approached by the IRS for a tax audit that doesn’t have any particular reason. This is where tax litigation lawyers come in. IRS tax detectives are invasive and hard-headed, and you shouldn’t be dealing with them alone.
The IRS Tax Audit Process
The IRS usually informs a person or a business entity about a tax audit via mail or in-person. They ask for all the financial records and statements for a complete review. Moreover, the IRS team also conducts an interview in which they ask confusing questions. This interview might be conducted at home or at a place of business.
What’s most frustrating about an IRS tax audit is the fact that IRS’s team of agents tend to seek full advantage of tax payer’s inadequate knowledge. This is where a professional tax controversy lawyer in Maryland such as Mr. Mitterand can help.
With an extensive knowledge about the US tax law, IRS procedures, tax filings, and IRS levies, he offers a full range of legal services to his valued clients.
When hit by an IRS tax audit notice, never contact a CPA or an accountant. Instead, look for a reputable tax controversy attorney who has experience dealing with tax law related cases.
At The Lincoln Law Group, our lead attorney has experience in IRS procedures and tax controversies. We also have a team of expert immigration lawyers, divorce attorneys, and criminal defense attorneys in Baltimore to help you navigate legal troubles.