Audits can be challenging to prepare for. This is especially true if you don’t know what type of audit you are facing. The first step is to figure it out and then to contact an experienced IRS audit attorney.
At the Law Offices of Mary E. King, we have extensive experience in handling all tax-related matters. We invite you to contact us today if you need an IRS audit attorney in your corner for your audit. In the meantime, feel free to explore the information below to get better acquainted with what’s to come.
How to Prepare for an IRS Audit
Taxpayers facing an audit can use many different types of preparedness techniques to respond to the audit. Here are some of the most effective ways we find to aid clients in the audit process:
Build Good Habits
Start paying attention to how you are spending your tax dollars. If you notice something you can eliminate, do so. Even small things can add up over time. Start thinking about your tax return before you start working on it. This can help you to see the “big picture” of your taxes. Moreover, it will prepare you for the audit process by putting the IRS audit attorney that you deal with in a much better position to help you.
Prepare Your Records
If they are not organized and easily accessible, the IRS may well have trouble accessing them, which will only serve to slow down the audit process. Therefore, prepare and maintain records of all of your business transactions. Keep receipts, invoice documentation, and other records as long as they are relevant to your business.
You will also want to compile records that show the location of all assets, including inventory and equipment. You should have records of all bank account deposits and withdrawals, as well. Gather up any copies of all sales invoices and other documents that would help the auditors see what you did with your money.
Review All of Your Business Expenses
What is an expense, and can you deduct it? Ask yourself these questions, and be sure to document your answers accordingly. If you’re not sure what constitutes a deductible expense, get in touch with an IRS audit attorney, as they can help you make sense of your expenses and taxes. Keep accurate records and receipts for all of your business expenses, and know the difference between business and personal expenses.
Do What You Can to Avoid Issues
If you are audited, the IRS has a duty to perform. And they will most certainly audit you if they have the legal right to do so. If you have been contacted and have the ability to respond, the best thing to do is strive to make the audit go as quickly and as smoothly as possible. This is where an experienced IRS audit attorney in Sarasota, Florida can assist you in taking the right steps.
How to avoid pitfalls during an IRS audit
Audits are done to make sure that you are paying your taxes as legally required. If you follow the instructions above, you can reduce your chances of an audit. Here are some things that you can do to make sure that your business is ready for an audit.
Follow the Right Procedures
Make sure that you are following the proper rules and regulations regarding taxes. You can check with the IRS and your state agencies to see if you are in compliance and what you need to do to correct any issues. If you find that you aren’t compliant where you need to be, working with an IRS audit attorney can help get you back on track.
Get the Right Help
The best way to prevent an audit is to not get audited in the first place. But if you are already being audited, you might want to consider hiring a tax professional to defend your tax return. At the Law Offices of Mary King, we specialize in all types of tax matters and can assist you during this difficult time.
We understand that dealing with the IRS can be intimidating. But that’s why we’re here. Mary has more than 30 years of experience dealing with the IRS. She knows how to effectively communicate with the IRS on your behalf. Mary and her team will work hard to get you the best outcome in your audit.
Speak with an IRS Audit Attorney Today
Audits happen every year and to many taxpayers. So if you are selected for an audit, it’s not the end of the world. Call the Law Offices of Mary E. King today at 941-906-7585 or via this contact form. We will help you establish an action plan to get you on track and ready to face your audit in confidence.
The information in this blog post is for reference only and not legal advice. As such, you should not decide whether to contact a lawyer based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.