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The End of an IRS Audit
Recently I ended up in an audit that had been going on for over a year and a half. I would say that the average time it takes to complete an audit is probably a year, so this was an unusally long audit. I have another one that I think will settle soon and it's been going on only about seven or eight months.
A little about this particular audit... It began by looking at my clients S Corporation, then went into the C Corporation and personal tax returns for three years. This was the open statute of limitation for the IRS or they would've looked longer. I think the IRS could make a case that the client would've owed hundreds of thousands of dollars over these three years, but, in part of how we handled the case at Bloch Rothman, he ended up owing less than $100,000. Some of this is due to the fact that we're able to abate the IRS penalties from the case. The penalties are figured at 20% of the amount owed so we were able to reduce the amount significantly for our client.
We will now help the client enter into a payment agreement with the IRS and I expect that the payments will be about $2000 a month over a 5 year period.
If you find yourself selected for an audit by the IRS, please don't do it alone. Have experts on your side that have been handling IRS audits for over 20 years and know what the IRS is going to do.Â Not getting the help you need could be one of the most costly mistakes of your life.
Call Bloch Rothman today for a free Denver IRS Audit consultation. We're here to help. (303) 321-7160