When it comes to tax audits, it can be very stressful time for a tax payer. Almost always, it ends up with them owing more money or getting penalized. Did you know that an audit can last an average of 2 to 18 months? During this time, you will be waiting to hear back from the IRS and having to get records together in a panic.
There are three types of audits:
- Correspondence audit – This is the most common and least obtrusive audit. The IRS will send you a letter saying that there may be a mistake in your tax return and that you may need to pay more, or that you’re entitled to a larger refund. You might need to send additional documentation, but it’s fairly simple if you maintain records.
- Field Audit – This audit is for business and is fairly uncommon for individuals. The IRS will send a group of auditors to look through your business’s financial records and documentations.
- In-Office Audit – This audit is an in-office visit and will require individuals or businesses to take documentation to an IRS auto to authenticate their reported tax return information. These audits are difficult and stressful since the burden of proof lies on you.
There are many reasons to hire a Denver tax service to handle these situations. IRS agents are trained to find extra income and try their best to disallow deductions. When you hire Bloch Rothman, you won’t have to deal with the IRS and they won’t have a chance to interrogate you. In most cases, they will deal directly with us to give you peace of mind and to take extra stress off your hands.
With 20 years of experience representing clients, we can provide the best advice. Make sure to contact us to schedule a free consultation about an IRS audit.