An IRS audit may be the single biggest fear of any American taxpayer. The truth is, they can be pretty easy to handle. It’s just a matter of being prepared. Our friend, Terry, asks the following questions about preparing for an IRS audit.
Q: I have 2 question involving and IRS audit: 1. What documents, and forms should I have ready to go prior to the audit? 2. Who should I take to the Audit with me, Tax Attorney, Tax Preparer, both or some one else entirely. I am not in the process of getting audited but should it happen I would want to be fore armed. I remember you said the less work they auditor has to do the easier on you they are.
A: The two most important documents you should have ready for an IRS audit are a really good, clean and accurate set of bookkeeping records and a complete corporate book. For more about preparing for an IRS audit, go to www.provisionwealth.com/products and click on our Tax Strategy Prodcuts box. Then, go to our product called, “Managing Your Corporate Formalities” and our other product called, “Preparing for an Audit.”
As for who to take with you to the audit. NOBODY. Not even yourself. You should never go to an audit. Instead, send your tax advisor. Let him handle your audit for you. It will reduce your stress and he should be able to get a much better result than you do. For many of ProVision’s clients, we even offer an Audit Defense Plan so you don’t have to pay us for handling the audit. We only do this for clients for whom we prepared the tax return. For more information about our Audit Defense Plan, call us toll free at 866.467.5809.
Warmest regards,
Tom