By Barry G. Fowler, EA on 2014-06-19
A letter from the IRS is one of the most stressful things you'll ever get; let alone a letter stating that you are being audited. An IRS audit is a review of a business or taxpayers’ accounts and financial information to verify that information and the amount of tax reported is accurate.
There is a wide range of penalties a taxpayer could incur from an IRS audit decision. You could end up owing additional taxes if the IRS determines that you understated your taxes. There is also the possibility of criminal charges and interest that incur on penalties.
If you're being audited, hiring a tax professional for representation to assist you in the process is your best bet to stay calm and survive relatively unharmed.
The best professional to hire in a situation like this is an Enrolled Agent. These professionals are licensed by the federal government and can represent taxpayers before the IRS.
If you are being audited or need assistance with tax relief, then contact us today for a free consultation on how we can help you.