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An IRS audit is a review of a taxpayer’s financial information and records to ensure compliance with tax laws and regulations. Audits can be conducted either by mail (correspondence audit) or in person (field audit).
The IRS uses various methods to select taxpayers for audits, including computerized screening based on discrepancies or anomalies in tax returns, random selection, and referrals from other sources, such as third-party reporting.
There are three main types of IRS audits: correspondence audits, in-person audits (field audits), and office audits. Correspondence audits are conducted by mail, while field and office audits involve meetings with IRS representatives.
If you receive a notice of an IRS audit, it’s essential to respond promptly and follow the instructions provided. Failure to respond to an audit notice can result in adverse consequences, including penalties and additional taxes.
Taxpayers should gather all relevant documentation and records to support the items reported on their tax returns, including income statements, receipts, bank statements, investment records, and other financial documents.
Common triggers for IRS audits include discrepancies or inconsistencies in tax returns, high-income levels, claiming deductions or credits that are unusually high or out of the ordinary, and involvement in certain industries or professions that are more prone to tax evasion.
During an IRS audit, the IRS will review the taxpayer’s financial records and documentation to verify the accuracy and completeness of the information reported on their tax return. The taxpayer may be asked to provide additional information or clarification as needed.
Taxpayers have certain rights during an IRS audit, including the right to representation, the right to appeal any proposed adjustments, the right to confidentiality, and the right to a fair and impartial process.
The potential outcomes of an IRS audit include no changes to the tax return, adjustments to the tax liability (either increases or decreases), penalties for underpayment or non-compliance, and, in rare cases, criminal prosecution for tax evasion.
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