Getting the news that you've been chosen for a tax audit by the IRS, state, or local taxing authority can be incredibly stressful. Feeling overwhelmed and worried about what this means for your finances is understandable.
What to expect during a tax audit: During a tax audit, a trained government employee will thoroughly examine your tax returns and other financial documents to look for any signs of tax underreporting, exaggerated deductions, or evidence of tax evasion. It's important to note that small businesses and self-employed individuals are often targeted for audits more frequently than other taxpayers, so it's crucial to be prepared if you fall into these categories.
The audit process may involve a government agent visiting you at your home or business, or you may be asked to appear at a local IRS or state government office. Alternatively, you may receive a correspondence audit where you'll be contacted via mail and asked to provide supporting information or documents to the IRS or state taxing agency.
How to deal with a tax audit: If you're facing a tax audit, it's essential to have skilled representation to help you navigate the process and achieve the best possible outcome. That's where The Wilson Firm comes in. Our team has the expertise and experience to assist you before, during, and after the audit. We understand the intricacies of tax law and can help guide you through the examination process.
It's important to note that the consequences of a tax audit can be severe. If the auditor finds that you owe additional taxes, you may also be subject to penalties and interest. In some cases, the auditor may even determine that you're guilty of tax fraud, which can result in civil fines and criminal penalties. That is why it's crucial to be well-prepared and have professional representation to advocate for your best interests during the audit.
At The Wilson Firm, we strive to provide personalized and compassionate assistance to our clients during the stressful experience of a tax audit. We'll work closely with you to understand your unique situation and develop a strategy to achieve the most favorable outcome possible. Our team will handle the complex paperwork, communicate with the auditor on your behalf, and ensure your rights are protected throughout the process.
If you've received notice of a tax audit, don't face it alone. Contact The Wilson Firm today and learn how we can help you navigate the examination process with confidence and peace of mind.