Who Can Help if the IRS Audits Me?
Although IRS audits do not indicate tax liability, they strongly suggest that the IRS believes you owe them substantial compensation. When the IRS requests access to your books and accounts, its agents will find ways to use this information to increase your overall tax liability. Do not attempt to handle an audit alone. Professional help is available and can save you thousands in tax liability.
If the IRS is auditing you, you need a team of dedicated tax professionals from Phoenix Tax Consultants. Our experienced CPAs, accountants, EAs, and legal partners work to protect you from overzealous IRS requests in Phoenixville, PA. We handle tax liability analysis, including potential criminal charges and penalties. Contact our IRS audit team immediately after receiving an IRS notice to protect your assets and accounts.
Overview of the IRS Audit Process
Certain red flags trigger IRS audits. These include failing to report income, taking significant business deductions, or mixing personal and business expenses. Because the IRS has limited resources, they audit high-earning professionals and corporations to maximize potential tax liability. However, some audits are randomized or prompted by computer algorithms. You might not owe anything but must still respond to an audit request. Failing to do so generally results in one-sided tax return recalculations, additional tax liability, and heavy penalties.
Significant audits often require business owners or individuals to provide the IRS with the following information:
- Bills
- Receipts
- Legal papers
- Loan agreements
- Medical records
- Employment documents
- Tickets
- Logs and diaries
- Canceled checks
In some cases, the IRS is not entitled to certain documents. Experienced tax professionals might help narrow the scope of an IRS audit and challenge overly burdensome document requests. We might also demand an in-person audit to protect your interests throughout the IRS investigation.
Challenging, Appealing, and Settling IRS Audit Decisions
Following the audit, our tax professionals might request the IRS reopen the audit to consider additional information or correct miscalculations. If you disagree with the audit results, we might also file an appeal with the IRS Independent Office of Appeals. The appeals process allows our professionals to challenge inaccurate IRS determinations under federal tax law, potentially reducing or eliminating your tax debt.
We will even provide professional tax support if you take your case to federal court if necessary. If the audit or appeals process is overly burdensome, we might review your tax information and help negotiate an offer in compromise (OIC) with the IRS. This allows you to settle your alleged liability for less than the IRS claims you owe.
Contact Phoenix Tax Consultants for Help During an IRS Audit
If you recently received an audit letter, contact the tax professionals at Phoenix Tax Consultants immediately. We can respond to the IRS on your behalf and request additional time to review your books and submit appropriate documentation. We will appeal against a tax liability determination or negotiate a fair OIC and payment plan on your behalf if necessary. Contact us online or by phone to learn how we can help you.