Wednesday, February 27, 2013

IRS AUDITS- WHAT YOU SHOULD KNOW www.advancetaxrelief.net

An Audit is the Process by which the IRS determines whether you properly reported all income - from earnings and investments-and took the correct deductions, exemptions, and credits. If the IRS finds that you didn't, you will be assessed additional taxes, interest, and -usually-penalties.

An assessment is the formal entry of a tax liability in your records.

To do its job, Congress has given the IRS wide powers to inspect your financial records and to ask you and others about your financial affairs, to determine whether you are cheating UNCLE SAM (Internal Revenue Code 7601 & 7602).

Proving the correctness of your tax return may not be that easy. The IRS wins over 80% of all audits, mostly because taxpayers cant properly verify the information on their tax returns. IRS Auditors say that the biggest reason for Adjustments is poor recordkeeping, not taxpayer dishonesty.
This article contains general information for taxpayers and should not be relied upon as the only source of authority. Taxpayers should seek professional tax advice for more information or contact Advance Tax Relief LLC

Noah Daniels, EA is the President of Advance Tax Relief LLC based in Houston, TX. Noah is very experienced in representing taxpayers before the examinations and collections divisions of the IRS and various state taxing authorities. For speaking engagements email noah.daniels@advancetaxrelief.com.

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