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Wednesday, December 18, 2013

Part 1 of 2 - What to Do During an IRS Audit – The Do’s and Don’ts

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An IRS audit can be stressful. Consider this article a bit of IRS assistance, a bit of wisdom to help you out if your business is experiencing an audit. There is a lot of complexity when it comes to laws and polices relating to an IRS audit, and most business owners frankly are just too busy to go out and understand them all while still running a business trying to make an honest buck. If you find yourself in that camp, you may want to just skip this article and go hire some IRS representation right now. It will save you a lot of time and headache, a good place to call is GBC Atlanta Income Services if you are finding yourself in the midst of an IRS audit and you just do not have the time to take care of it all by yourself. With that said, let us get into what you SHOULD do and what you SHOULD NOT do when you are running into some possible IRS trouble!
  • All employees should be instructed not to talk to the IRS agent if the audit takes place at your place of business.
  • 10 Days prior to the interview with the agent send him or her a formal letter stating you will be recording an audio of the interview. A special note to avid camera people, videos are not allowed.
  • If the IRS audit brings up things you do not have the knowledge of, immediately seek out a CPA (certified public accountant) or attorney.
  • Only give files to an IRS agent that is actually related to the IRS inquiry. By volunteering files or records, you may open up a whole new can of worms you would rather not have to deal with.
  • Get a thorough understanding of your tax returns and then organize the files that support the items questioned by the IRS audit.
  • Before the examination, come up with various settlements that you are comfortable accepting so you have backup plans to work with incase of any lingering IRS trouble.
  • Do not be afraid to seek out good IRS representation, as this can save you a lot of time and money.
Use these tips to fit your own business accordingly. It should be noted that there are a few penalties that can be transpired against your business depending on the outcome of the IRS audit. Some of these are pretty brutal. Because of these penalties, it is imperative you either understand what you are doing thoroughly or hire good IRS representation that does understand what they are doing.

Next month we will cover some of the penalties you will face due to an IRS audit.

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!



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