IRS Audits

The IRS audit is probably the most feared experiences anyone can go through. The gravity of an IRS audit is not always the same, however. You can easily gauge the severity of an audit by the way it will be delivered. Audits by mail, also typically known as a "correspondence audit", are typically not as serious, and are generally simply document requests in cases of missing paperwork. Typical examples of this paperwork will generally include W-2s and 1099 income items or interest expense items.

Office audits can typically be a little more urgent, as they typically involve an interview with an IRS authorized tax examiner who will likely request numerous documents surrounding deductions you have made on a return. This audit type often requires that you bring in banking records to ensure the IRS can check for possible unreported income.

The final, and most serious type of audit, known as an office or home audit, is far more serious in nature than the other two types of audits. This is mainly because the auditor in this case will typically be a Revenue Agent. Revenue Agents are typically higher ranking IRS agents with a greater degree of overall training and auditing knowledge and techniques. This type of audit should be taken extremely seriously, and in cases where it occurs, being extra-diligent about the availability of documents is crucial.

IRS Audits - Critical Always

No matter which kind of audit you are subject to, always remember that an IRS audit is critically important to your financial future, no matter its delivery method. Remember that in some cases IRS audits can lead to additional audits of tax years and deductions you may have made recently. So do your best to have documentation at the ready for some years back if it is available.

IRS Seizures

The IRS, unlike most organizations in the US, has special powers when it comes to Seizure of Assets. Typically, these powers are used only when absolutely necessary, such as in cases where several notices have been ignored, or in cases where illegalities are suspected. These powers of seizure enable the IRS to seize personal and business assets to pay down outstanding tax liabilities. As mentioned, this form of action is rarely taken, but becomes necessary when the taxpayer appears to be avoiding the IRS. Assuring that you will not have your assets is seized is simple, though - all it generally requires is communication with the IRS representative. If you need information about IRS audits or have any other tax questions, the IRS Problem & Tax Lien Help Group will be happy to provide you with the information that you need.

Contact us here if you are subject to an Audit or IRS seizure of assets. We may be able to help!

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