At the end of a tax season many businesses and individuals get an audit call. The auditors visit the tax payers and check their records. People usually panic when they receive such a call. Here are few audit steps that you should follow when you receive a tax audit call:
Read and review the Audit letter
Instead of getting scared, open the audit letter and carefully read what the IRS needs from you. If you don’t have a designated financial adviser, you can take help from the professionals of Tax Help MD. The professionals at Tax Help MD will help you go through the audit letter and identify the issues the IRS has flagged. Never delay or ignore the letter.
Organize your records and other financial details
Tax Help MD professional will help you to dig out all your bills, payments and records of the last year for your audit preparation. The records required by the IRS auditor include; receipts and invoices for income and expenses, bank statements and canceled checks, accounting books and ledgers, hard copies of tax-prep data, and leases or titles for business property.
Answer all the Questions asked by the auditor clearly
When you sit down with the auditor, you’ll be asked numerous questions about the information reported on your tax return. It is advised that you should not volunteer any information you are not required to give, just respond with the information requested. If you give straightforward answers there are chances that auditor will develop trust in you.
My Tax Help MD is one of the reliable and professional tax resolution providing companies that serve in all kinds of IRS tax issues. Our professional team is able to consult you about the IRS tax process, can provide you IRS tax debt resolution, and can also guide you how to save money while paying your taxes.