I came across a great IRS article this week posted on NASDAQ.com in which a former CPA and current tax attorney shares the lessons he learns when he received notification of an audit of his 2009 personal income taxes.
You see, even us tax professionals are subject to IRS audits just like anyone else. You would probably assume a tax attorney would not be intimidated by an IRS audit, but in this case, he admits that he was overcome with anxiety and fear (as anyone would). Here are 5 tips he shares in the aptly titled, Lessons from my IRS audit:
1. Be prepared and be honest.
2. Know that audits can happen to anyone.
3. Get representation.
4. Don’t be difficult.
5. Exercise your right to appeal.
To add to this, tracking your expenses is essential, especially if you are audited by the IRS. Save at least one copy of each and every transaction and/or deduction as proof in case of audit.
Visit our audit FAQ page for more information on IRS tax audits, including how to avoid them and survive an IRS audit letter.
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