Every tax season, Americans feel the pressure as they fill out tax forms and hope they've done them correctly. The tax deadline is passed now, in May, but the Internal Revenue Service (IRS) still has the potential to complete audits.
The Internal Revenue Service (IRS) sometimes completes audits on corporations or individuals. The point of an audit is to make sure that a person's finances are reported accurately and that the right amount of taxes are paid.
Tax time can be a stressful time. Worrying about who is going to prepare your taxes or when you are going to find time to gather all of the necessary documents can be bad enough; but if you fear you might be audited, it can become a nightmare.
The first notice that you are being audited usually comes in the way of a letter from the Internal Revenue Services (IRS). So now that you realize you have been selected, what should you do?
The words "tax audit" put some people into a panic state. If you are an honest person and have nothing to hide, what is so scary? You might be thinking, "What if they find something I missed, or forgot, or did incorrectly?"