IRS Audit News

When faced with an IRS audit, an effective strategy can be the key to obtaining a favorable outcome for the taxpayer. Early in the audit process, the taxpayer or his or her qualified representative should consider the policy against repetitive examination, the IRS policy on reopening examinations, and the various statutes of limitations that apply to examination of the taxpayer’s records and books.

For many Americans, the thought of an IRS audit is synonymous with fear and panic. Whether you suspect that information on your tax returns may stick out as unusual to the IRS, or if you have legitimate reasons to be concerned due to understated income or overstated deductions, often times the fear of the unknown can be worse (or nearly as bad) as the audit itself. Therefore, one of the first steps to alleviate this fear is to simply answer the question of whether or not you are actually facing an IRS audit.