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Audits
Audits
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Rely on Us for Audit Guidance and Support
The in-person audit is arguably the most dreaded outcome of the tax filing process. It's a situation that carries some unsettling mystique. The standard nightmare has IRS agents with badges showing up on your doorstep or the agency seizing your assets without notice. The reality is that audits contrast greatly from the common misconceptions.
One thing to keep in mind is that going before the IRS in a face-to-face audit without expert representation would be like going to court without a lawyer.
We are experienced in representing taxpayers under audit. We understand the process, know the terminology, and are aware of the “red flags” that may not be apparent to a taxpayer. We can close these quickly and most importantly avoid expansion of the audit.
Contact Advantage Tax Relief Inc today for more details or to speak with our experts about your tax needs. Free consultations are available.
Common Red Flags the IRS Looks For
Although the odds for being audited are small, there are certain “red flags” that the IRS will notice that can increase your chances of being audited. Some of the most common red flags for an IRS audit are bad debt expenses, casualty losses, home office deductions, large medical expenses, and business travel and meal expenses.
Common targets and triggers of audits include:
- Those working in cash businesses, such as a waitress, bartender, or hairdresser.
- Doctors, lawyers, accountants, or other business professionals who keep their own books.
- Those filing a Schedule C as a self-employed taxpayer.
- Claiming the Earned Income Tax credit. The IRS conducts many audits on low-income taxpayers to ensure the credit is not being claimed fraudulently.
- If your charitable deductions are significantly higher than in the previous years.
- The use of rounded off numbers instead of exact.
- Numerous math errors.
- Large deductions with adjusted gross income limitations such as medical expenses.
Your actions post-audit are extremely important. If you fail to pay or underpay the taxes you owe, you can be charged between 5 and 25 percent of the unpaid tax for each month past due. If you fail to pay the taxes within 21 days after an audit, the IRS will also charge you additional penalties of 0.5 percent for each month you are late in paying the taxes.
We can help file an Installment Agreement or Offer in Compromise if you cannot pay all at once. Call us at (630) 773-3200 to get started.
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Advantage Tax Relief
COVID-19 update:
Advantage Tax Relief, Inc. is open and helping clients via no-cost initial telephone consultations, no- contact document drop-offs, and electronic communications throughout the process.
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