Tag Archives: IRS Audit

Sneak Preview – Website Updates Part IV

IRS Audit Representation Have you received a letter from the IRS notifying you of an audit of your personal or business income tax returns? Receiving such a notice can be downright terrifying for anyone—but if you go into an audit, it can be even worse, and things can get downright ugly. At the Highland Tax […]

What to Say (and What Not to Say) When Communicating with an IRS Agent

The suggestions highlighted below will help you communicate more effectively with the IRS on behalf of your client.  Be Prepared With the Proper Documents Prior to calling, gather relevant tax documents from your client to ensure that you’re fully prepared to answer any questions IRS agents may pose. The more organized and in charge you […]

How to Deal When An IRS Audit Arrives During a Personal or Family Crisis

The IRS has a way of initiating audits at the worst possible times — during family emergencies, for example. Unfortunately, procrastination is never an option when the IRS comes calling. It may seem impossible to work through both personal crises and audit nightmares, but you can and will make it through the storm if you […]

How to Deal When You’re Audited By the IRS — And Your Records Are a Complete Mess

Paperwork nightmares strike the best of us. Unfortunately, those messy or missing records can prove a real liability when the IRS comes calling. If your records are in shambles, you may struggle to prove to the IRS that any deductions you made or credits you took advantage of are valid. All hope is not lost, […]

Can Filing an FBAR Trigger an Audit?

You’re planning to file an FBAR (Reports of Foreign Bank and Financial Accounts). Will this action automatically get you audited by the IRS? Short answer: no. However, not filing an FBAR may increase the risk of an audit. Here’s what you need to know. What Actually Triggers IRS Action? The possibility of an IRS audit […]

Preparing for an IRS Audit When Your Records Are a Mess

Nothing may make your heart pound and your head throb like the notice of an IRS audit. Even if you know the precise location of every form, receipt, and file folder, an audit can have negative financial implications that affect you for years to come. But what if your tax records are in less than […]

IRS Audit Risk Is Decreasing, But What If You’re in the Unlucky Few?

This time of year, most Americans are gathering income statements and preparing to file their returns. The good news for both businesses and individuals is that the risk of being audited is low and continues to drop. Last year, the number of people and organizations the IRS audited dropped again—to just over one million. However, […]

Keeping Your Sanity (And Your Business Operational) In The Midst Of An Audit

An IRS audit can monopolize your time, attention and emotions. But the process takes time—from gathering the documents to that actual office appearance. You still have a business to run, though. How do you keep yourself sane and productive in the meantime? Hire Professional Help for the Audit Preparation Instead of handling your audit alone, […]

How To Prevent A Second IRS Audit

The 2014 IRS Data Book reports that 1.9 percent of sole proprietors with income under $100,000 and 2.3 percent of sole proprietors with income over $100,000 had an IRS audit in 2014. If you’re one of those businesses, you know the frustration and stress an audit entails, and you definitely want to avoid the experience […]

What Do You Do if You’re Being Audited, And Your Records Are in Shambles?

To complete your IRS audit, you must provide supporting records that prove you filed an accurate tax return. But what if you tossed the supporting records in the trash, misplaced them when you moved or watched them float away during a flood? Take these steps as you recover your records and prepare for your audit. […]