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Taxes are an aspect of working that most people in Missouri and across the country dread. Of course, because you know that taxes are inevitable and that you have to pay what is due, you work hard to make sure that you stay in compliance with the law when reporting your income and filing your tax returns.
Still, you may find yourself the subject of a tax audit conducted by the Internal Revenue Service. The IRS will inform you of this audit through the mail. You should not ignore this letter or consider it a mistake. In fact, you will likely need to take action as dictated in the letter.
Handling an audit
When it comes to addressing a tax audit, you do not have to panic. If you have done your best to correctly file your tax return, you likely have nothing to worry about. In the event that the IRS does believe an issue exists, you can obtain help for addressing any problems.
When it comes to going through an audit, you may either have to go through in-person interviews or conduct the audit through the mail. If your case does not seem to present any serious issues, you will likely complete the process through the mail. In-person interviews may be necessary in the event of major red flags that could point to fraud or other criminal acts, but you may find it helpful to remember that these interviews are less common.
Outcomes of an audit
Typically, the outcomes of an audit go one of three ways. Those outcomes include the following:
- Your tax return information is correct, and the IRS does not need to make changes or take any additional action.
- Changes to your tax return may be necessary, and as a result, you could face additional taxes, interest or penalties.
- The IRS may believe that changes to your tax return are necessary and that you are subjected to additional financial expenses, but you may dispute that outcome with supporting documentation.
Because the idea of going through an audit may seem stressful even if you do not believe that you did anything wrong, you may want to have help on your side. An attorney experienced in tax law could help you review your tax documents, explain the steps of an audit and help you dispute your results in the event that the IRS believes that changes to your tax return are necessary.