How to Survive an IRS Tax Audit
An IRS audit is a review of your tax forms and financial documents to ensure that you filed your tax return correctly and followed applicable tax laws.
"The purpose of the audit is to determine that the (tax) return is substantially correct," says Alan Pinck, enrolled agent and National Tax Practice Institute fellow who owns his own tax preparation business with offices in San Jose and San Ramon, California. At the end of the audit, one of three things is going to happen, Pinck says: Either you will owe the government money, the government will owe you money or the auditor will accept the tax return as originally filed. "Unless you do something, or did something, really stupid during the process, nobody goes to jail," he says.
Original Article Source Credits: U.S. News , https://money.usnews.com/
Article Written By: Susannah Snider
Original Article Posted on: Nov. 5, 2020
Link to Original Article: https://money.usnews.com/money/personal-finance/taxes/articles/how-to-survive-an-irs-tax-audit