The number of taxpayers that the Internal Revenue Service selects for auditing has doubled. Despite this fact, only one percent of all Americans receive audits each year. Yes, this minimizes the likelihood of you being audited but there is no guarantee that you will not be selected for auditing.
Let us say, for instance, that after all your efforts, you suddenly receive a notification in your mailbox that your tax return is subject for auditing. What do you do then? If you do not know what to do, then the first thing will be to breathe a number of deep breaths, so you can calm yourself and get back to reality. Make sure to tell yourself it is not the end of the world. In fact, there are actually some things that you can do to prepare your tax return and yourself as well, for that big day when you will get to experience the IRS's severe scrutiny.
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The first thing you could do to prepare yourself is to read Publication 1 of the IRS Code. This thoroughly explains your rights under the Taxpayers' Bill of Rights so you can have some confidence and know what the things you can do that the IRS has no power over.
Also, try your best to delay the audit. When you get audited, you have to be sure that all your records are accurate and in order. If this entails more time, request for it. In addition, you should know that reconstructing receipts or documents that are missing is allowed.
You might also want to hire a tax lawyer for you, especially if you are alien to the legal process and the tax laws. Moreover, do not agree to have the audit performed at your home. Rather, go to the office of the IRS and have it done there. Alternatively, you can have your lawyer go there to represent you instead. If the IRS pressures you because they want the audit done at your home, do not give in. You should know that it is your legal right to schedule the time and place for an audit.
Another thing to remember is that you should not bring any document that was not requested specifically by the IRS. Do not give them more than what they need. During the audit, do not volunteer any information unless necessary. Answer only when asked. Or better yet, have your tax lawyer answer for you.
If you speak with a lawyer and account and come to realize that you owe more taxes than you can pay, then it might be worthwhile to consider your bankruptcy options, so that you can understand the best course of action you can take to get your financial situation back on track.
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