Audit Secrets – Killer IRS CPA Uncovers Secrets To Audit Representation
What kind of IRS audit secrets does Joe Mastriano have for us? You ask…
- If you don’t file income tax returns, can you be audited?
- What if I refuse an IRS audit?
IRS Audit Secrets to Filing
The IRS requires each person who meets the requirements for filing to file an annual return of personal income. Businesses must file annual income returns to account for the money they collected and how they spent it. Individuals whose income is low enough to meet an IRS exemption to filing can avoid filing for that year. We suggest you file anyway to avoid the IRS filing for you. They will either file a Substitute For Return (SFR) or summons your records. Without your signature attesting that the income and expenses on your return is true and accurate, they wont have your statement as evidence against you, in case you were wondering. It’s better not to file than to file a fraudulent return. Don’t file a fraudulent return! Hire an experienced CPA firm and use the tax laws to your advantage!
IRS Audit Secrets To The Audit Letter
The IRS starts out with a letter stating that they are just going to examine a few items. Then the scope of the audit expands to even more items. Then it expands to other tax years. It might even expand to your employees, ex-spouse, parents, kids, siblings, etc. They will follow an audit money trail wherever it leads. Can they do this? Mostly, yes, but you can slow them down or stop them if you know your rights. We can be of great assistance during each of the audit stages from the first letter to the completion.
IRS Audit Secrets – Auditors Are Nice At First
In the first meeting they usually start out friendly getting you to talk so that you can disclose additional information to them. They eventually become more aggressive. Usually they will then make a written request for bank statements, canceled checks, deposits, receipts, logs for vehicle mileage, and all other expenses. Sending these documents to the IRS without first making sure that they support your position in the audit can be dangerous. The majority of audit reports I’ve seen have adjustments far in excess of what they should be.
IRS Audit Secrets To The Best Way Not To Get Audited
With over 30 years of preparing tax returns, I know a secret that the IRS won’t tell you. After hours of research, I still could not find statistics from the IRS that show a breakdown of what percentage of returns are audited based on when the return was filed.For example, what percentage of current year returns are audited if filed…
- …before April 15th?
- …after April 15th and before October 15th if no extension is filed?
- …after April 15th and before October 15th if an extension is filed?
- …after October 15th?
We and other CPA’s have found that if you file an extension until October 15th and file just before that date, that your chances of being audited are close to zero. Years ago, you had to file a second extension, and give them a good excuse to get to October 15th, but now the automatic extension gets you to October 15th. Of course your return needs to be “window dressed” properly: no math errors, odd items explained, and numbers not far out of line. For example, if the return shows you earned $40,000 and you had mortgage interest of $35,000 with no explanation, then you will increase your chances of an audit. Let me put it to you this way: I’ve been doing tax returns since 1975. In all my years, I’ve never heard of anyone being audited who, after filing an extension until October 15th, filed their tax return within the week leading up to the 15th. You may be audited even following these rules if your returns look bad on the surface or if you are already part of an in progress investigation.We deal with the IRS everyday and know the steps that are needed to resolve your tax problem. Make sure you do the smart thing and hire professional representation to ensure you get the best resolution in place. With over 30 years of experience in this business, Joe Mastriano PC has the knowledge and passion to represent you. Visit our website by clicking the link below or speak to someone NOW, at (713)774-4467