As you grow your business and make more money, your chances of an IRS audit increase. For example, on an individual tax return, here are your chances of audit:
• One in 38 with $200,000 or more in income
• One in 10 with over $1 million in income
• One in three with over $10 million in income
So, what do you do if the IRS sends you an audit notice? First, you call us.
What will we do? This depends on whom you will face in the audit: a tax auditor or a revenue agent.
If the IRS wants you to come to its office, you likely will meet with a tax auditor. If you spend just a little time with us, you may be able to handle this by yourself, because tax auditors are not tax experts. Or if you simply don’t want to talk to the IRS, we can represent you with or without your presence.
On the other hand, if the IRS wants to come to your office, expect a revenue agent. In this type of examination, you generally want us with you. We speak the same technical language as the revenue agent and this helps ensure that you don’t lose your rightful deductions.
Have questions? Give us a call at (610) 863-8347 today for a free consultation!
Stay tuned for more tax tips from Corvino and Verwys
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