Tax AuditIRS Examination
A tax audit, dreaded by individuals and business, verifies the accuracy of income, credits, deductions and exemptions reported on tax return.
The verification process involves forensic investigation into books and records that support facts reported on tax return. Tax returns selected for examination is driven by compliance. The selection process uses forensic accounting to maximize cost efficiency.
Audit statistics reflect poorly in favor of individuals and business. Principal reason for adverse statistics is overstatement of exemption, deductions and credits. Root cause is preparation error and lack of records. Claiming child tax credit and earned income credit are example areas of error and overstatement. Licensed tax representatives are familiar with irs audit procedure and recognize preparation error. Minimum, they remove the dreaded anxiety of sitting in an examination hot seat! Pose a
question
or concern relating to an audit notice. |
