If you want to learn about different IRS audit processes in the US, you have come to the right place. Today, we will talk about some essential audit processes followed by the IRS and especially focus on the field audit programs.
During field audits, an IRS agent will go to your house or workplace to conduct the audit process. You, along with your auditor, should be present during the audit process. According to many, field audit is the most intimidating among all of the audit processes. Having a sales tax audit attorney with you is essential for this reason.
What Makes Field Audits Different than Other Audits?
We have already told you that field audits are considered the toughest. Here are some of the reasons that make this process different from others-
- Unlike other auditing processes, a professional IRS auditor and an agent will visit your place. After careful examination and questing rounds, they will make a final report.
- Preparation is essential for these kinds of audit processes. Those experts will thoroughly check all of your previous financial records like bank balances, expenses you have made, deductions and more.
- Only when the tax situation is complex then you have to face this field audit process. Business enterprises and individuals with huge personal net worth might face this trouble.
- The whole field audit process is long and tiring. If you have no experience with an IRS field audit program, you must gather enough knowledge about it and then start.
Some Common IRS Audit Process
Apart from field audits, the IRS does many more audit processes-
- Office audit is one of the most popular audit processes there in the market. Here, the pertaining party has to visit the office of the IRS and submit all the related documents.
- The correspondent audit process is another one where the whole process is done via emails and online. In this process, the IRS will only check this year’s financial records.
None of this audit process is as complicated as the field audit process. The best way to deal with IRS audits is to hire an experienced tax lawyer in San Jose who can guide you through the process and help during any tax difficulty.
What Are the Benefits of an IRS Field Audit?
We have talked about the basics of the IRS field audit program, some other popular audit processes, and the basic differences between these audit processes. Here are some of the aspects where the IRS field audit program has more exposure-
- As the IRS tax agents will be there in your place, you will have an opportunity to talk to them and share your side of the story.
- Making decisions will be easy when you have professional tax personnel with you.
- For clarity and transparency, the field audit program is better than other conventional audit processes.
How to Handle This Particular Audit Process?
- The success of the audit process lies in your preparation and choosing the right strategy.
- In the US, you have certain rights as a taxpayer. CPA, right to an attorney, and appealing against the IRS standings are there for options.
You must use this knowledge to prepare and get help from an expert to find the right way to deal with these experts.
