Audit Protection
Are You Being Audited by the IRS?
If you’re a business owner or individual, chances are that you will be audited at some point in your career. An audit can be a nerve-wracking event, especially if it is your first time going through one independently. Outstanding Tax has been protecting businesses for over 30 years, and we know what it takes to keep our clients safe. As accounting professionals with years of experience under our belt, we know what it takes to keep you stress-free during an IRS audit. We will make sure that your books are 100 percent accurate before the day of the audit, and we will show up to defend your business.
Our experienced team of tax professionals has helped thousands of people successfully avoid audits through their knowledge and expertise. We understand how stressful an audit can be, which is why we work hard to make sure our clients feel confident going into their meetings with the IRS knowing they have nothing to worry about. Trust us when we say that having a partner like Outstanding Tax on your side makes all the difference in the world during this process! Let us take care of everything.
Count on us for reliable and professional financial management
Small businesses are some of the most vulnerable to audits, so it's important to have an audit protection plan in place before any red flags are made.
Audit Protection That Works For You
It’s never fun to have the IRS come knocking, but there are several steps you can take to protect yourself from an audit. Putting these protections in place is crucial to ensure that your business or personal affairs are being handled properly.
There are things you can do to put yourself at ease and ensure the success of your negotiations with the auditor:
Protect Yourself and Your Business
Preparations can range greatly depending on what type of audit it is (corporate or individual) and depends on the type of business entity being taxed. For individuals, typical items include collecting information like bank account or credit card information, receipts, invoices, and day-to-day records of expenditures. For a small business entity with a traditional corporate setup, preparation will differ from simply doing business as an individual.
Contact us here if you have any questions about what to expect during an audit or need assistance setting up your protection plan so that your books are 100 percent accurate before the day of the audit. We offer customized audits by highly experienced professionals who will go over every detail of your business or personal tax return to ensure nothing is missed.
Contact us for more information.
Benefits of Audit Defense Services:
An audit can be a stressful experience, especially if you’re not well prepared. It’s essential to have someone by your side who knows the ins and outs of an audit so that nothing slips through the cracks. You will have peace of mind knowing there is an expert on your side looking over every detail so that no mistakes are made.
Planning Your Audit Protection Strategy
Upon assignment of your case, one of our highly qualified tax professionals will review the audit notice and go through all relevant correspondence to better understand what has led them here. This includes all records of payment, tax filings, quarterly reports, 1099s, W-2s, and any other relevant financial data. We will use this information to construct a strategy for your audit protection process.
Once it’s understood what is being looked at in the given situation, our team will craft a plan that best fits your needs rather than using a one size fits all approach. We understand that each business or individual has different needs when it comes to their finances which requires an individualized approach to audit protection planning.
By creating an individualized plan specifically for you, we are able to save time and money by finding areas where you can improve your tax withholding without having to pay additional taxes owed immediately. The goal of our audit protection process is to reduce or eliminate your deficiencies as much as possible so you don’t have to worry about being overcharged by the IRS.
Your Individualized Tax Protection Plan
Of course, no plan during an audit is ever exact and therefore always requires some alterations throughout the process depending on how things move forward after the initial meeting. We even suggest revisions to your original plan throughout the entire process, depending on what is uncovered during the course of an audit.
During the formation of your Tax Protection Plan, we will include expert tax professionals who are well versed in IRS Audits and can handle all correspondence between you and the IRS professional auditors. This includes but is not limited to: confidential forwarding information (such as bank accounts or business records), collecting evidence that substantiates any claims made by you, following up with both you and the IRS auditor, advising changes needed for your strategy, finding available credits or deductions during an audit, coordinating with your CPA if necessary, etc.…
If there are errors found by the IRS auditor after all relevant information has been forwarded to them, we will simply go back and revise your plan of action (POA).
Here is what Outstanding Tax can do for You:
- They hold knowledge of IRS auditing processes.
- They understand how this process works, so you are not left in the dark during an audit.
- They hold certification in executive-level procedures by the IRS.
- They have a deep understanding of IRS internal policies and rules, which gives them an advantage when dealing with audits.
- Because of their experience, they are able to reduce tax liabilities rather than just settle for reducing penalties or interest fees associated with any discrepancy found by the auditor. This reduces out-of-pocket costs that may be owed to you!
Ways You Can Prepare for Your Audit
Preparing For An Audit: A good first step before any type of potential audit is knowing what type of business entity you have set up, whether it be a sole proprietorship, LLC, C Corp., S Corp., etc.
Know What To Expect During An Audit: We have already covered this topic in the article, but it is essential to know what to expect during an audit so that you are able to stay calm and handle the process accordingly.
Being Upfront About Anything Hidden From Previous Years: Sometimes accidents happen – maybe something just slipped your mind or was unclear at first glance. As long as it eventually gets reported, there isn’t much to worry about.
Bring Any Business-Related Records That May Be Helpful In The Audit: This includes W-2s, 1099s, 1098s, etc., making sure everything matches what’s reported on your return. If you aren’t thorough with these items while filing but find errors later on down the road (or afterward), you could get into trouble!
Making Sure All Necessary Business-Related Documentation Is Handled: This includes receipts, invoices, and day-to-day records of expenditures. You will have to prove to the IRS that certain transactions were for business purposes only.
Let Us Take Care Of It For You. We offer customized audits by highly experienced professionals who will go over every detail of your business or personal tax return to ensure nothing is missed. Contact us for more information.
Stay Ahead of the Game
Most warnings come in the form of letters from the IRS stating they need additional information or records for specific items on your return. This is where audit preparation comes into play; having someone who knows what must be done can save you time and money!
Contact us here if you would like more information about how we can help with your individual or business tax needs. We offer customized audits by highly experienced professionals who will go over every detail of your business or personal tax return to ensure nothing is missed. Contact us for more information.