Everyone who works must pay Federal and State taxes, and each year, they must file a Federal tax return. In most cases, people file their returns, then wait to hear if they owe money or if they are going to receive a tax refund. But, there are times when the Internal Revenue Service finds discrepancies in a tax return, and the person who filed must face an audit. This is a scary thought for most people, even when they know that they have nothing to worry about. For those who don’t understand how audits work, the process can be complicated and confusing, and just one more thing to worry about.
The first thing people often ask is why they were selected for an IRS audit in NYC. There are many reasons why the IRS selects people to be audited. It could be that their gross incomes are unusually high, or that they have high capital gains. Anyone filing a Schedule C could be audited, because of the deductions they claim for their businesses. Anyone who doesn’t report all of their income or leaves out any information is likely to be audited by the government.
Anyone who is being audited will get a letter telling them what they are being audited for, and what information they are going to need to provide during the audit. The audits can be done in person at the IRS office, and they are also often done by mail. The person being audited is given a date for their audit, and if they don’t feel that they can be fully prepared at this time, they can request a later date. They will need to have certain documents ready, including statements of income and other documents that are requested.
Depending on the complexity of their audits, many people like to have professionals on their side who completely understand the process and can help to make it go more smoothly. For those going through an IRS audit in NYC, they can contact the professionals at C York CPA to help them get the best results from the auditing process.
