(Second in a three-part series)
The first piece of our audit series explained how you can breeze through an IRS "correspondence audit" conducted through the mail. But the stakes are considerably higher—as is the stress level—if you're tapped for an IRS "office audit."
As the name implies, the IRS summons you to a local agency office for your office audit. An IRS contact letter that asks you to appear at a specific time spells out the issues on your return that are being examined and any records you'll need to produce.
First step: Request an extension for more time to put your house in order. The IRS will approve any reasonable excuse, such as a pressing business engagement or additional time for compiling records.
The first extension is practically automatic and a second extension will be granted if you have a plausible excuse. But avoid a third suspension request; it'll only raise suspicions that you have...(register to read more)
- How to Fire an Employee the Legal Way: 6 Termination Guidelines
- Small Business Tax Deduction Strategies
- Don't worry about retaliation charge if all you did was ask worker to fill in
- When To Pass Up Sec. 179 Tax Break
- What managers need to know about the ADA
- Become a real estate pro to get around PAL rules