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Conquering IRS audits

Sail through an IRS 'correspondence audit'

by on
in Small Business Tax,Small Business Tax Deduction Strategies

As you thumb through the mail one day, an unassuming letter catches your eye. Return address: The IRS. You nervously tear open the envelope and your worst fears are confirmed: The IRS has chosen your return for a correspondence audit.

Don't panic. You don't need to go into hiding or start stuffing money under your mattress. A correspondence audit is the least threatening of the three types of audits you could face. As the name implies, the audit is generally handled through the mail, so you'll likely never see an IRS agent face to face.

In contrast, the office audit and field audit are generally more cause for concern.

Correspondence audits are typically limited to just a few items on your return that you can usually clear up by mailing copies of receipts, checks or other records. Plus, the only way the IRS auditor can obtain information from you is to send a letter requesting additional documents.

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