This addresses audit notices and related tax issues.
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1) What should a taxpayer (T/P) do when he receives the audit notice?
2) Can the T/P avoid meetings with IRS auditor once he hires a representative?
3) What can the T/P do if no agreement can be reach between him and IRS?
4) What are some common examples of the timing strategy?
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Solution Summary
The solution provides answers to each of the following questions:
What should a taxpayer (T/P) do when he receives the audit notice?
Can the T/P avoid meetings with IRS auditor once he hires a representative?
What can the T/P do if no agreement can be reach between him and IRS?
What are some common examples of the timing strategy?
Solution Preview
1 - A taxpayer has 30 days to respond to an IRS audit notice. When the T/P receives the audit notice, the T/P should immediately contact their tax professional, if the T/P enlisted the help of a tax professional to prepare the tax return that is in question. If the T/P self-prepares their tax return, the T/P should find a reputable CPA to represent the T/P in any audit processes. This can be easily accomplished by having the T/P sign a power of attorney for the years that are being audited. The T/P should then turn all tax returns in question and related documentation over to the tax professional that the T/P has selected as representation. It is never recommended for a taxpayer to represent himself or herself in an audit unless the taxpayer is a CPA.
2 - The T/P can avoid all meetings with the IRS auditor once he or she hires a representative. If the auditor needs additional ...
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