Is your Pasadena business facing an IRS Audit? Are you prepared if your business is selected for one?
Nothing strikes fear in the heart of business owners in the Pasadena area and beyond quite like a letter from the IRS, yet many businesses aren’t prepared should a tax return audit take place.
If you are a California business residing in the Pasadena area and your federal tax return has been selected for an audit, our tax experts can help. Whether you’re facing an IRS audit or are considering preparing for one, here’s a quick recap of what you need to know about IRS tax income audits:
What is a tax audit?
A tax audit is an examination completed by the IRS of your business’s finances to verify that your tax return is correct. An IRS audit can include returns filed within the last three years, and possibly more if significant discrepancies are found.
There are three different types of audits: mail, office, and field. A mail audit is when the IRS requests additional documentation from you to return via mail to verify your reported tax return. An office audit is an in-person audit when an audit officer reviews and questions you on your return at a nearby IRS office. And lastly, a field audit is an in-person audit conducted at your home, place of business, or accountant’s office.
How do I know if I’m being audited by the IRS?
Regardless of the type of audit the IRS chooses to conduct, the IRS will notify you by mail. This letter will provide all the proper contact information and instructions for your upcoming audit.
Once you receive this letter, it is highly recommended that you contact your tax advisor as soon as possible so they can begin to assist you in this serious matter in time for your meeting.
Why do I need a tax advisor to assist with my audit?
Being audited by the IRS can be a long, stressful, and time-consuming process. And if you are not properly prepared with the necessary financial documents, it can have severe consequences for you and your business.
At the Robert Hall & Associates, our tax consultants are Enrolled Agents, which means they have demonstrated technical expertise in the field of taxation. It also means our tax experts are empowered by the U.S. Department of the Treasury to represent taxpayers for audits, collections, and appeals before all administrative levels of the Internal Revenue Service.
Our Pasadena tax experts will help you navigate the entire tax return audit process. We can quickly assess your situation, offer a plan of action, and help to put your mind at ease.
For more information on services we provide to businesses and individuals in the Pasadena area, please visit our dedicated Pasadena tax services page.
Are you being audited by the IRS? Our federally authorized tax practitioners have over four decades of experience providing assistance to those dealing with tax audits. If you live in Glendale, Burbank, or Pasadena, fill out our contact form, or call us today at 818.242.4888 for immediate assistance.