LOS ANGELES, CA, UNITED STATES, August 10, 2020 /EINPresswire.com/ — American Tax Solutions helps many people prepare their taxes every year and also provides audit help. This situation is one that can trigger panic and a significant amount of fear in many people. However, if it is handled properly, you can walk away in a way that prevents further financial and legal troubles. This survival guide should help you out in this scenario.
The American Tax Solutions Audit Survival Guide
The first bit of advice that American Tax Solutions gives to anybody going through an audit can be expressed in two words: don't panic. People get audited all the time, and this situation isn't always a frightening or unexpected one. That said, preparation is necessary to ensure that you don't get stuck in a bad case that you can't manage, American Tax Solutions says.
First of all, it is often a good idea to postpone the audit or request that it be done later. The IRS usually allows these requests, American Tax Solutions states, as long as they are reasonable. Though there is a three-year statute of limitations on audits (except in cases of fraud), American Tax Solutions states the IRS will delay an audit as long as it doesn't pass into this expiration period.
And the moment you are told to expect an audit, American Tax Solutions states that you should prepare financially for the potential impact. They did not mince words here: they said that there are very few times that an audited person doesn't end up paying money to the IRS. So start saving up and anticipate anywhere from $1,000 more to up to $20,000 or more – depending on your finances.
Beyond this fact, American Tax Solutions also suggests that people going through an audit give the least amount of information possible. You shouldn't open up about business trouble or try to talk your way out of it by sharing anything more than that year's returns. Loose lips sink ships, American Tax Solutions says, and keeping your mouth closed can only benefit you.
On the same note, don't try to prove that your taxes are correct by showing previous years' returns. American Tax Solutions finds that many people try this approach and see it backfire when their auditor adjusts those years. Don't stir the pot if you can avoid it, American Tax Solutions says. If they ask for these returns, you must give them, of course, but don't offer them unless needed.
And don't forget – you are not powerless here. You have rights that are protected by IRS Publication 1. This guideline ensures that your auditor doesn't take more money than the IRS wants and doesn't allow them to blackmail you, hold information at ransom, or perform other illegal steps. American Tax Solutions finds that working with experts like them minimizes this risk, so always call in somebody to help.
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Source: EIN Presswire