Friday, March 30, 2012
Fox Business, Lessons from my IRS Audit:
Who panics when being audited by the IRS? Apparently, even the professionals.
Just ask Brad F., a former CPA and current tax attorney whose 30 years experience means he's no stranger to the tax man. Still, when the IRS notified him of an audit of his 2009 personal income taxes, he admits to feeling more than a little nervous. "It is a nerve-wracking experience," says Brad, who asked that his last name be omitted to protect his privacy. "I was overcome with anxiety and fear that I had made a mistake." ...
If you find yourself on the receiving end of an audit, here are five tips that can make the process go more smoothly.
- Be prepared and be honest
- Know that audits can happen to anyone
- Get representation
- Don't be difficult
- Exercise your right to appeal