Did you receive Letter 6323 initiating an IRS Audit for your income taxes?
The same letter is sent to businesses and individuals. IRS Audits ARE picking back up. The moratorium on audits ended on July 15th and IRS is actively sending out these letter 6323 notices right now! If you receive one of these letters it will contain the following information:
Your audit letter contains:
- The tax year of the audit.
- The taxpayer name being examined (this is where you will determine if you personally or your business are under review).
- The deadline to respond (10 days).
- Your assigned Revenue Agent’s name and phone number.
- A summary of what issues are being audited.
So: here are a couple of PRO TIPS:
Things not to do: Do not yell at your spouse! You're going to need all the support you can get during an audit.
In all seriousness: Some things you should not do:
- Provide records to your Revenue Agent before consulting a tax lawyer.
- You should: Contact a tax attorney before supplying the IRS with any records to ensure you don’t provide the wrong information. You can easily make things worse that may expand your audit. If you believe you have made serious mistakes on your return.
Speaking with a tax attorney falls under attorney-client privilege (unlike a CPA or accountant). Your CPA may be subpoenaed or summoned by IRS.
