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Tax Audits LifeBack Tax
Federal or state tax authorities may choose to review a taxpayer's federal tax return by conducting a tax audit. During a federal tax audit, the IRS carefully investigates the business's or individual's reported income and deductions to ensure that all items have been listed correctly. The IRS also requests records from the taxpayer as supporting documentation to help verify the tax return's accuracy. At the end of the audit, if the auditors found any errors with the tax return, the taxpayer may choose to accept the auditors' changes, or file an appeal to dispute the audit findings. If the the taxpayer accepts the audit's findings, they are obligated to pay any underpaid tax liabilities identified by the audtiors.
Being selected for a tax audit does not necessarily guarantee that the IRS identified an error in your tax return. The IRS may select tax returns for audit at random, and/or based on a statistical comparison with similar tax returns. They may also select tax returns that involve transactions with another taxpayer whose return has been selected for auditing. Contrary to popular belief, the IRS does not choose to audit a tax return based on any sole factor, such as claiming a particular tax deduction or earning a certain amount of income. While individuals in higher tax brackets are more likely to be audited, any taxpayer may potentially be audited. Typically, the IRS audits tax returns from the last two to three years. State tax audits may be conducted similarly, though the exact procedures vary from state to state.
Because of the potential risks, many businesses and individual taxpayers dread being audited by the IRS. If the IRS finds issues with a tax return and concludes that the taxpayer underpaid in taxes, the taxpayer may face harsh penalties for understated income or overstated liabilities, as well as late penalties and interest on any unpaid taxes. Since tax returns are generally audited several years after they were filed, a tax audit may result in overwhelming tax debts for unsuspecting taxpayers. In extreme cases, the IRS may even press civil or criminal charges against the taxpayer for tax fraud.
We recommend holding onto financial records for at least six years in case the IRS selects you or your business for a tax audit. Should you find yourself facing back taxes as a result of a tax audit's findings, we at LifeBack Tax are here to assist. We will represent your interests before the government and ensure that your rights as a taxpayer are protected.
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