An audit of your tax returns or related financial statements can be conducted by the IRS, or State tax authority such as the California Franchise Tax Board, at any time. While the IRS is auditing your tax records, it may also request to examine your bank statements, receipts, general ledger and other documents related to the tax period(s) under audit.
Individuals and businesses alike are equally susceptible to an IRS tax audit. The IRS has been increasing its efforts in both correspondence and in-person audits throughout the country. A tax audit can occur as a result of a random selection of your tax return by the IRS or because of a systemic red flag triggered by information contained in your federal tax account or income tax return. To help prevent a tax audit with the IRS, see 6 Ways to Reduce Your Chance of an IRS Audit.
Throughout your tax audit with the IRS, you are afforded an opportunity to appeal the decisions made by the auditor. Taxpayers can submit an appeal if they disagree with the auditor’s findings and usually must do so within a certain timeframe provided by the IRS or State.
If the IRS, Franchise Tax Board of California, or other taxing authority is auditing your tax account or has sent you a notice stating that you will get audited, being aware of the audit process and your rights as a taxpayer is crucial to a favorable outcome. If your audit is complicated or you believe the IRS is handling your tax audit unfairly, you may want to seek help with your audit from a knowledgeable tax professional. Learn more about Audits
If you are in need of audit assistance in Fullerton, please contact us today at 1-949-260-4770 for a complimentary, private consultation with experienced Fullerton CPAs, enrolled agents, and tax attorneys.
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