IRS Audit: The Ultimate Guide (All Your Important Questions Answered)
If there’s one thing no one wants to experience, it’s an IRS audit. The tax system in the U.S. is infamously complicated and with an additional 87,000 IRS agents due to join the ranks, things aren’t looking so good for taxpayers.
In case you haven’t heard, $80 billion of the Inflation Reduction Act will be allocated to the IRS. Though not explicitly stated, there’s a heavy implication for more audits than ever before.
What Is An IRS Audit? How Will I Be Notified?
Why Was I Selected For An Audit?
What Are My Rights During A Tax Audit?
How Far Back Can The IRS Audit You?
What Records Do I Need To Provide? Can I Request More Time To Respond?
How Long Does An Audit Take?
What Happens If I Disagree With The Audit Findings?
- No change: records are up to date and no changes are needed.
- Agreement: IRS proposed changes and you agree with the changes.
- Disagreement: IRS proposed changes and you disagree with the changes.