When Form 1120 C Audit 2023-2024

What to expect during an IRS audit: If you've been selected for an IRS audit, you will have received notification that tells you what items are being audited. You will have also received Publication 1, which gives you your rights as a taxpayer. Additionally, you will have received an information document request that tells you exactly what the IRS is looking at and what specific items and receipts you should be bringing to the audit. When you first go into the IRS audit, they will ask you a series of questions. It is important to be truthful, honest, and answer the questions completely. However, you do not need to go into lengthy details about your answers. Just provide the answers that have been asked. The IRS will have a copy of your tax return, ideally the original tax return that was filed. They may also ask you to bring copies of tax returns from other years, either at the initial meeting or at a subsequent follow-up meeting. Generally, you wouldn't bring those into the first meeting, but there may be instances where you would. In addition to tax returns, the IRS will ask you to bring receipts. After the initial interview process, where they ask you questions, they will request to see the receipts and documentation for the items that have been selected for audit. Depending on the depth of the audit, they may go through each individual receipt to verify expenses, or they may select a sample to review. If you don't have the requested receipts or haven't brought everything needed, a follow-up meeting may be scheduled. It is crucial to make sure you bring all the requested information to the initial audit meeting. If your audit can be resolved and closed during the initial meeting, you may or may not have additional...