Thursday, October 22, 2009

IRS Audit, Now What?

We received notification that we are being audited by the IRS. Yikes!

Details regarding the audit: (1) we are required to appear for a face to face interview; (2) the issues to be reviewed are (a) interest income and (b) investment interest; (3) time period 2006-2008.

I will be calling my accountant this morning to discuss response plan and I am trying not to freak out too much.

1 comment:

Stephanie said...

As an accountant let me give you some advice. Don't tell the IRS anything. If you have the option, let your accountant handle everything and do not appear at anything in person unless it is absolutely necessary. If you do have to go, bring a bunch of unnecessary and irrelevant papers with you. The more you drown them in paperwork, the less likely it is that you will have to pay anything. They can afford to spend only so much time on this, and the longer you drag it out, the more frustrated they will get.