Here's how to proceed in the wake of an audit

Getting audited sounds as bad as it actually can be. The phrase "getting audited" will strike fear in the hearts of many, and once they actually go through with an audit, they will understand why it is such an abhorred process. However, once you get over this feeling that is associated with an audit, you can start the process of addressing your audit in a timely and proper manner. This will reassure you and relieve some of the stress you feel.

The fact of the matter is that people under audit have a number of ways to combat the action that the Internal Revenue Service has triggered. To begin, it is very easy to procrastinate on responding to the IRS after they audit you. But don't do it! Timely communication with the IRS can save you legal problems down the line and make it easier to come to a conclusion on your audit.

At the same time, you also shouldn't rush the process nor should you enter into communication or legal proceedings with the IRS unprepared. Know your situation, know the law and know your rights. Last but not least, you should not feel compelled to volunteer information to the IRS. This doesn't mean you should obscure facts or lie -- but you also shouldn't give them any information or data that they don't ask for.

Also, don't forget that no matter the outcome of your audit, you can always appeal the decision (or even the audit itself).

Source: FindLaw, "What to Do if the IRS Audits You," Accessed Nov. 17, 2016

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