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Irs Audit: Cases
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The IRS audit is probably the most feared experiences anyone can go through. The gravity of an IRS audit is not always the same.... You can easily gauge the severity of an audit by the way it will be delivered. Audits by mail, also typically known as a "correspondence audit", are typically not as serious, and are generally simply document requests in cases of missing paperwork. Typical examples of this paperwork will generally include W-2s and 1099 income items or interest expense items.
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Whatever the reason, the IRS has contacted you for an audit and you are a bit concerned. But that doesn’t necessarily mean it’s time to panic. Sometimes all the IRS requires are some missing documents, which is the reason for the audit. In any case, there are a few different kinds of audits and each occurs at different locations, which are good indicators as to how severe the audit. Since the IRS can audit you by mail, in their offices, or in your office or home, the location is very telling.
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No matter which kind of audit you are subject to, always remember that an IRS audit is critically important to your financial future, no matter its delivery method. Remember that in some cases IRS audits can lead to additional audits of tax years and deductions you may have made recently. So do your best to have documentation at the ready for some years back if it is available.
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